Ministry of Consumer Affairs, Food & Public Distribution
No hotels or restaurants can add service charge automatically or by default in the food bill: Consumer Affairs Ministry (JUL 4, 2022 )
The Central Consumer Protection Authority (CCPA) has issued guidelines for preventing unfair trade practices and violation of consumer rights with regard to levying of service charge in hotels and restaurants. The guidelines issued by CCPA stipulate that hotels or restaurant shall not add service charge automatically or by default in the food bill. No collection of service charge shall be done by any other name. No hotel or restaurant shall force a consumer to pay service charge and shall clearly inform the consumer that service charge is voluntary, optional and at consumer’s discretion.
If any consumer finds that a hotel or restaurant is levying service charge in violation to the guidelines, a consumer may make a request to the concerned hotel or restaurant to remove service charge from the bill amount. Also, the consumer may lodge a complaint on the National Consumer Helpline (NCH), which works as an alternate dispute redressal mechanism at the pre-litigation level by calling 1915 or through the NCH mobile app.
The consumer may also file a complaint against unfair trade practice with the Consumer Commission. The Complaint can also be filed electronically through e-daakhil portal www.e-daakhil.nic.in for its speedy and effective redressal.
Ministry of Communications
Department of Telecom issues advisory to public on proper use of wireless jammer, booster |(JUL 4, 2022)
Department of Telecommunications (DoT), Ministry of Communications, on 1st July, 2022 issued an advisory to the general public on the proper use of Wireless jammer and booster/ repeaters. It has been stated that the use of cellular signal jammer, GPS blocker or other signal jamming device is generally illegal, except specifically permitted by Government of India.
Earlier, vide Notice dated 21 January, 2022 (https://dot.gov.in/spectrummanagement/notice-e-commerce-companies-regard-illegal-facilitation-sale-signal-jammers), the DoT warned all e-commerce companies from selling or facilitating the sale of wireless jammers on their online platforms.
SEBI
Investor Grievance Redressal Mechanism and Amendment to SEBI Circular no. SEBI/HO/DMS/CIR/P/2017/15 dated February 23, 2017 ( JUL 4, 2022 )
- To enable investors to lodge and follow up their complaints and track the status of redressal of such complaints from anywhere, all Recognized Stock Exchanges including Commodity Derivatives Exchanges / Depositories are advised to design and implement an online web based complaints redressal system of their own, in accordance with their respective byelaws, rules and regulations. The above redressal mechanism shall be implemented within 6 months from the issuance of this circular.
- It has been decided that the Stock Exchanges shall continue with the hybrid mode (i.e., online and offline) of conducting GRC and arbitration / appellate arbitration process.
- Clause 1.J.(iii) of the SEBI circular no. SEBI/HO/DMS/CIR/P/2017/15 dated February 23, 2017 stands replaced as under:
“(iii) A client, who has a claim / counter claim upto Rs.20 lakh (Rs. Twenty lakh) and files arbitration reference, will be exempted from payment of the fees specified in Clause 1.J.(i).”
This Circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 9(2)(n) and Section 10 of the Securities Contracts (Regulation) Act, 1956.
RBI
Requirement for obtaining prior approval in case of takeover / acquisition of control of non-bank PSOs and sale / transfer of payment system activity of non-bank PSO ( JUL 4, 2022 )
The operations of non-bank PSOs (authorised to operate any Payment System) have been reviewed and they shall require prior approval of RBI in the following cases –
- Takeover / Acquisition of control, which may / may not result in change of management.
- Sale / Transfer of payment activity to an entity not authorised for undertaking similar activity.
The non-bank PSOs shall inform RBI within 15 calendar days in the following cases –
- Change in management / directors.
- Sale / Transfer of payment activity to an entity authorised for undertaking similar activity.
This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 and shall come into effect immediately.
IFSCA
Regulatory framework for Angel Funds to facilitate investments in start-ups (JUL 1 , 2022 )
The International Financial Services Centres Authority (IFSCA), in furtherance of its mandate to develop and regulate financial products, financial services and financial institutions in the International Financial Services Centres (IFSC), had notified the IFSCA (Fund Management) Regulations, 2022 in April 2022 enabling the regulatory framework for various activities related to fund management including schemes for investing in early-stage venture capital undertaking (start-ups).
Angel Funds bridge the gap between start-ups and angel investors, who are instrumental in providing mentoring, and resources to the start-ups. In recognition of the same, IFSCA has now issued a framework for Angel funds under the IFSCA (Fund Management) Regulations, 2022.
BUSINESS NEWS
Proposed HDFC-Bank merger receives stock exchanges' clearance ( JUL 4, 2022 )
The proposed merger of HDFC Bank and its parent firm HDFC is another step closer to its amalgamation as the proposal has been accepted by stock exchanges National Stock Exchange and Bombay Stock Exchange, while noting that they have "no objection".
In early April, the country's largest private sector lender HDFC Bank announced that it will merge with mortgage lender Housing Development Finance Corporation (HDFC).
As per the terms of the deal, shareholders of HDFC Ltd will receive 42 shares of HDFC Bank for 25 shares held. Existing shareholders of HDFC Ltd will own 41 per cent of HDFC Bank.
IRDAI
IRDAI sets a target of 5 years for life insurance companies for greater penetration; proposes state-level committee ( JUL 4, 2022)
The Insurance Regulatory and Development Authority (IRDAI) on Monday set a growth target for general and life insurance companies to make insurance products reach more people. A target of 5 years has been set for insurance companies. Along with this, a committee of state-level bankers and insurance companies (SLBIC) is also proposed for regular review.
The premium target for general insurance has to be increased from Rs. 2 lakh crore to Rs. 11 lakh crore. In terms of the share of GDP, the target of 2.5% will have to be achieved instead of the current 1%.
Apart from that, the insurance regulator has asked to increase the penetration of life insurance from 3 percent to 6 percent. The target has been given to companies to increase the insurance penetration to almost double by 2027.
NEWS AT GLANCE
Digital India empowered people by making technology more accessible, says Prime Minister Narendra Modi; Launches ‘Digital India Bhashini’ to provide easy access to internet and digital services in Indian languages.
Prime Minister unveils bronze statue of freedom fighter Alluri Sitarama Raju on his 125th birth anniversary celebrations in Andhra Pradesh;
- Notification for filing the nomination for 16th Vice-Presidential election to be issued tomorrow.
Maharashtra Chief Minister Eknath Shinde assures Legislative Assembly to reduce Value Added Tax on fuel.
India becomes third largest startup ecosystem in the world within a span of six years, says Union Minister Piyush Goyal.
Government hands over Nilachal Ispat Nigam Limited to Tata Steel Long Products Limited.
India’s merchandise exports rise by 16.8 per cent to USD 37.9 billion in last month.
WORD OF THE DAY
A volatility smile is a common graph shape that results from plotting the strike price and implied volatility of a group of options with the same underlying asset and expiration date. The volatility smile is so named because it looks like a smiling mouth.
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