Corporate
RBI extending the restriction on Storage of Actual Card Data (Card-on-File) to facilitate compliance
At present, several participants, including merchants, are involved in the online card transaction chain, who store actual card (CoF) data like card number, expiry date, etc., citing cardholder convenience and ease of undertaking future transactions.
RBI enhances transaction limits for processing of e-mandates for recurring transactions: from INR 5,000/- to INR 15,000/-
On 21 August 2019, the Reserve Bank of India (RBI) had issued a framework for processing of e-mandates for recurring online transactions (merchant payments) applicable for all types of cards (debit and credit) and Prepaid Payment Instruments (PPI), including wallets with a maximum transaction limit of INR 2,000/-.
Nomination or Opt-Out for Mutual Fund Unit Holders
The nomination facility enables a unitholder to nominate (either at the time of purchase or subsequently), a person who would be entitled to claim the investor’s mutual fund units, or the redemption proceeds thereof in case of an untimely death of the unitholder. In case of joint ownership, all joint holders are required to provide the details of their nominee together.
The Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022 - promoting ‘ease of doing business’
Earlier, in case of any defective, deficient, or incomplete applications filed by a company for voluntary removal of name, from the register of companies, such applications were rejected by the registrar of companies (ROC) and companies had to file a fresh application, thereby delaying the entire process.