Transaction & Regulatory Advisory Services – March 2024

In this edition we have tried to bring you notice the latest amendment that followed in the month of March, 2024 issued by RBI, CCI and others. 

• RBI Updates

Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024

RBI has issued a Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024 which shall be applicable from April 01, 2024. In view of significant developments in the payments landscape, RBI has come out with these Directions to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes. The provisions of these Directions shall apply to NPCI Bharat Bill Pay Limited (NBBL – a wholly owned subsidiary of National Payments Corporation of India); and All Bharat Bill Payment Operating Units (BBPOUs). Further, NBBL is the entity authorised as the Payment System Provider for Bharat Bill Payment System (BBPS) and any entity, other than a biller, operating a system for payment of bills outside the scope of BBPS is a ‘payment system’ under Section 2(1)(i) of PSS Act 2007 and will require authorisation as per Chapter III of the Act to undertake the activity. Banks (All Scheduled Commercial Banks including RRBs / Urban Cooperative Banks / State Cooperative Banks / District Central Cooperative Banks), non-bank Payment Aggregators (PAs) and other existing entities authorised as BBPOUs can participate in BBPS as Operating Units. Banks and non-bank PAs, intending to operate as BBPOUs, will not require a separate authorisation. They shall intimate DPSS, RBI, Central Office before commencing operations. The indicative roles and responsibilities of the system operator and system participants are also provided in the master circular.

To read more: Reserve Bank of India – Master Directions (rbi.org.in)

• Competition Commission of India (CCI)

The Competition Commission of India (CCI) has notified three distinct regulations on the determination of turnover, settlement, commitment and penalty guidelines concerning an enterprise. The Competition Commission of India (CCI) has notified three regulations viz. The CCI (Settlement) Regulations, 2024; The CCI (Commitment) Regulations, 2024; The CCI (Determination Of Turnover Or Income) Regulations, 2024 And The CCI (Determination Of Monetary Penalty) Guidelines, 2024 on March 06, 2024. These regulations and guidelines were issued according to the Competition (Amendment) Act, 2023, and subsequent notification of sections 20, 35 & 40 of the Competition (Amendment) Act, 2023 and shall be effective from 06.03.2024. The Settlement Regulations and Commitment Regulations are intended to enable an enterprise against whom an inquiry under Section 26(1) of the Act is initiated for an alleged contravention of Section 3(4) or Section 4 of the Act, as the case may be, to apply for settlement or commitment before the CCI. The intent of creating a procedure for Settlement and Commitment is driven by the need to reduce litigation and ensure quicker market correction. The two mechanisms differ in terms of the stage of the inquiry process at which the application for Settlement or Commitment is filed. The Turnover or Income Regulations provide for the determination of turnover or income for enterprises for the purposes of Section 27 of the Act and the determination of income for individuals for the purposes of Sections 27 and 48 of the Act. In addition, CCI has also notified Monetary Penalty Guidelines with respect to the determination of monetary penalty to be levied on the enterprise(s) and/or persons for any contravention of the provisions of the Act. The much-awaited monetary penalty guidelines have been framed in line with best practices and to ensure that the penalty imposed is proportional to the anti-competitive harm caused to the market by the contravening entities/ persons.

To read more:

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2012824

• Miscellaneous

E-Waste (Management) Amendment Rules, 2024

The Central Government has notified the E-Waste (Management) Amendment Rules, 2024 which shall be effective from March 8, 2024. The amendment provides that the Central Government may, if it is satisfied that it is necessary so to do in the public interest or for effective implementation of these rules, by order, relax any period within which any return or report is to be filed under these rules by a manufacture, producer, refurbisher or recycler of electrical and electronic equipment and components or consumables or parts or spares thereof, for a further period not exceeding nine months. The Central Government may by, order, establish one or more platforms for an exchange or transfer of extended producer responsibility certificates in accordance with the guidelines issued by the Central Pollution Control Board with the approval of the Central Government.

To read more:

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