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    Legislative Business Transacted During Winter Session, Concluded On 20th December 2012
    Know Your Customer (KYC) norms /Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention o...
    Know Your Customer (KYC) norms /Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention o...
    Issuance of rupee denominated co-branded pre-paid cards
    Guidelines for issue of debit cards by banks
    JOINT STATEMENT INDIA-U.S. ECONOMIC AND FINANCIAL PARTNERSHIP
    Do not respond to Mails asking for your Internet Banking Account Details : RBI Cautions Public.
    Monetary Policy Statement 2012-13
    UNION BUDGET 2012-13 - DIRECT TAX - INCOME TAX.
    UNION BUDGET 2012-2013 – STRENGTHENING AGRICULTURE SECTOR - SOCIAL SECURITY.
    Need to move from government regulation to self regulation says Moily.
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    December 21, 2012
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    Foreign direct investment in multi brand retail triggered parliamentary divisions and sustained legislative scrutiny during the Winter Session.
    The Winter Session, 2012 concentrated on executive policy items and legislative reform, notably challenges to the government's decision on FDI in multi brand retail and related FEMA notifications which provoked motions and division votes in both Houses. Constitutional amendment bills on special provisions for specified Karnataka districts and on reservation in promotion for SC/ST were advanced, with the former passing both Houses and the latter passing the Rajya Sabha but stalling in Lok Sabha. Multiple economic and regulatory amendment bills were introduced and passed, and appropriation business was debated and transmitted between Houses.
    December 20, 2012
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    KYC simplification: identity documents and Aadhaar can serve as both identity and address proof; introductions not mandatory.
    Reserve Bank amends KYC practice: accept identity documents bearing the declared address as both identity and address proof; require separate address proof only if addresses differ; do not require introduction for account opening; accept Aadhaar as identity and, if address matches, as address proof; accept NREGA Job Card as an officially valid document for ordinary accounts without small account limitations; withdraw the prior "accounts with introduction" instructions and require banks to open and observe restrictions on Small Accounts.
    December 13, 2012
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    KYC simplification: banks may accept one identity document as both identity and address proof, easing account opening.
    A single identity document bearing the customer's current address may be accepted as proof of both identity and address for new individual accounts; if the address differs, separate address proof is required and a registered rent agreement is acceptable. Introduction is not required for account opening. Aadhaar may be used as identity and, where address matches, as address proof. NREGA Job Card is accepted as an officially valid document for normal accounts without small-account restrictions; instructions on 'Accounts with Introduction' are withdrawn and banks must open and observe limits on Small Accounts.
    December 13, 2012
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    Co-branded prepaid card permission: banks may issue rupee cards subject to governance, KYC/AML and issuer liability rules.
    Banks are granted general permission to issue rupee denominated co-branded pre-paid and debit cards subject to DPSS directions and specified conditions: a Board approved policy addressing risks; due diligence of non-bank partners; issuer liability for partner acts and compliance with outsourcing guidelines; limitation of non-bank roles to marketing/distribution; strict confidentiality of customer information; adherence to KYC/AML/CFT and PMLA obligations; no interest on card balances; and compliance with DPSS and foreign exchange rules for foreign currency instruments.
    December 13, 2012
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    Co-branded debit card permission: banks may issue co-branded online debit cards subject to board-approved policies and compliance.
    Banks may issue debit cards, including co-branded debit cards, without prior Reserve Bank approval provided issuance follows a Board-approved policy, only online immediate-debit cards are issued, offline cards are phased out, and banks comply with KYC/AML/CFT norms, clear contractual terms, security obligations, customer notification mechanisms, liability limits, due diligence on co-branding partners, and DPSS/FEMA directions as applicable.
    October 11, 2012
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    Economic and Financial Cooperation: commit to deepen ties, lower trade barriers and strengthen financial regulation.
    The statement commits to deepening bilateral and multilateral economic and financial cooperation by lowering trade and investment barriers, promoting investment in infrastructure and human capital, leveraging capital market reforms to attract private investment, expanding infrastructure financing, deepening capital markets, strengthening financial regulation, and enhancing cooperation to combat money laundering and terrorist financing while coordinating in multilateral fora to pursue strong, sustainable, and balanced growth.
    September 18, 2012
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    Phishing emails impersonating regulators warn recipients not to click links or share internet banking credentials.
    Fraudulent emails claiming to be from a banking regulator allege creation of a 24x7 Centralised Monitoring Centre and request account updates via links. The regulator states it did not send such communications and has not set up any such centre. Recipients are cautioned not to open suspicious messages or attachments, not to follow embedded links, and not to provide internet banking credentials or personal data to avoid compromise.
    May 12, 2012
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    Monetary policy: repo rate reduced and liquidity measures introduced to balance lower growth and contain inflation.
    The Reserve Bank balances the need to contain inflation and support growth by reducing the repo rate by 50 basis points to 8.0 per cent while increasing the MSF access limit from 1% to 2% of NDTL and keeping CRR unchanged; these measures aim to provide a liquidity cushion, moderate demand pressures and anchor inflation expectations, with continued caution given upside risks from commodity prices, fiscal slippage and external vulnerabilities.
    March 16, 2012
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    Tax compliance reforms expand audit threshold, tighten anti-evasion rules, and introduce incentives to boost investment.
    The Budget advances compliance and investment incentives by raising the compulsory tax audit turnover threshold, reducing securities transaction tax, proposing extension of Alternate Minimum Tax and enhancing investment-linked deductions; it proposes reduced withholding on external borrowings, removal of venture capital sector restrictions, introduction of Advance Pricing Agreements, and reliefs for individual and senior taxpayers. Concurrently, anti-evasion measures include Tax Collection at Source on high-value cash bullion and specified mineral trades, taxation of unexplained money at a higher rate, a GAAR panel to counter aggressive avoidance, and publication of a white paper on black money.
    March 16, 2012
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    Financial inclusion expansion extends rural banking access and strengthens social security alongside agricultural support measures.
    The Budget extends the Swabhimaan Financial Inclusion scheme to additional habitations and commits to a large increase in Aadhaar enrolments to strengthen social service delivery; announces anti-black money measures including a White Paper; raises plan outlay and proposes new missions consolidating agricultural activities; operationalises computerised procurement, restructures rural livelihood supports, doubles family benefit grants, launches a multisectoral malnutrition plan, seeks vaccine security, and proposes tax incentives for research and agricultural extension.
    February 16, 2012
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    Self regulation: corporates urged to adopt standards, harmonised frameworks and technology to improve governance and compliance.
    A shift from government-prescribed controls toward self regulation is urged, advocating broad legal frameworks that set core standards and norms rather than detailed documentation to enable transparency and cross-border corporate activity. The text promotes harmonised regulatory prescriptions, registrar cooperation, adoption of common processes and technology such as MCA 21 and XBRL, and international knowledge-sharing to crystallise global best practices and improve corporate governance.

