A look at the recent rulings that can affect you:MARKETSThe Securities and Exchange Board of India has permitted the launch of futures contracts on 91-day treasury bills with effect from March 8, 2011. The derivatives instrument will be traded on the currency derivatives segment of stock exchanges. The contract will be cash-settled.
| $302.59 bn was the country's foreign exchange reserves as on the week ended 4 March. |
TELECOMThe Telecom Regulatory Authority of India has issued an amendment to include five representatives each from Internet service providers and consumer advocacy groups in the Committee for Utilisation of Telecommunication Consumers Education and Protection Fund. The fund, in which telecom firms transfer unrefunded money of customers, is utilised for creating general awareness.
BANKING- The Reserve Bank of India has instructed the banks to arrange for exchange of coins of denomination of 25 paise and below for their face value at their branches till June 30, 2011, after which coins of denomination of 25 paise and below will go out of circulation.
- The RBI has nominated the National Payments Corporation of India (NPCI), as the umbrella organisation for retail payments in the country, to be vested with the responsibility for roll-out in all the clearing locations of Express Cheque Clearing System (ECCS). The RBI has said that the NPCI would be the single point of contact for banks and the vendor, as also for change control, future updates, support issues, reporting to the RBI.
