Tag Archives: licensing

right of first refusal

https://pib.gov.in/PressReleasePage.aspx?PRID=1666728

In pursuance of ‘Make in India’ policy of the Government of India, Ministry of Shipping has reviewed the ROFR (Right of First Refusal) licensing conditions for chartering of vessels/Ships through tender process for all types of requirements.

To promote the demand of the ships built in India, priority in chartering of vessels is given to vessels built in India, flagged in India and owned by Indians under the amendments in the guidelines of ROFR(Right of First Refusal).

Now it has been decided that for any kind of charter of a vessel undertaken through a tender process, the Right of First Refusal (RoFR) would be exerted in the following manner:

  1. Indian built, Indian flagged and Indian owned
  2. Foreign built, Indian flagged and Indian owned
  3. Indian built, foreign flagged and foreign owned

Provided that:

  1. All vessels flying the flag of India (i.e. registered in India) up to the date of issue of new circular by the Director General of Shipping shall be deemed to be Indian built vessels and will fall in category (i) above and
  2. The foreign flagged vessels permitted by DG (Shipping) under Section 406 of the Merchant Shipping Act, 1958 for chartering by an Indian citizen/company/society, who is building a ship in an Indian shipyard for registration under the Indian flag, as a temporary substitute for the Indian ship under construction, meeting the following two conditions shall be deemed to fall under Category (i) above.
  1. 25% of the contract money has been paid to the Indian shipyard
  2. 50% of the hull fabrication has been completed, as certified by Recognised Organisation.

The duration of licence to such chartered vessel shall be limited to the period of building of the ship, as mentioned in the shipbuilding contract.

It is to be noted that Ministry of Shipping has made provision for long-term subsidy for shipbuilding activities under shipbuilding financial assistance policy (2016-2026). The Ministry has already disbursed an amount of Rs 61.05 crores till date under this policy. It is an endeavour of the Government to further incentivise shipbuilding by providing additional market access and business support to ships built in India.

Leave a comment

Filed under Uncategorized

small finance banks

https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11845&Mode=0

‘Guidelines for Licensing of Small Finance Banks in Private Sector’ dated November 27, 2014 – Modifications to existing norms

Please refer to the ‘Guidelines for Licensing of Small Finance Banks in Private Sector’ dated November 27, 2014 under which licenses were issued to 10 Small Finance Banks (SFBs) and the ‘Guidelines for ‘on-tap’ Licensing of Small Finance Banks in Private Sector’ released by Reserve Bank on December 5, 2019.

2. To harmonise the instructions for existing SFBs with those SFBs to be licensed under ‘Guidelines for ‘on-tap’ Licensing’, it has been decided to:

  1. Grant general permission to all existing SFBs to open banking outlets subject to adherence to Unbanked Rural Centre norms as per RBI circular on ‘Rationalisation of Branch Authorisation Policy – Revision of Guidelines’ dated May 18, 2017, as amended from time to time.
  2. Exempt all existing SFBs from seeking prior approval of Reserve Bank for undertaking such non risk sharing simple financial service activities, which do not require any commitment of own fund, after three years of commencement of business of SFB.

3. Further, in case of existing SFBs, it is clarified that –

  1. Whether a promoter could cease to be a promoter or could exit from the bank after completion of a period of five years, would depend on the RBI’s regulatory and supervisory comfort / discomfort and SEBI regulations in this regard at that time (Reference: Response to query number 101 of ‘Clarifications to queries on guidelines for licensing of Small Finance Banks in the Private Sector’ dated January 1, 2015).
  2. The phrase ‘paid-up equity capital’ in ‘Guidelines for Licensing of SFBs in Private Sector – 2014’ means ‘paid-up voting equity capital’ (Reference: Response to query number 104 of ‘Clarifications to queries on guidelines for licensing of Small Finance Banks in the Private Sector’ dated January 1, 2015).

4. The provisions of this circular shall come into force with immediate effect.

Leave a comment

Filed under Uncategorized