RBI notifies Qualified Financial Contract and entities qualified as financial market participants to deal in qualified Financial Contracts
RESERVE BANK OF INDIA
(Financial Markets Regulation Department)
(CENTRAL OFFICE)
(Financial Markets Regulation Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 9th March, 2021
No. FMRD.DIRD. 2/14.03.043/2020-21.—In exercise of the powers conferred by clause (a) of Section 4 of the Bilateral Netting of Qualified Financial Contracts Act, 2020 (30 of 2020), the Reserve Bank of India hereby notifies the following contracts as Qualified Financial Contract, namely: –
a. “derivative” as defined under clause (a) of Section 45U of the Reserve Bank of India Act, 1934 (2 of 1934); and
b. “repo” and “reverse repo” as defined under clause (c) and (d) respectively of Section 45U of the Reserve Bank of India Act, 1934 (2 of 1934).
(2) Further, in exercise of the powers conferred by clause (b) of section 4 read with sub-clause (vi) of clause (o) of section 2 (1) of the Bilateral Netting of Qualified Financial Contracts Act, 2020 (30 of 2020), the Reserve Bank of India hereby specifies the following entities as qualified financial market participants to deal in qualified financial contracts, namely: –
a. Entities licensed by RBI to do banking business, but not included in the second schedule to the Reserve Bank of India Act, 1934 (2 of 1934);
b. “Export-Import Bank of India” established under the Export-Import Bank of India Act, 1981 (28 of 1981);
c. “National Bank for Agriculture and Rural Development” established under the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);
d. “Small Industries Development Bank of India” established the Small Industries Development Bank of India Act,1989 (39 of 1989);
e. “National Housing Bank” established under the National Housing Bank Act, 1987 (53 of 1987);
f. “Factor” as defined in Section 2 (i) of the Factoring Regulation Act, 2011 (12 of 2012); and
g. “Asset Reconstruction Company” as defined under section 2 (1) (ba) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002).
[F. No. ADVT. III/4/Exty./534/2020-21]
DIMPLE BHANDIA ,Chief General Manager
Download Notification Click Here >>
- AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
- Shareholders can’t be taxed for income from properties owned by the company – HC
- Jurisdictional error in reassessment approval can’t be shielded by the law of limitation
- ITAT ought to remanded whole matter of bogus purchases instead of profit determination
- Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A
