The govt has thus rejected the recommendation of the parliamentary standing committee on finance that the 26% FDI cap be a part of the Bill The cabinet on Wednesday cleared amendments to the Pension Fund Regulatory and Development Authority Bill, 2011, capping the overseas investment limit in the sector at 26%, but retaining the flexibility to raise this limit by stating that it would not form a part of the legislation. The...

The finance ministry may have amended the Prevention of Money Laundering Rules, 2005, to notify Aadhaar as adequate to meet KYC norms for opening bank accounts, putting it alongside other identity proofs, but banks are still confused Is a unique ID number or Aadhaar number issued by the Unique Identification Authority of India (UIDAI) enough to satisfy the so-called know-your-customer (KYC) norms that banks have to ensure every account they open...

The proposed regulations aim to create a new countrywide infrastructure for trading of commodity-based securities in the form of electronic receipts as with equity shares on exchanges A committee under the Warehousing Development and Regulatory Authority (WDRA) has recommended regulatory changes that can effectively control prices of food items, improve lives of farmers and change the warehousing landscape in India. The proposed regulations, drafted in consultation with the capital market regulator, the...

The UPA-II government introduces with BJP support two anti-labour Bills, the Pension Bill and the Labour Laws Amendment Bill. ON March 24, the United Progressive Alliance (UPA) government managed to do what it had not been able to do in its first term – it reintroduced the Pension Fund Regulatory and Development Authority (PFRDA) Bill in Parliament with the support of the Bharatiya Janata Party. The objective of the Bill is...

The government is looking at allowing foreign direct investment (FDI) in multi-brand retailing as part of a slew of measures to make India more attractive to overseas investors. Senior government officials told TOI that the thinking was that a gradual opening up would be a better strategy with global chains first allowed to open stores in metros, while wholesale cash-and-carry being limited to smaller towns and cities, at least for the...