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      PMLA, Black Money & ED

      Legislative Business Transacted During Winter Session, Concluded On 20th December 2012

      December 21, 2012

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      Press Information Bureau

      Government of India

      Ministry of Parliamentary Affairs

      21-December-2012 17:07 IST

      The Winter Session, 2012 of Parliament which commenced on Thursday, the 22nd of November, 2012, concluded on Thursday, the 20th of December, 2012.  The Session provided 20 sittings spread over a period of 29 days. 

      In the Lok Sabha, Smt. Sushma Swaraj moved the motion under Rule 184 regarding withdrawal of the decision of the Government to allow 51% Foreign Direct Investment (FDI) in multi brand retail trade on 04.12.2012. Prof. Saugata Roy and Sh. Hasan Khan also moved the motions for modification of notification made under the Foreign Exchange Management Act, 1999 and laid on the Table of Lok Sabha on 30.11.2012.  These motions were discussed together for about 11 hours spread over two days. The motion moved by Smt. Sushma Swaraj, the House divided and the result of the division was “Ayes – 229 and Noes – 258.” Accordingly the motion was negatived. The motion moved by Prof. Saugata Roy was also negatived with the division “Ayes – 227 and Noes – 258.”

      In the Rajya Sabha, a discussion under Rule 168 was held on the motion moved by Dr. V. Maitryan that this House disapproves the decision of the Government to allow FDI in Multi brand Retail Sector was held and the motion was negatived with the division “Ayes – 102 and Noes – 123.”

      The Constitution (One Hundred Eighteenth Amendment) Bill, 2012 which seeks to provide for special provisions for the erstwhile Hyderabad-Karnataka areas of the State of Karnataka which consist of of the districts of Gulbarga, Bidar, Raichur, Koppal and Yadgir and additionally include the Bellary Districts was considered and passed by both Houses of Parliament. Another Constitution amendment Bill, namely the Constitution (One Hundred Seventeenth Amendment) Bill, 2012, which seeks to protectthe interest of Scheduled Castes and Scheduled Tribes by providing impediment free reservation in promotion in Government Services, was also passed by the Rajya Sabha. This Bill was also taken up in Lok Sabha but it was stalled due to impasse created by the opposition.

