A look at recent rulings in the personal finance sector that can affect you -
- Market regulator Securities Exchange Board of India has said that all trades undertaken by foreign portfolio investors (FPIs) in the cash market will be settled one day after the execution of the trade order.
- The Reserve Bank of India has said that a minor can now open a savings/fixed/recurring bank deposit account through either his/her natural guardian or legally appointed guardian. The minors who have attained 10 years of age will be allowed to open and operate savings bank accounts independently.
- An RBI panel has suggested the setting up of a centralised bills payment system in order to enable consumers to pay all kinds of bills at one place irrespective of the services they are availing and vendors.
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- The Insurance Regulatory and Development Authority has said that when an insurance company adopts the trade logo of any of its promoting partners, it should prominently disclose in all the insurance advertisements that the trade logo belongs to its partner.
- In a bid to ensure that norms are adhered to while settling PF claims of foreign workers from countries with which India does not have social security pacts, EPFO has asked its field staff to get those claims verified from the head office. As per the provision, the PF accumulations are payable on retirement after attaining 58 years of age or on retirement on account of permanent or total incapacity for work.
** 1,000 tonnes, India's estimated gold demand in 2014, according to the World Gold Council. **