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Recent personal finance rulings to affect you.

Summary: A look at recent rulings in the personal finance space which can affect you -

A look at recent rulings which can affect you -

BANKING

The Reserve Bank of India has asked banks to migrate their computer networks, payment gateways and websites from the current version of Internet Protocol (IPv4) to IPv6 at the earliest and keep the central bank posted about the progress made by 30 March 2013. The transition is required for continued expansion of the Internet as IPv4 has almost reached its maximum capacity to support networks.

CAPITAL Markets:

The Securities and Exchanges Board of India is set to realign the Base Minimum Capital deposit requirements for stock brokers and trading members. Based on trading profiles, the deposit will range from Rs 10 lakh to Rs 50 lakh for members of stock exchanges with nation-wide terminals.

In order to ease the PAN (Permanent Account Number) verification process as part of the 'Know Your Customer' requirement, the markets regulator has allowed financial intermediaries such as stock exchanges, mutual funds and brokerage houses to verify their clients' PAN online at the income tax department's website, provided another document has been submitted as a proof of identity.

INSURANCE:

The Insurance Regulatory and Development Authority has allowed customers to use current bank account statements and passbooks updated in the previous month as proof of residence. Earlier, the bank statements or passbooks could have been up to six months old. Both the documents will also suffice as identity proof for micro-insurance products.

FIGURES OF NOTE:

21.8 per cent is the jump in foreign exchange earnings from tourism in 2012.

Reproduced From Money Today. Copyright February 2013. LMIL. All rights reserved.

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Publication:Money Today (New Delhi, India)
Date:Feb 1, 2013
Words:295
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