      During the Session, Supplementary Demands for Grants (General) for 2012-13 was discussed and voted and its related Appropriation Bill was passed by the Lok Sabha. Subsequently, the Rajya Sabha considered and returned the related Appropriation Bill.

      In the Lok Sabha, a Short Duration Discussions under Rule 193 was held on need for uniform education system.

      In Lok Sabha three Calling Attentions were held on

      (i) Spread of Dengue and Chikengunia in the Country;

      (ii) Plight of coconut growers in Tamilnadu leading to starvation death; and

      (iii) Dilution of Jute packaging materials and in Rajya Sabha one Calling Attention was held on situation arising out of suspension of Indian Olympic Association (IOA) by International Olympic Committee (IOC).

      Bills with significant importance and emphasizing the Government policy of liberalization of the economy such as

      (i) the Prevention of Money Laundering (Amendment) Bill, 2011;

      (ii) the Banking Laws (Amendment) Bill, 2011; and

      (iii) the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 were passed by   both the Houses during this Session.

      One of the important features of the Session was that several bills including FDI and matters related to FEMA, Constitution Amendment Bills etc. could be steered through “division of vote”, exhibiting Government’s resoluteness and better preparedness.   

      During the Session, 9 Bills (7 in the Lok Sabha and 2 in the Rajya Sabha)were introduced.  The Lok Sabha passed 7 Bills and the Rajya Sabha passed 8 Bills during the session. Total number of Bills passed by both Houses of Parliament during the Session is 7. A list containing the titles of the Bills introduced, considered and passed during the Session is annexed.

      Legislative Business Transacted During Twelveth Session of Fifteenth Lok Sabha and 227th Session of Rajya Sabha

      (Winter Session, 2012)

      I – BILLS INTRODUCED IN LOK SABHA

      1.    The Coal Mines (Conservation and Development) Amendment Bill, 2012

      2.    The Central Universities (Amendment) Bill, 2012

      3.    The Criminal Law (Amendment) Bill, 2012

      4.    The Competition (Amendment) Bill, 2012

      5.    The Appropriation (No.4) Bill, 2012

      6.    The Governors (Emoluments, Allowances and Privileges) Amendment Bill, 2012

      7.    The Constitution (Scheduled Tribes) Order (Second Amendment) Bill, 2012

      II – BILLS PASSED BY LOK SABHA

      1.     The Prevention of Money Laundering (Amendment) Bill, 2011

      2.    The Unlawful Activities (Prevention) Amendment Bill, 2011

      3.    The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011

      4.    The Appropriation (No.4) Bill, 2012

      5.    The Constitution (One Hundred Eighteenth Amendment) Bill, 2012

      6.    The Banking Laws (Amendment) Bill, 2011

      7.    The Companies Bill, 2012

      III – BILLS INTRODUCED IN RAJYA SABHA

      1.    The Child Labour (Prohibition and Regulation) Amendment Bill, 2012

      2.    The Indecent Representation of Women (Prohibition) Amendment Bill, 2012

      IV – BILLS PASSED BY RAJYA SABHA

      1.      The North Eastern Areas (Reorganisation) Amendment Bill, 2012

      2.       The Prevention of Money- Laundering (Amendment) Bill, 2012

      3.      The Constitution (One Hundred Seventeenth Amendment) Bill, 2012

      4.      The Appropriation (No.4) Bill, 2012

      5.      The Constitution (One Hundred Eighteenth Amendment) Bill, 2012

      6.      The Unlawful Activities (Prevention) Amendment Bill, 2012

      7.      The Banking Laws (Amendment) Bill, 2012

      8.      The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012

      V - BILLS PASSED BY BOTH HOUSES

      1.    The North Eastern Areas (Reorganisation) Amendment Bill, 2012

      2.     The Prevention of Money-Laundering (Amendment) Bill, 2012

      3.    The Appropriation (No.4) Bill, 2012

      4.    The Constitution (One Hundred Eighteenth Amendment) Bill, 2012

      5.    The Unlawful Activities (Prevention) Amendment Bill, 2012

      6.    The Banking Laws (Amendment) Bill, 2012

      7.    The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012

      *******

      YSK(Parl.Aff.)

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