Notifications (September 2021)

THE RBI HAS ISSUED A DIRECTIVE LIMITING COMPENSATION FOR TOP EXECUTIVES OF PRIVATE BANKS

The fair value of share-linked incentives paid by private banks to chief executive officers, full-time directors, and other important functionaries should be recognized as an expense during the relevant accounting period, according to the RBI. All banks, including community banks, small financing banks, and foreign banks, have been requested to follow RBI’s instructions for all share-linked instruments provided after March 31, 2021. In November 2019, the RBI announced salary rules for full-time directors, chief executive officers, material risk-takers, and control function workers. The fair value (of share-linked incentives)…should be recognized as expense commencing with the accounting period for which approval has been obtained,” the RBI said in a clarification.

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RESIDENTS OF NOIDA AND GHAZIABAD WILL BE AFFECTED BY A 10-YEAR SCRAPPING BAN FOR DIESEL AUTOMOBILES

In the National Capital Region, NCR, the Delhi government has banned the usage of 15-year-old petrol automobiles and 10-year-old diesel vehicles. The National Green Tribunal has advised the state government to deregister any automobiles that violate the rules. Residents in Noida, Ghaziabad, and other sections of the NCR will also be subject to the laws, as they will be required to scrap their old automobiles. 

The government explained in a public notice that, while registration certificates for all sorts of cars are valid for 15 years, a diesel vehicle cannot operate in Delhi for more than 10 years. It claimed that no-objection certifications for automobiles aged 10 to 15 years can be obtained and used to register them in states where it is legal.

In its voluntary vehicle disposal program, the Union government has permitted obsolete vehicles to be driven if they pass a fitness test. Personal automobiles are required to undergo a fitness test after 20 years, whereas commercial vehicles are required to do so after 15 years.

Out of nearly one crore registered vehicles in Delhi, roughly 37 lakh are end-of-life vehicles, including two-wheelers. Many of these pollute the roadways by driving on them.

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