Page 2 - Master Directions News Today

The Reserve Bank of India (RBI) has tightened customer due diligence (CDD) norms by requiring banks and regulated entities to adopt a risk-based approach for periodic updating of Know Your Customer (KYC) information. The amendments to the Master Direction on KYC follow government instructions related to money laundering rules, unlawful activities, and the prevention of weapons of mass destruction. The RBI has also updated instructions in line with recommendations from the Financial Action Task F...

The company is undergoing an insolvency resolution process after it failed to clear vendor dues and other debt.

Ministry of Corporate Affairs has informed that the amount lying with Investor Education and Protection Fund, as on March 31, 2023, is Rs 5,714.51 crore, Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.

ED has further informed that as on August 2, 2023, proceeds of crime of fugitive economic offenders, amounting to Rs 34,118.53 crore have been attached, out of which assets amounting to Rs 15,838.91 crore have been confiscated and assets amounting to Rs 15,113.02 crore have been restituted to the public sector banks, he said.

These wilful defaulters include fugitive Mehul Choksi’s Gitanjali Gems Limited, Rishi Agarwal’s ABG Shipyard Limited, REI Agro Limited, and Era Infra Engineering Limited. 

UPI enables 24/7 mobile money transfers year-round to meet customers' immediate needs

The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe Rs 87,295 crore to banks and financial institutions. Of this, top 10 wilful defaulters owe Rs 40,825 crore to schedule commercial banks (SCBs), Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.

Popular in western countries, the concept of family office - serving the wealth management needs of a family - was recognised a year ago by the GIFT City regulator International Financial Services Centres Authority (IFSCA) when it came out with the family investment fund (FIF) regulations.

Rather than fixing legal delays, the RBI has chosen to embrace a compromise model.

The bench was told that the Supreme Court had considered the issue in appeal against the Telangana High Court order. On March 27, the apex court upheld the Telangana HC order that set aside the RBI decision.