RBI / FEMA

FAQS- Enhancing Credit Supply for Large Borrowers

Enhancing Credit Supply for Large Borrowers through Market Mechanism (i) If a borrower has aggregate sanctioned credit limit of Rs. 25,000 crore on or before March 31, 2016, will it still qualify as a ‘Specified Borrower’? Ans: In all such cases, the borrower will deemed to be a ‘Specified borrower’ from April 1, 2016 and ...

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RBI proposes catalytic regime of bond market

Looking at last 12 months, the market regulators in India have been on action to come up with suitable avenues to strengthen the bond market in India. Recently, there have been changes sought to stimulate the action in bond market. On August 18, 2016, in a bid to deepen the corporate bond market in India a report of the Working Group on D...

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Registration under Foreign Contribution Regulation Act, 2010

Many a times it has been observed that, there are various persons in our surroundings who are involved in social cause with no profit making objective in their mind. These kind of persons always deploy the funds raised by them into the noble cause, like cultural, economical, educational, religious, social or otherwise. ...

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Overview – Compounding of Offences under FCRA, 2010

Every officer or authority referred to in sub-section (1), while dealing with a proposal for the compounding of an offence for a default in compliance with any provision of this Act which requires by an individual or association or its officer or other employee to obtain permission to file...

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Gist of Foreign Contribution (Regulation) Act, 2010

Foreign contribution is regulated under the provisions of the Foreign Contribution (Regulation) Act, 2010 (FCRA,2010) and the Foreign Contribution (Regulation) Rules, 2011 (FCRR, 2011) Both FCRA, 2010 and FCRR, 2011 have come into force simultaneously with effect from...

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Dr. Urjit R. Patel takes over as RBI Governor

Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013. He was re-appointed as Deputy Governor on January 11, 2016 after completion of his first three-year term of office. ...

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RBI Measures to Develop Fixed Income & Currency Markets

The Reserve Bank of India today announced a package of measures for the development of fixed income and currency markets. These measures are intended to further market development, enhance participation, facilitate greater market liquidity and improve communication....

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RBI Seeks Comments on Draft Large Exposures Framework

The Reserve Bank of India today placed on its website the Draft Large Exposures (LE) Framework for comments. The salient features of the proposed Large Exposures (LE) Framework include: The Large Exposure (LE) limit in respect of each counterparty and group of connected counterparties, under normal circumstances, will be capped at 20 perc...

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Report on Development of Corporate Bond Market in India

It has been well recognized that a well-developed corporate bond market complements a sound banking system in providing an alternative source of finance to the real sector for its long-term investment needs. An active corporate bond market also helps in the diversification of risks in the financial system...

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Dr. Urjit R Patel appointed as New RBI Governor

Dr. Urjit R Patel has been appointed as the New Governor of Reserve Bank of India (RBI) for a period of three years with effect from 4th September, 2016. He will replace the present RBI Governor Dr. Raghuram Rajan. Dr Patel is presently the Deputy Governor of RBI and is holding this assignment since 2013....

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Firm or ‘firm name’ is merely a compendious description of all the partners collectively

Decision of the Appellate Tribunal that the firm has failed to take reasonable steps for realizing the export proceeds is a finding based on facts viz: (a) that the appellants continued to export despite continuous defaults made by the said party in clearing the outstanding; (b) that the importer ap...

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Charges under FERA provisions can be framed on the basis of statement of co-accused

In the case at hand, there is a recovery of foreign currency from the co-accused. The relationship of employer and employee has been admitted both by the Petitioner and the co-accused. The statement of the co-accused and the other documents seized show that the co-accused was acting on the behest of...

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Members cannot be appointed part-time to Fema Tribunal

Rule 2 (1) (b) provides the qualification to be a Member. Needless to say, the same is in total accord with the Act. The first proviso to Rule 5 introduces part time Member. We have held that the said proviso, as far as it introduces the concept of part time Member, is contrary to the provision cont...

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FEMA – Claim for interest in the nature of compensation for wrongful retention of money is not maintainable

Directorate Of Enforcement Vs. Subhash Muljimal Gandhi (Delhi High Court) - Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could have been awarded to the respondent on the seized Indian currency only. The learned Single Judge has however applying the said Rule also awarded interest on the seized fo...

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SC asks Ketan Ketan Parikh and Co to Deposit deposit 50 percent of penalty imposed for Fema violations

Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai ...

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No more extension to banks for Issue of EMV Chip and PIN Cards

RBI/2016-17/63 DPSS.CO.PD No.812/02.14.003/2016-17 - (15/09/2016) - Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions- Despite the extension of time given to banks in this regard, some banks have approached us seeking further extension of the time line for complying with the above instructions....

