A look at recent rulings which can affect you -
BANKING>> The Reserve Bank of India has authorised money changers to sell Indian rupees to foreign tourists against international credit or debit cards. For such transactions, money changers have been asked to take prompt steps to obtain reimbursement through normal banking channels.
>> The 'know your customer', or KYC, norms for opening savings bank accounts by self-help groups (SHGs) have been simplified by the Reserve Bank of India. Now, customer identity verification of all the members of SHG will not be required. It would be sufficient to have KYC verification of all the office bearers. No separate verification would be necessary at the time of credit linking of SHGs if the account continues to be in operation.
CAPITAL MARKETS>> The Securities and Exchange Board of India has asked all listed companies to redress the grievances of investors and inform them within 30 days of the receipt of the complaints. Stock exchanges will have to publicise the move and create awareness about it.
PROVIDENT FUND>> The Employees' Provident Fund Organisation (EPFO) will allow its provident fund subscribers to apply online for transfer and withdrawal of their provident fund from 1 July 2013. The announcement was made by EPFO Central Provident Fund Commissioner Anil Swarup at an industry body event in New Delhi. Once implemented, it would speed up the process of provident fund transfers.
** 44 lakh equity mutual fund accounts were closed in 2012-13.**
