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MUMBAI: Reserve Bank of India (RBI) has sharply tightened the definition of mis-selling, removing one of the biggest defences used by banks and insurance companies that the customer had explicitly consented by signing documents. Under the new framework, regulated entities will also have to make full refunds in cases of proven mis-selling.In the Draft Reserve…
NEW DELHI: IndiGo will, from Wednesday (Feb 11), operate flights as per the requirements of the new safety-enhancing flight duty norms for pilots. The dispensation given by the Directorate General of Civil Aviation (DGCA) to the airline from following the flight duty time limitation (FDTL) for its Airbus A320 family pilots lapsed on Tuesday. The…
NEW DELHI: The Budget has rolled out a sweeping reset of India’s transfer pricing framework, aiming to cut litigation, improve tax certainty and make the country a more attractive base for multinational companies (MNCs) and global capability centres.Presenting the proposals, finance minister Nirmala Sitharaman announced far-reaching reforms to safe harbour rules and Advance Pricing Agreements…
PUNE: The plane crash on Wednesday that killed deputy chief minister Ajit Pawar and four others has raised questions about aviation weather protocols — particularly the pre-flight weather briefing procedures for chartered aircraft and the visibility conditions during landing.The Learjet 45, which departed from Mumbai and crashed near the Baramati airstrip, was operating as a…
Jio Platforms is waiting for the government to issue final guidelines on SEBI’s proposed changes to IPO rules before finalising its listing plans, a senior company official said. The company’s IPO timeline will depend on when these regulatory details are clarified.SEBI in September approved proposals to relax initial public offering requirements for very large companies…
MUMBAI: RBI has revised its priority sector lending norms allowing lending to the National Cooperative Development Corporation to qualify as priority sector loans, with the objective of expanding credit to cooperative societies while tightening compliance and reporting requirements for banks. The move is expected to open new channels of credit for cooperatives, particularly those engaged…
MUMBAI: RBI has revised its priority sector lending norms allowing lending to the National Cooperative Development Corporation to qualify as priority sector loans, with the objective of expanding credit to cooperative societies while tightening compliance and reporting requirements for banks.The revised Master Directions on Priority Sector Lending recognise loans extended by banks to the National…
NEW DELHI: The apex body of highway builders, NHBF, has opposed the road transport ministry’s move to end arbitration in disputes with claims of over Rs 10 crore even for ongoing and contracted projects where arbitration has not been invoked yet. It has also requested finance minister Nirmala Sitharaman to issue sector-specific clarification or guidance…
India’s Financial Intelligence Unit (FIU) has rolled out stringent new Anti-Money Laundering (AML) and Know Your Customer (KYC) norms for cryptocurrency exchanges, making live selfie verification and geographical tracking mandatory during user onboarding, according to guidelines issued on January 8, PTI reported. Under the updated framework, crypto exchanges are classified as Virtual Digital Asset (VDA)…
NEW DELHI: Road transport minister Nitin Gadkari on Thursday said he has asked state governments to investigate “corruption”, irregularities and flouting of norms by sleeper bus body builders and authorities registering such vehicles and issuing fitness certificates.Talking about fire incidents in sleeper buses that have claimed 145 lives in three months, including in Rajasthan and…
