Regulations
RBI issues final guidelines on Bharat Bill Payment System

The uniform Bharat Bill Payment System will also help track all payments being made in economy, including cash payments to utilities, schools, and telcos among others

 

The Reserve Bank of India has issued final guidelines for the Bharat Bill Payment System (BBPS), which will help consumers pay multiple bills like electricity, telephone and school fees at a single point of transaction.

 

“The BBPS is an integrated bill payment system offering inter-operable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment,” the RBI said in a notification last week.

 

The RBI-promoted payment retail gateway and the issuer of the Rupay debit Cards, the National Payment Corporation of India (NPCI) has been appointed as the nodal body.

 

The apex banks has set a Rs100-crore net worth and domestic registration as qualifying conditions for those seeking to be authorised collection agents. RBI Governor Raghuram Rajan had first announced the central bank’s intention to set up BBPS in the second quarterly monetary policy review last year, after which a committee was constituted to suggest the way forward.

 

Based on the recommendations, it posted the draft guidelines on the same on 7th August.

 

The move will help track all the payments being made in economy, including cash payments to utilities, schools, and telcos among others.

 

Stressing on the need to have such a system in place, the RBI pointed to a 2013 estimate, which said over 30,800 million bills amounting to Rs6.22 lakh crore are generated each year in the top 20 cities alone.

 

The final guidelines came a day after the RBI came out with the final guidelines for licensing of payment and small banks.

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COMMENTS

Urvish Chitalia

2 years ago

Sorry for the nitpicking. I see 2 grammatical errors in the article.

1. "track all payments made in economy" should read as "track all payments made in THE economy". The absence of "THE" changes the meaning of the sentence.

2. "The apex banks has set a Rs100-crore" should read "The apex bank has set a Rs100-crore"

Urvish

REPLY

Itee

In Reply to Urvish Chitalia 2 years ago

Agree with you friend. Good observation and careful reading....

Swedish Meda Pharma, Cipla sue Apotex over Dymista patents

In June 2013, Cipla had granted global commercialisation rights for ‘Dymista’ nasal spray to Meda AB, except for certain geographies

 

Sweden-based drug maker Meda Pharmaceuticals Inc and Indian Cipla Ltd have sued Apotex Inc and Apotex Corp in US Federal District Court in Delaware to enforce patents of its allergy drug ‘Dymista’.

 

Cipla in a regulatory filing said, “We sued Apotex and Apotex Corp in Federal District Court in Delaware to enforce the Orange—Book listed patents covering ‘Dymista’ Nasal Spray.”

 

The company added that it has sued Apotex Inc and Apotex Corp “in response to Apotex’s submission to the US FDA of an abbreviated new drug application (ANDA), and accompanying Paragraph IV certification, seeking approval to market a generic version of Meda’s ‘Dymista’ prior to expiration of the ’Dymista’ patents.”

 

In June 2013, Cipla granted the global commercialisation rights for ‘Dymista’ to Meda AB except for certain geographies.

 

Commenting on the development, Meda CEO Dr J Thomas Dierks said: “Meda will vigorously enforce the ‘Dymista’ patent rights against Apotex and any other company who challenges these patents.

 

“The Complaint was filed within 45 days of receiving Apotex’s Paragraph IV certification notice, thus triggering an automatic stay preventing the FDA from approving Apotex’s ANDA for 30 months from receipt of the notice, unless ordered otherwise by a district court, the Cipla said.

 

“Meda has the exclusive licences to US Patent Nos. 8,163,723 and 8,168,620 covering the ‘Dymista’ composition and its approved uses, which does not expire until 2026,” it said.

 

Meda holds the new drug application (NDA) to manufacture and market Dymista in the US for the treatment of seasonal allergic rhinitis.

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SEBI asks Moneyworld to immediately stop providing investment advice

SEBI said Moneyworld Research was offering trading tips to investors without obtaining requisite registration to act as an investment adviser

 

Market regulator Securities and Exchange Board of India (SEBI) has directed Moneyworld Research and Advisory Pvt Ltd to immediately stop providing investment advisory services with regard to the securities market and withdraw all the related advertisements.

 

SEBI said it prima facie found that Moneyworld Research was offering trading tips to investors without obtaining requisite registration to act as an investment adviser.

 

Accordingly, through an interim order dated 2nd December, the market regulator has asked Moneyworld Research and its two directors to "cease and desist from acting as investment advisers and cease to solicit or undertake such activities or any other unregistered activity in the securities market, directly or indirectly, in any manner whatsoever".

 

They are also required "to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites etc in relation to their investment advisory or any unregistered activity in the securities market".

 

SEBI had closed the application of registration of Moneyworld Research in March 2014, after it found several lapses on part of the entity.

 

However, it was noted that Moneyworld Research "solicited and induced" investors to deal in securities on the basis of their investment advices as well as guaranteeing returns even after the receipt of communication regarding the closure of their application for registration by SEBI on 27 March 2014.

 

The order observed that "subjecting the investment advisers to the statutory requirement of registration with SEBI is imperative for the protection of interests of investors and to safeguard the integrity of securities market".

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