News and Updates Duration April 16, 2021 – May 31, 2021

The two most powerful warriors are patience and time.

Leo Tolstoy

BANKING AND FOREIGN EXCHANGE

  • The Reserve Bank of India (RBI) has issued a press release RBI/2021-22/29 dated May 05, 2021 in relation to Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance. Read More
  • The Reserve Bank of India (RBI) has issued a press release RBI/2021-22/30 dated May 05 2021 in relation to Credit to MSME Entrepreneurs. Read More
  • The Reserve Bank of India (RBI) has issued a press release RBI/2021-22/35 dated May 10, 2021 in relation to Amendment to the Master Direction (MD) on KYC. Read More
  • The Reserve Bank of India (RBI) has issued a press release RBI/2021-22/41 dated May 21, 2021 in relation to Relaxation in timeline for compliance with various payment system requirements. Read More

LABOUR LAW

  • Section 142 of the Social Security Code, 2020, covering applicability of Aaadhar, has been notified by the Labour Ministry. It will enable the Ministry to collect Aaadhar details for the database of beneficiaries under various social security schemes. [May 05, 2021] Read More
  • Rate of Minimum Wages for Central sphere employees has been revised. [May 21, 2021] Read More
  • Labour Ministry announces social security relief to dependents of workers passing away due to COVID-19, maximum benefit increased to Rs 7 lakh. [May 30, 2021] Read More

COMPETITION LAW

  • Yellowstone Capital, a provider of merchant cash advances, to pay more than $9.8 million to settle FTC charges that it took money from businesses’ bank accounts without permission and by using deception. [April 22, 2021] Read More
  • FTC finalized a settlement with the developer of a photo app that allegedly deceived consumers about its use of facial recognition technology and its retention of the photos and videos of users who deactivated their accounts. [May 07, 2021] Read More
  • FTC is sending 51,875 payments totaling more than $59 million to consumers who were victims of an allegedly deceptive scheme by Reckitt Benckiser Group and Indivior, Inc. to thwart lower-priced generic competition with the branded drug Suboxone. [May 10, 2021] Read More
  • New data analysis from FTC shows consumers have reported losing more than $80 million to cryptocurrency investment scams, an increase of more than ten-fold year-over-year, since October 2020. [May 17, 2021] Read More
  • CCI approves acquisition by Tata Digital Limited of up to 64.3% of the total share capital of Supermarket Grocery Supplies Private Ltd (SGS) and sole control by SGS over Innovative Retail Concepts Private Limited. [April 28, 2021] Read More
  • CCI approves proposed acquisition of 100% shareholding and sole control of Ingram Micro Inc. by Imola Acquisition Corporation. [May 07, 2021] Read More
  • CCI receives notice under Green Channel filed by Kyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Private Limited in relation to internal restructuring of IBM Corporation, and is deemed approved. [May 10, 2021] Read More
  • Time to submit comments on draft proposal for introducing setting up of a Confidentiality Regime extending till June 12, 2021. [May 17, 2021] Read More

ENERGY

  • Four oil & gas PSUs reportedly exceed capex targets, spend Rs 57,000 crore in FY21 [April 23, 2021] Read More
  • India’s Covid crisis reportedly threatens a global oil recovery [Apil 25, 2021] Read More

NEWS

  • US lawmakers aggressively campaign for sending essential medical supplies to India [April 27, 2021] Read More
  • Medical companies seek G-20 protection for patents [May 06, 2021] Read More
  • European Union regulators reportedly accuse Apple of antitrust breach over App Store rules [April 30, 2021] Read More
  • Firms can spend CSR funds on setting up medical oxygen generation and storage plants: MCA [May 5, 2021] Read More

Disclaimer “This information has been gathered from various sources. Nothing herein is or may be construed as legal advice”.