Trademark - Ad interim injunction order is not warranted in case of two competing cancer drugs whose name are derived from combining publici juris & whose consumer are doctors & not laymen: HC (See 'Legal Desk') Companies Act, 2013 - High Court u/s 339 is vested with powers to provide relief of interim protection to creditors from alienation of properties belonging to company undergoing liquidation : HC (See 'Legal Desk') Gowda launches 'APNA UREA - Sona Ugle' brand of HURL (See 'Corp Brief') NITI Aayog, Ladakh ink MoU for infra development (See 'Corp Brief') Guidelines for rights issue of units by a listed Infrastructure Investment Trust (InvIT) (See 'Dashboard') Guidelines for rights issue of units by a listed Real Estate Investment Trust (REIT) (See 'Dashboard') Format for Statement indicating Deviation or Variation in the use of proceeds of issue of listed non-convertible debt securities or listed non-convertible redeemable preference shares (NCRPs) (See 'Dashboard') China’s Great Wall Motors acquires General Motors Talegaon plant for an undisclosed sum Piramal to sell healthcare insights & analytics business to Clarivate Analytics for USD 950 mn Reliance Communications insolvency: Chinese creditors to delay vote due to New Year from January 25 GeM Samvaad - Users share feedback & inputs (See 'Corpbrief') Exemption from clubbing of investment limit for foreign Government agencies and its related entities (See 'Dashboard') IBC - Liquidation of corporate debtor is preferable if no resolution plan gets acceptance of committee of creditors within time allotted for insolvency process : NCLT (See 'Legal Desk') IBC - If Promoters of corporate debtor fails to avail benefit of being MSME within due time of EoI, Resolution Professional or NCLT cannot be expected to go for fact finding exercise to uncover correct classification of insolvent: NCLAT (See 'Legal Desk') IBBI amends Voluntary Liquidation Process Regulations, 2020 (See 'Corp Brief') Options in Goods - Product Design and Risk Management Framework (See 'Dashboard') Norway looks for possible projects to invest in India (See 'Corp Brief') DCGI approves Wockhardt's antibiotic EMROK in Intravenous & oral forms to treat superbug infections Hinduja Group pulls out from race to acquire Jet Airways; only Synergy Group & Prudent ARC Ltd remains ED summons Air Asia CEO Tony Fernandes on January 20 under PMLA IBBI - Voluntary Liquidation Process - Amendment Regulations, 2020 (See 'Dashboard') IBBI - Govt amends Salary, Allowances and other Terms and Conditions of Service of Chairperson and members Amendment Rules, 2020 (See 'Dashboard') PMLA - If handing over of money laundering case to another counsel is feasible within time, appeal cannot be restored after dismissal for non appearance beyond period prescribed or time allotted: Tribunal (See 'Legal Desk') IBC - Suspension of board of corporate debtor & takeover by Interim Resolution Professional happens without service of order by NCLT or without uploading the order in NCLT website, HC can step in & issue certiorari to set aside admission of insolvency petition: HC (See 'Legal Desk') Budget 2020 - What may cheer up Taxpayers & also FM? (See 'THE COB(WEB)' in TIOL) Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions, 2018 - Amendment (See 'Dashboard') House Panel invites inputs on Industrial Relations Code, 2019 (See 'Corp Brief') PCRA to hold mega campaign on fuel conservation from Jan 16, 2020 (See 'Corp Brief') Jeff Bezos: Amazon will export USD 10 bn Make in India goods by 2025

RBI task force on offshore rupee markets submits recommendations

Published: Aug 12, 2019

By TIOLCORPLAWS News Service

NEW DELHI, AUG 12, 2019: THE Task Force on Offshore Rupee Markets, set up by the Reserve Bank of India in February 2019 and chaired by Ms Usha Thorat, former Deputy Governor, RBI, submitted its report to the Governor on July 30, 2019. The Task Force was set up to examine the issues relating to the offshore Rupee markets in depth and recommend appropriate policy measures while factoring in the requirement of ensuring stability of the external value of the Rupee including measures for incentivising non-residents to access the onshore foreign exchange market.

The Task Force interacted with representatives of various banks, financial institutions, large corporates in India and abroad, foreign portfolio investors, asset managers, industry bodies, experts and practitioners. The key recommendations of the Task Force are:

(a) To extend onshore market hours to improve access of overseas users;

(b) To permit Indian banks to freely offer prices to global clients around the clock;

(c) To enable Rupee derivatives (settled in foreign currency), to be traded in the International Financial Services Centers (IFSC) in India, to begin with on exchanges in the IFSC.

(d) To allow users to undertake forex transactions up to USD 100 million in OTC currency derivative market without the need to establish underlying exposure.

(e) To facilitate non-residents to hedge their foreign exchange exposure onshore by:

  1. Establishing a central clearing and settlement mechanism for non-resident transactions in the onshore market;

  2. Implementing margin requirement for non-centrally cleared OTC derivatives and allowing Indian banks to post margins abroad;

  3. Aligning the tax treatment of foreign exchange derivatives with that in major international centres; and

  4. Centralising the KYC requirements across financial markets with uniform documentation requirement.

TIOL CORP SEARCH

TIOL GROUP WEBSITES