Fema / RBI

Bank Revenue Audit tip on Penal Interest

In CBS environment , most of the times , Management response is usually as All charges calculation and charging is done by system , there's no chance of under recovery....

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Understanding Basic Terms NRI/PIO/OCI & Steps to Start a Business In India

To understand how to start a business in India if you are an NRI/PIO/OCI, we should firstly get well conversant with the meaning of the terms NRI/PIO/OCI. Difference between NRI/PIO/OCI...

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Foreign Direct Investment in LLP

In this Flash editorial, the auditor begins by referring the powers of RBI for amendment in Regulation, 2000. The main thrust of the article, however, is upon the provisions / regulations of Foreign Direct Investment in Limited Liability Partnership ...

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India’s Cash Deliverance

The financial sector in India is currently experiencing a golden age, and its biggest driver is the effort to move toward a less-cash economy. With reports suggesting that around 95% of all the transactions in the country were made using cash until very recently, it is a well-known fact that the life blood of the Indian economy has been c...

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Demonetisation: Critics Silenced as India moves ahead

Demonetisation broke the backs of those who threatened national security and sent a clear message that it was no longer business as usual. Large deposits are under scrutiny to verify their authenticity....

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Railway official booked for accepting demonetized currency notes

Cbi registers a case against an official of itarsi railway station and others for allegedly depositing old notes of rs.61 lakh (approx).The accused cheated the Government by accepting the licence fee in cash in the form of demonetized currency notes in violation of Government notification....

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Case against two SBI officials for alleged violation of RBI guidelines

It was alleged that during the period between 15.11.2016 and 25.11.2016, the Senior Special Assistant and Deputy Manager (Operations) of State Bank of India entered into a criminal conspiracy while the restrictions on distribution of currency notes due to demonetization were in force....

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Branches of SBBJ, SBH, SBM, SBP & SBT to operate as SBI branches

All branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will function as branches of State Bank of India from April 1, 2017....

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CBI arrests post office officials in illegal currency exchange case

The Central Bureau of Investigation has arrested a Director, Postal Services and Senior Superintendent of Posts, Ahmedabad (Gujarat) in an on-going investigation of a case....

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Rs.10 denomination plastic banknote to be reality soon

Government to conduct field trial with plastic banknotes at five locations of the country; Approval for procurement of plastic substrate and printing of bank notes of Rs. 10 denomination on plastic banknote substrates conveyed to RBI It has been decided to conduct a field trial with plastic banknotes at five locations of the country. Appr...

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PML Act, 2002 Provisions cannot be invoked Retrospectively

M/s Obulapuram Mining Company Pvt Ltd Vs Joint Director (Karnataka High Court) - By consent of the learned advocates appearing for the parties, all these writ petitions are taken up for hearing together, as similar questions of law are involved in these writ petitions, in order to avoid a conflicting judicial opinion. We are also informed that facts are, almost, identical....

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Transaction approved by RBI & Govt not sufficient & assessee has to benchmark royalty payment separately

Sara Lee TTK Ltd Vs DCIT (ITAT Mumbai) - The assessee did not benchmark the royalty payment separately. On enquiry by the TPO, it relied on RBI approval given in 1995 and also on the fact that the assessee earned a gross profit of 41.6%. TPO applied Press Note 9 (2000 series) and restricted it to 1% on the plea that the payment was for use...

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

Overseas Textiles Corporation Vs Special Director, Enforcement Directorate (Bombay High Court) - 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

S.K. Jain Vs M.G. Attri (Delhi High Court) - 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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Payment systems to remain open on all days from 25.03.2017 to 01.04.2017

RBI/2016-17/257 DPSS.CO.CHD.No./2695/03.01.03/2016-17 - (25/03/2017) - It has been decided that all payment systems, including RTGS and NEFT would operate, as on a normal working day, during the period March 25 to April 1, 2017 (including Saturday, Sunday and all holidays). ...

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Banks to remain open on all days from 25.03.2017 to 01.04.2017

RBI/2016-17/256 DBR.No.Leg.BC.55/09.07.005/2016-17 - (24/03/2017) - All Agency Banks are advised to keep all their branches dealing with government business open on all days in the current financial year and on April 1, 2017 (including Saturday, Sunday and all holidays)....

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Special Clearing operations of banks on March 30 and 31, 2017

RBI/2016-17/255 DPSS.CO.CHD.No./2656/03.01.03/2016-17 - (23/03/2017) - With a view to facilitate accounting of all the Government transactions for the current financial year (2016-17) by March 31, 2017, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2017 as detailed below:...

