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The government on Friday notified the rules by which companies can go through liquidation under the Insolvency and Bankruptcy Code, 2016. The regulations for the liquidation process are part of the rules being notified by the Insolvency and Bankruptcy Board of India to implement the code and, in the process, improve ease of doing business in India. Mint New Delhi,17th December 2016

Capital markets regulator Securities and Exchange Board of India (Sebi) on Friday said commodity derivatives exchanges having annual turnover of more than Rs5 trillion in previous financial year will be considered as systemically important financial market infrastructures (FMIs). Currently, all commodity exchanges themselves are clearing and settling trade executed on their platforms. They are acting as central counterparties (CCP) in these markets. FMIs are required to comply with the principles of financial market infrastructures (PFMIs) specified by IOSCO (International Organisation of Securities Commissions). The PFMIs comprise 24 rules for providing effective regulation, supervision and oversight to financial market infrastructures. They are designed to ensure that the infrastructure supporting global financial markets is robust and well placed to withstand financial shocks. In a circular, Sebi said that it “has been decided that commodity derivatives exchanges (currentl...

Reaching out to whistleblowers to curb the black money menace, the government on Friday unveiled an e-mail address to allow people to send information about tax evaders. The government also notified the disclosure scheme, Pradhan Mantri Garib Kalyan Yojana (PMGKY), a three-and-a-half-month window opening on Saturday (till March 31, 2017), to declare income by paying 50 per cent tax and lock in a quarter of the deposits for four years. The e-mail ID, blackmoneyinfo@incometax.gov.in, will be monitored by a cell, which will take immediate action on the tip-offs they receive. “A new e-mail ID created for people to give information on black money to tax authorities. People can give information about those trying to convert black money into white on this e-mail address,” said Revenue Secretary Hasmukh Adhia after the notification of PMGKY. Payments under PMGKY will have to be made before filing a declaration. Unlike under Income Declaration Scheme, which ended on September 30 whe...

The Reserve Bank of India (RBI) on Friday instructed banks and other prepaid instrument service providers not to charge any fee, till March 31, 2017 for transactions charges up to Rs 1,000 using Immediate Payment Service (IMPS), USSD-based *99# and Unified Payment Interface (UPI) systems. The temporary measures have been taken in view of the scrapping of old currency notes and to “incentivise greater adoption of digital payments by large sections of the society,” RBI said in its notification. The measures will be effective January 1, 2017. “In the intervening period, the Reserve Bank of India will facilitate a review of the charges under the aforesaid channels by the concerned stakeholders,” the RBI notification stated. Business Standard New Delhi,17th December 2016