Steel imports’ scrutiny norms tweaked

Source: Financial Express, 08 July 2022

In a notification,the DGFT said importers of steel and products need to register with the Steel Import Monitoring System within 60 days before the arrival of their consignment. Earlier, they were mandated to do so at least 15 days before the expected arrival of the consignment.

The new rule, thus, grants the importers more time to register their imports. The government had in late 2020 directed traders to register themselves with the SIMS.

Salary, pension and EMI payment rules to change from August

Source: Hindustantimes, 25 July 2021

From August 1, all important banking transactions such as salary, pension and Equated Monthly Installment (EMI) payments will take place 24X7, according to a report by Livemint on Sunday.

People will no longer have to wait for a working day for their salary to be credited into their accounts. From August 1, all important banking transactions such as salary, pension and Equated Monthly Installment (EMI) payments will take place 24X7, according to a report by Livemint on Sunday.

At times, the first day of a month falls on a weekend and people have to wait for Monday to see the message on their phones that their salary has been credited into their accounts. And hence, the above provision was introduced.

Reserve Bank of India (RBI) governor Shaktikanta Das, during the bi-monthly monetary policy review last month, said with a view to further enhance customer convenience and to leverage the 24×7 availability of real-time gross settlement (RTGS), the National Automated Clearing House (NACH) will be available on all days of the week from August 1.

Till now, NACH is only available on bank working days, which is usually from Monday to Friday.

What is NACH?

NACH is a bulk payment system which is operated by the National Payments Corporation of India (NPCI). NACH facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension, as reported by news agency PTI.

It also facilitates the collection of payments with regard to gas, electricity, water, telephone, periodic instalments towards loans, investments in mutual funds and insurance premiums.

The NACH has emerged as a prominent mode of direct benefit transfer (DBT) for a large number of beneficiaries. The Central Bank has said that this payment system helped transfer government subsidies during the present coronavirus disease (Covid-19) pandemic in a timely and transparent manner.

Food regulator FSSAI proposes tougher regulations for food importers

indexSource: The Economic Times, Dec 16, 2015

NEW DELHI: India’s food regulator is proposing tougher regulations for food importers, as it seeks to address concerns about the entry of sub-standard food products into the country. However, the move might once again pit the regulator — which has faced criticism for its ban on Maggi noodles and for blocking imports of items such as chocolates — against the food industry. The Food Safety and Standards Authority of India (FSSAI) is planning to clamp down on import of food products through its latest draft regulations.

The draft norms require importers to indemnify consumers through third-party insurance cover for injuries or damages caused by imported food items. FSSAI will soon put the proposed regulation on its website seeking public comments. A person with direct knowledge of the development said the new regulation was designed to prevent India from becoming a “dumping ground” for sub-standard food imports. An email sent to FSSAI did not elicit a response till the time of going to press. When asked about the proposed regulations, the body’s director of imports said, “This is not in my knowledge.”

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