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IDS, 2016 –RBI direct banks to accept Cash Over the Counter

RBI/2016-17/62 DBR.No.Leg.BC. 13/09.07.005/2016-17 - (08/09/2016) - As you are aware, the Income Declaration Scheme, 2016 (the Scheme) has come into effect from June 1, 2016 and some declarants may like to pay their tax dues in cash. In this connection, it has been brought to our notice by the Government that banks are hesitant in allowing deposit of large amounts o...

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NBFC- Account Aggregator (Reserve Bank) Directions, 2016

RBI/DNBR/2016-17/46 Master Direction DNBR.PD.009/03.10.119/2016-17 - (02/09/2016) - Registration and matters incidental thereto- 4.1 (a) No entity other than a company shall undertake the business of an Account Aggregator. (b) No company shall commence or carry on the business of an Account Aggregator without obtaining a certificate of registration from the Bank....

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Provide Free Annual Credit Report to Individuals: RBI

RBI/2016-17/58 DBR.CID.BC.No.11/20.16.042/2016-17 - (01/09/2016) - Given the importance of the credit report in an individual’s financial matters, he/she is entitled to have a copy of the report upon request. Further, the objective of providing the free credit report would not be fully met unless this report includes details that figure in the full credit report ...

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Master Direction-NBFC –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016

RBI/DNBR/2016-17/44 Master Direction DNBR.PD.007/03.10.119/2016-17 - (01/09/2016) - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016...

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Recent Posts in "RBI / FEMA"

No more extension to banks for Issue of EMV Chip and PIN Cards

RBI/2016-17/63 DPSS.CO.PD No.812/02.14.003/2016-17 (15/09/2016)

Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions- Despite the extension of time given to banks in this regard, some banks have approached us seeking further extension of the time line for complying with the above instructions....

Read More

IDS, 2016 –RBI direct banks to accept Cash Over the Counter

RBI/2016-17/62 DBR.No.Leg.BC. 13/09.07.005/2016-17 (08/09/2016)

As you are aware, the Income Declaration Scheme, 2016 (the Scheme) has come into effect from June 1, 2016 and some declarants may like to pay their tax dues in cash. In this connection, it has been brought to our notice by the Government that banks are hesitant in allowing deposit of large amounts of cash by the declarants under the Schem...

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Dr. Urjit R. Patel takes over as RBI Governor

Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013. He was re-appointed as Deputy Governor on January 11, 2016 after completion of his first three-year term of office. ...

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Posted Under: RBI / FEMA |

NBFC- Account Aggregator (Reserve Bank) Directions, 2016

RBI/DNBR/2016-17/46 Master Direction DNBR.PD.009/03.10.119/2016-17 (02/09/2016)

Registration and matters incidental thereto- 4.1 (a) No entity other than a company shall undertake the business of an Account Aggregator. (b) No company shall commence or carry on the business of an Account Aggregator without obtaining a certificate of registration from the Bank....

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Provide Free Annual Credit Report to Individuals: RBI

RBI/2016-17/58 DBR.CID.BC.No.11/20.16.042/2016-17 (01/09/2016)

Given the importance of the credit report in an individual’s financial matters, he/she is entitled to have a copy of the report upon request. Further, the objective of providing the free credit report would not be fully met unless this report includes details that figure in the full credit report that is accessed by the credit instituti...

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Master Direction-NBFC –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016

RBI/DNBR/2016-17/44 Master Direction DNBR.PD.007/03.10.119/2016-17 (01/09/2016)

Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016...

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Guidelines on Sale of Stressed Assets by Banks

RBI/2016-17/56 DBR.No.BP.BC.9/21.04.048/2016-17 (01/09/2016)

In terms of extant instructions of the Reserve Bank, the board of banks shall lay down detailed policies and guidelines on sale of their stressed assets to Securitisation Companies (SCs)/Reconstruction Companies (RCs). The policy, inter alia, shall cover the following aspects:...

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Advances against Term Deposits of Non-members

RBI/2016-17/57 DCBR.BPD (PCB).BC.No.3/12.05.001/2016-17 (01/09/2016)

The SEB should have in place an Audit Committee of the Board of Directors which is constituted and functioning in compliance with the instructions contained in our circular UBD.No.Plan.(PCB).9/09.06.00-94/95 dated July 25, 1994....

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Merchant Discount Rates (MDR) structure – unbundling of charges

RBI/2016-17/59 DPSS.CO.PD No.639/02.14.003/2016-17 (01/09/2016)

It has been brought to our notice that in many instances charges for merchants are bundled and a composite fee is levied on merchants irrespective of the type of card used. This practice hinders adherence to the extant regulatory mandate...

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NBFC-Systemically Important Non-Deposit & Deposit taking Company (Reserve Bank) Directions 2016

RBI/DNBR/2016-17/45 Master Direction DNBR. PD. 008/03.10.119/2016-17 (01/09/2016)

Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016...

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