New banking licence guidelines issues by the RBI have been discussed at length in this May 2013 issue of Corporate Amicus. Article, on this topic, states that the guidelines instead of emphasizing on establishment of new banks should have considered improvisation and consolidation of existing entities. Under ‘Notifications and Circulars’, this issue covers amendments in SEBI (Mutual Funds) Regulations, 1996 and RBI circulars on gold import restrictions as well as on offer of financial products by entities established outside India. Supreme Court has issued guidelines for compensation in motor accident claims and has upheld FDI in multi-brand retail. In the latter case, the court held that Department of Industrial Policy and Promotion (DIPP) is empowered to frame policies regarding FDI and that the court will not interfere in policy matter unless they are unconstitutional, contrary to statutory provisions, arbitrary or in abuse of power.
17 September 2013