FROM OCTOBER, BANKS WILL BE FINED IF ATMS RUN OUT OF CASH
The Reserve Bank of India (RBI) will fine banks Rs 10,000 for every 10 hours that an ATM is short of cash. ATM operators (also known as managed service providers, or MSPs) and cash-in-transit corporations are wringing their hands and declaring that they will not be held liable. Banks should keep an eye on the availability of cash in ATMs and guarantee that no cash-outs occur. According to the circular, if a bank withdraws money from an ATM for more than 10 hours in a month, it would be penalized Rs 10,000. All banks and White Label ATM Operators (WLAOs), which are owned and operated by non-bank organizations, have been mandated by the RBI to ensure that ATMs never run out of cash. If banks fail to monitor the availability of cash at ATMs starting October 1, 2021, they will be subject to a fine from the RBI. The RBI also requested that banks guarantee that no cash-out scenarios exist.
TO READ THE OFFICIAL NOTIFICATION CLICK HERE
Import restrictions on unlicensed mobile signal boosters/repeaters
Unauthorized mobile signal repeaters/boosters are readily available on the grey market and on e-commerce platforms, according to reports. Unauthorized operation of mobile signal repeater/booster has been a major source of worry for licensed Cellular Telecom Service Providers (TSP) in order to maintain the desired quality of service (QoS) due to the interference produced by such repeaters/boosters. Certain models of walkie-talkie sets are also accessible for purchase on e-commerce sites, notwithstanding the Department’s regulatory requirements.
The mobile signal repeater/booster and walkie-talkie sets fall under the category of Transmission apparatus incorporating reception apparatus ( ITC HS Code — 8525 60 00), classified under the ‘free’ category under the Import Policy with the remarks under ‘policy conditions that ‘Not permitted to be imported’ unless a license from the Ministry of Communication and Information Technology’s WPC branch is obtained. According to the existing Import Policy provisions of the DGFT, viz. ITC HS Code of 2017 & its amendments. In this regard, it is urged that required steps be taken to limit the entrance of unlawful wireless equipment into the nation, especially mobile signal boosters and repeaters.
TO READ THE OFFICIAL NOTIFICATION CLICK HERE