A look at recent rulings which can affect you -
BANKING
> The Reserve Bank of India has allowed real estate developers, housing finance companies and the National Housing Bank to raise up to $1 billion through the external commercial borrowing route in the current financial year to promote low-cost housing projects. Such funds can be used for low-cost housing projects or providing loans up to Rs 25 lakh to individuals for buying properties worth up to Rs 30 lakh.
CAPITAL MARKETS
> The Securities and Exchange Board of India has made mis-selling of mutual fund schemes punishable like frauds. Sale by making misleading statements or concealing facts or not taking reasonable care to ensure suitability of the scheme to the buyer would be considered mis-selling.
COMMODITIES
> To enable small and retail participants in the value chain to hedge their risks, the Forward Markets Commission has decided to ban computer-driven algorithmic and high-frequency commodity trading in mini- and micro-contracts from 1 January 2013. The ban was earlier scheduled to come into force from 1 December 2012.
TELECOM
> The government is planning to roll out the nationwide mobile number portability (MNP) from February 2013, the telecom minister announced the decision in an industry summit. This will enable a customer to retain the number even if they relocate from one state to another. Also, consumers might not have to pay roaming charges from early next year.
*$70 bn is the World Bank estimate of recorded remittances to India in 2012.*
