A look at recent rulings which can affect you -
BANKING
- The Reserve Bank of India has raised the limit for export-related remittances received through online payment gateways to $10,000 per transaction. The revised limit has become effective from 11 June 2013, the day it was notified. Earlier, the limit for overseas remittances through online services such as PayPal was $3,000 per transaction.
- The cental bank has extended the deadline for allotting the Unique Customer Identification Code (UCIC) to bank customers in India to 31 March 2014. Some banks had expressed difficulties in implementing UCIC for existing customers within the earlier deadline of 31 May 2013. Banks would still have to implement the unique identification number for new customers.
INSURANCE
- The Insurance Regulatory and Development Authority has allowed the setting up of international branches by Indian insurers operational for more than three years. Insurers should have a net worth of Rs 500 crore, Rs 250 crore and Rs 750 crore for life insurance, non-life insurance and reinsurance companies, respectively.
MARKETS- The Securities and Exchange Board of India has said the enhanced limit of $5 billion for foreign investment in government bonds will be available only to foreign institutional investors registered with it as sovereign wealth funds, multilateral agencies, endowment funds, insurance funds, pension funds and foreign central banks.
**8 per cent online phishing attacks in April 2013 were targeted against India**
