MeitY: Social Media Intermediaries to Take Permission Before Launching AI Products in Country  ||  NBDSA Imposes Penalty on Several News Channels for Spreading Communal Hatred  ||  NBDSA Issue Guidelines For Broadcasting Information Related to LGBTQIA+ Community  ||  Gauhati High Court Frames Policy For Persons With Disabilities  ||  All. HC: Bail Granted to Assessee Since Proceedings u/s 70 and 74 of GST Act Pending for Too Long  ||  Kar. HC: Deflection From Terms of Compromise Will Lead to Re-Imposition of Conviction Order  ||  Supreme Court: MPs/MLAs Cannot Claim Immunity Under Constitution of India For Receiving Bribe  ||  Delhi High Court: Wife Igniting Animosity and Hostility in Child Against Father Amounts to Cruelty  ||  SC: Legal Representatives Not Responsible to Discharge Contractual Obligations of Deceased  ||  SC: Amend Arbitration Act For Prescribing Limitation Period For Applications u/s 11 of the Act    

Lending against security of single product - Gold jewellery- (Reserve Bank of India) (21 Jan 2020)

MANU/RMIC/0009/2020

Banking

1.Please refer to paragraph 27 of Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016; and paragraph 27 of Master Direction - Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016.

2. On a review, it has been decided that NBFCs can pool gold jewellery from different branches in a district and auction it at any location within the district, subject to meeting the following conditions:

a. The first auction has failed.

b. The NBFC shall ensure that all other requirements of the extant directions regarding auction (prior notice, reserve price, arms-length relationship, disclosures, etc.) are met.

3. Non-adherence to the above conditions will attract strict enforcement action. The aforementioned Master Directions are being modified accordingly.

Tags : SECURITY   GOLD JEWELLERY   LENDING  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved