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Showing posts from August 31, 2015

RBI doubles POS cash withdrawal limits

The Reserve Bank of India ( RBI) has doubled the limit for cash withdrawal at point- of- sale ( POS) in Tier III to VI centres from Rs.1000 to Rs.2000 a day. This will be available for debit cards and open system prepaid cards issued only by banks. RBI said the enhanced amount will add to customer convenience and aid re- cycling of cash in these centres. Business Standard, New Delhi, 28th August 2015

SC picks holes in new land law

Even before the new land acquisition law comes out of the tumult of political and social justice issues, the Supreme Court has discovered a few legal faultlines in the proposed Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. So there is still time to hear the call of the court in its recent judgment in the case, Soorajmull vs state of Bihar. The case involved a 1981 land acquisition, which was repeatedly notified under the infamous “ urgency” provision but allowed to lapse. The court ruled that the state had denied the land owner “ just and fair compensation for the land from which he was dispossessed well over three decades ago.” So the acquisition was struck down under the new law. On the 2013 law, the court observed that there seemed to an “ unexplained inconsistency between Section 24( 1)( a), which allows an acquisition to stand despite a failure to pass an award while only requiring the compensation to be determined and…

No payment systems to work on 2nd 4th Saturdays from Sept 1 RBI

With effect from Thursday, payment systems would not work on the second and fourth Saturdays of a month, but would operate the full day on working Saturdays, the Reserve Bank of India ( RBI) said. The payment systems that would not work include Real Time Gross Settlement ( RTGS), National Electronic Fund Transfer and Electronic Clearing Service ( ECS) . Thisisbecauseallscheduled andnon- scheduledbanks, public, private, foreign, cooperative, regional rural and local area banks, willhaveaholidayonthe second and fourth Saturdays from September. The other payment systems that would not work on these days include cheque clearing including the grid- based Cheque Truncation System, Regional Electronic Clearing Service and National Electronic Clearing Service . RBI said the processing of future value dated transactions with a value date falling on the second and fourth Saturdays will not be undertaken under RTGS and ECS. Following a pact between public sector bank employees and officers with the m…

Sebi poised to review surveillance systems

In a bid to tighten its noose on manipulators in the stock market, the Securities and Exchange Board of India will undertake a comprehensive review of its surveillance systems, including help from independent experts, and also fasttrack enforcement actions, a senior official said. Hindustan Times,New Delhi, 31st August 2015