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MCA relaxes additional fees on filing of Form LLP BEN-2 and LLP Form No. 4D up to 01.07.2024
In view of the transition of MCA-21 from version 2 to version 3 and to promote compliance on the part of reporting LLPs, MCA has granted relaxation in filing LLP forms. Accordingly, LLPs may file Form LLP BEN-2 and LLP Form No. 4D, without payment of any further additional fees up to 01.07.2024. Form LLP BEN-2 is filed with the ROC w.r.t declaration u/s 90 of Companies Act, 2013. LLP Form No. 4D is filed with the ROC w.r.t declaration of beneficial interest in contribution received by LLP.
RBI holds meeting with major stakeholders in UPI ecosystem; aims to scale up UPI infrastructure
The Governor of RBI held a meeting on May 08, 2024, with major stakeholders in the UPI ecosystem to discuss potential strategies for further expanding UPI's reach. The major stakeholders included banks, the National Payments Corporation of India (NPCI), third-party application providers, and technology service providers.
The stakeholders shared valuable inputs and suggestions on strategies for scaling UPI infrastructure and expanding products portfolio, challenges encountered by the ecosystem and innovative solutions for addressing the same. Further, they shared inputs on innovative ideas to integrate potential users into the digital payments ecosystem.
RBI issues master direction on ‘Margining for Non-Centrally Cleared OTC Derivatives’
RBI has issued master direction on ‘Margining for Non-Centrally Cleared OTC Derivatives’. ‘Non-centrally cleared derivatives (NCCDs) mean derivative contracts whose settlement is not guaranteed by a central counterparty. A Central counterparty means an entity that interposes itself between counterparties to contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer, thereby ensuring the performance of open contracts.
RBI notifies directions on ‘Margin for Derivative Contracts’ after review based on market feedbacks
Earlier, the RBI vide circular dated 15.02.2021 notified ‘Margin for Derivative Contracts’. It was issued to allow posting and collection of margin for permitted derivative contracts between a person resident in India and a person resident outside India. Based on the market feedback received, the central bank has notified RBI (Margin for Derivative Contracts) Directions, 2024. From immediate effect, these directions shall apply to AD Cat-I banks & AD Cat-III Standalone Primary Dealers.
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