Ministry of Consumer Affairs, Food & Public Distribution
Centre releases guidelines for celebrities, influencers, and virtual influencers on social media platform (MAR 6, 2023)
The Department of Consumer Affairs, under the Ministry of Consumer Affairs, Food and Public Distribution, has released a set of guidelines called "Endorsements Know-hows!" for celebrities, influencers, and virtual influencers on social media platforms. The guidelines aims to ensure that individuals do not mislead their audiences when endorsing products or services and that they are in compliance with the Consumer Protection Act and any associated rules or guidelines.
The guidelines specify that individuals or groups who have access to an audience and the power to affect their audiences' purchasing decisions or opinions about a product, service, brand, or experience, because of the influencer's/celebrity's authority, knowledge, position, or relationship with their audience, must disclose.
PRESS RELEASE : Press Information Bureau (pib.gov.in)
Prevention of Money Laundering Act (PMLA)
Centre brings crypto assets under PMLA, wrongdoing can be probed by ED (MAR 08, 2023)
The central government has brought the trading of cryptocurrency and digital assets within the ambit of the Prevention of Money Laundering Act (PMLA) through a gazette notification.
This means that any financial wrongdoing involving cryptocurrency assets can now be investigated by the Enforcement Directorate. In a gazette notification dated March 7, the Ministry of Finance’s Department of Revenue stated that activities related to the trading of cryptocurrency and digital assets would be covered within the ambit of PMLA
NEWS REPORT : Centre brings crypto assets under PMLA, wrongdoing can be probed by ED (business-standard.com)
BANKING AND FINANCE
Indian banks' gross NPAs likely to touch decadal low of sub-4 per cent by FY24: Study (MAR 09, 2023)
Bad loans of Indian banks are expected to decline 90 basis points to less than five per cent in FY23 and hit a decadal low of sub-four per cent by March 31, 2024, said an Assocham-Crisil Rating study unveiled on March 09, 2023. The study attributed the decline in gross Non-Performing Assets (NPAs) to the post-Covid economic recovery and higher credit growth.
The study noted that the gross NPAs in the MSME segment, which suffered the most during the pandemic, may rise to 10-11 per cent by March 2024 from about 9.3 per cent as on March 31, 2022.
NEWS REPORT : Indian banks' gross NPAs may touch decadal low of sub-4% by FY24: Study (business-standard.com)
DIGILOCKER
Government developing platform to update DigiLocker documents using Aadhaar (MAR 07, 2023)
The Center is preparing to launch a platform to update addresses and other demographic details across departments through Aadhaar. The facility will be available to citizens who store their documents in DigiLocker, according to a report in The Economic Times (ET). Various government ministries are holding discussions to prepare an outline for the platform.
The ministries of transport, rural development, and panchayati raj, along with the Election Commission, are discussing the specifics of the platform. The report said that the platform is at a nascent stage at this point and that work on conceptualization and development is ongoing.
DETAILS : Govt developing platform to update DigiLocker documents using Aadhaar (business-standard.com)
SEBI
SEBI resolves 2,672 complaints through SCORES platform in February (MAR 11, 2023)
A total of 2,672 complaints against companies and market intermediaries received through capital markets regulator SEBI's SCORES platform were disposed of in February, according to SEBI data.
At the beginning of February, as many as 2,603 complaints were pending and 2,321 fresh complaints were received during the month, the data released by SEBI showed. These complaints were related to refunds, allotment, redemption and interest, among others.
NEWS REPORT : Sebi resolves 2,672 complaints through SCORES platform in February (business-standard.com)
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