A look at recent rulings which can affect you
BANKING
The Reserve Bank of India has clarified that non-resident Indians (NRIs) and people of Indian origin (PIOs) need not report to the central bank the details of transactions while purchasing immovable property in India. Foreigners have to file a declaration with the Reserve Bank within 90 days from the date of acquisition of properties in India.
CAPITAL MARKETS
For better arbitration and grievance redressal of investors, the Securities and Exchange Board of India, along with two big stock exchanges of the country, has initiated steps to set up investor grievance redressal mechanism at Ahmedabad and Hyderabad by 31 March 2012 and at Kanpur and Indore by 30 September 2012.
COMMODITIES
The Forward Markets Commission (FMC) has warned traders against wash trading, an illegal practice to artificially swell the trading volume, to evade taxes. In a recent note to commodity exchanges, the commission said it has noticed a steep rise in incidence of wash trades, circular trades and trades of a non-genuine nature during the February-March period.
INSURANCE
To improve the efficiency of the health insurance system in India, the Insurance Regulatory Authority of India has decided to constitute a forum. It will perform a consultative role and act as a platform for effective dialogue between insurers, service providers (hospitals), third-party administrators and consumers in general.
