Establishment of the Regulations Review Authority 2.0
From April 1, 1999, the Reserve Bank of India formed a Regulations Review Authority (RRA) for a one-year term. The RRA’s recommendations resulted in the streamlining and improvement of certain policies, and reduce the number of regulatory standards. It is proposed to undertake a review of the Reserve Bank’s regulations and compliance procedures to streamline/rationalizee them and making them more effective. A new Regulations Review Authority (RRA 2.0) has been established for a one-year term. Internally, the authority can check the regulatory prescriptions and share opinions.
The RRA 2.0 will concentrate on streamlining regulatory instructions, reducing controlled agencies’ administrative burden by simplifying processes, and reducing reporting. RRA 2.0’s terms of reference will be as follows:
- To make regulatory and supervisory instructions more effective by removing redundancies and duplications, if any;
- To reduce the compliance burden on regulated entities by streamlining the reporting mechanism; revoking obsolete instructions if necessary and obviating paper-based submission of returns wherever possible;
- To obtain feedback from regulated entities on simplification of procedures and enhancement of ease of compliance;
- Examine and suggest the changes required in the dissemination process of RBI circulars/ instructions (this would entail suggestions on the areas where the manner of issuing circulars, their updation and website linkages); and
- Identify any other relevant issues to the subject.
The Authority will be in place for a year, starting May 1, 2021, unless the Reserve Bank decides to prolong its term.
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From January to March 2021, the RBI will conduct a quarterly survey of order books, inventories, and capacity utilization (Round 53)
Since 2008, the Reserve Bank has published a quarterly manufacturing sector Order Books, Inventories, and Capacity Use Survey (OBICUS). The informative data on new orders issued during the comparative quarter is among the data gathered in the research. A backlog of orders at the starting of the quarter, pending orders at the end of the month, and cumulative inventories with a breakdown are all included in the data. During the year, it also covers item-by-item processing in terms of quantity and price. Based on the responses to the OBC survey, the extent of capability utilization ( CU) is determined from these responses.
During this quarter, the Bank will contact a number of manufacturing firms. Other manufacturing companies may also participate in the survey by downloading the survey questionnaire from the Reserve Bank’s website. The duly authenticated filled-in survey schedule may be e-mailed as per the contact details provided. Data at the company level were kept private and hardly shared.