A look at recent rulings which can affect you -
The Reserve Bank of India has asked banks to issue cheques with uniform features by 30 September. All cheques will have to follow the Cheque Truncation System (CTS) 2010 and incorporate homogeneity in security features. The cheques will also have entry fields at specified locations to enable quick processing of these instruments using optical or image character recognition technologies.
In order to improve transparency, the markets regulator has made it mandatory for top 100 listed companies (by market capitalisation) to disclose some of their vital information as part of their business responsibility. This includes their spending on corporate social responsibility (CSR) as a percentage of net profit, the number of stakeholders' complaints received and resolved, irresponsible advertising or anti-competitive behaviour adopted by the company.
The Pension Fund Regulatory and Development Authority has revised the investment management fee for pension fund managers for the private sector NPS (New Pension Scheme). The managers can fix their own fee for different schemes subject to the upper ceiling of 0.25% per annum. This fee is inclusive of brokerage, but excludes custodian charges and taxes. The new charges will come into effect from 1 November 2012. The fee for the NPS Lite/Swavalamban scheme will be on a par with that of NPS for government employees, which is currently at 0.0102% per annum.