RBI
RBI has notified amendment to the to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 in respect to Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India. It has now been decided to allow the Foreign Portfolio Investors (FPIs) to transact in such instruments either directly or in any manner as per the prevalent/approved market practice. Earlier, all the eligible investors, viz., SEBI registered Foreign Institutional Investors (FIIs), Qualified Foreign Investors (QFIs), registered Foreign Portfolio Investors (FPIs) and long term investors registered with SEBI, were allowed to purchase securities indicated in Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 on repatriation basis and subject to such terms and conditions as may be specified by the SEBI and the Reserve Bank from time to time.
RBI
RBI has instructed Banks to Sanction Additional Working Capital Limits to Micro and Small Enterprises (MSEs). Accordingly, banks are advised that they may use the facility of providing ‘additional working capital limit’ (approved by their boards) to their MSE borrowers, to overcome the difficulties arising out of cash flow mismatches. Banks were advised, to incorporate with their Boards’ approval, in their lending policy to MSEs, a clause for fixing a separate additional limit, at the time of sanction / renewal of working capital limits, specifically for meeting the temporary increase in working capital requirements arising mainly due to unforeseen / seasonal increase in demand for products produced by them. However, this would be a onetime measure up to March 31, 2017 and should thereafter be normalised in fresh working capital assessment cycle.
News from NIRC of ICSI
1. MasterClasseson Insolvency & Bankruptcy Code, 2016
Registration open for "Master Classes – Insolvency & Bankruptcy Code, 2016” to be held from 9th January, 2017 to 13th January, 2017 daily from 5:30 PM onwards at NIRC Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.
2. NIRC – ICSI announces niro and also through signed hard copy addressed to The Chairman, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad Nagar Institutional Area, Near Rajendra Place, New Delhi – 110005). Three best entries shall be awarded with a Citation, Trophy, Cash Prize & Publications.
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