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An Analysis of Properties and Sources of Divergence

Press Release : 2016-2017/2556 - (24/03/2017) - A key feature of the inflationary process during 2015-16 was the large divergence in the Consumer Price Index (CPI) and Wholesale Price Index (WPI) inflation....

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Operational flexibility for Indian subsidiaries of Non-resident Companies

RBI/2016-17/254 A.P. (DIR Series) Circular No. 41 - (21/03/2017) - To provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of current account transactions of Indian subsidiaries of Multi-National Companies (MNCs)....

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Recent Posts in "Fema / RBI"

Payment systems to remain open on all days from 25.03.2017 to 01.04.2017

RBI/2016-17/257 DPSS.CO.CHD.No./2695/03.01.03/2016-17 (25/03/2017)

It has been decided that all payment systems, including RTGS and NEFT would operate, as on a normal working day, during the period March 25 to April 1, 2017 (including Saturday, Sunday and all holidays). ...

Read More

Banks to remain open on all days from 25.03.2017 to 01.04.2017

RBI/2016-17/256 DBR.No.Leg.BC.55/09.07.005/2016-17 (24/03/2017)

All Agency Banks are advised to keep all their branches dealing with government business open on all days in the current financial year and on April 1, 2017 (including Saturday, Sunday and all holidays)....

Read More

Special Clearing operations of banks on March 30 and 31, 2017

RBI/2016-17/255 DPSS.CO.CHD.No./2656/03.01.03/2016-17 (23/03/2017)

With a view to facilitate accounting of all the Government transactions for the current financial year (2016-17) by March 31, 2017, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2017 as detailed below:...

Read More

An Analysis of Properties and Sources of Divergence

Press Release : 2016-2017/2556 (24/03/2017)

A key feature of the inflationary process during 2015-16 was the large divergence in the Consumer Price Index (CPI) and Wholesale Price Index (WPI) inflation....

Read More

Railway official booked for accepting demonetized currency notes

Cbi registers a case against an official of itarsi railway station and others for allegedly depositing old notes of rs.61 lakh (approx).The accused cheated the Government by accepting the licence fee in cash in the form of demonetized currency notes in violation of Government notification....

Read More
Posted Under: Fema / RBI |

Bank Revenue Audit tip on Penal Interest

In CBS environment , most of the times , Management response is usually as All charges calculation and charging is done by system , there's no chance of under recovery....

Read More
Posted Under: Fema / RBI |

Case against two SBI officials for alleged violation of RBI guidelines

It was alleged that during the period between 15.11.2016 and 25.11.2016, the Senior Special Assistant and Deputy Manager (Operations) of State Bank of India entered into a criminal conspiracy while the restrictions on distribution of currency notes due to demonetization were in force....

Read More
Posted Under: Fema / RBI |

Understanding Basic Terms NRI/PIO/OCI & Steps to Start a Business In India

To understand how to start a business in India if you are an NRI/PIO/OCI, we should firstly get well conversant with the meaning of the terms NRI/PIO/OCI. Difference between NRI/PIO/OCI...

Read More
Posted Under: Fema / RBI |

Operational flexibility for Indian subsidiaries of Non-resident Companies

RBI/2016-17/254 A.P. (DIR Series) Circular No. 41 (21/03/2017)

To provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of current account transactions of Indian subsidiaries of Multi-National Companies (MNCs)....

Read More

Non Resident can enter foreign exchange derivative contract

Notification No. FEMA. 384/RB-2017 / G.S.R. 260(E) (17/03/2017)

A non-resident may enter into a foreign exchange derivative contract with an Authorised Dealer bank in India to hedge an exposure to exchange risk of and on behalf of its Indian subsidiary in respect of the said subsidiary's transactions subject to such terms and conditions as may be stipulated by the Reserve Bank from time to time....

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Latest RBI / FEMA News

Check out all the latest news on RBI together with all the important RBI notifications, RBI circulars, RBI rates including top stories on FEMA Act and FEMA Regulations only at Taxguru.com

The RBI (Reserve Bank of India) is India’s Apex bank which governs the banking regulations in the country and controls all the monetary policies of the country. It began its operations 1st of April 1935 at the time of British Rule as per the provisions laid down in the Reserve Bank of India Act, 1934. After India’s independence on 15th August 1947, the Reserve Bank of India was nationalized on 1st January 1949.

Reserve Bank of India is an independent monetary authority that regulates banks and offers important financial services such as controlling inflation, maintaining foreign exchange reserves, and providing monetary policy report. It plays a significant role in developing strategies of the Indian Government.

The FEMA Act (Foreign Exchange Management Act) is an Act constituted by the Indian Parliament for consolidating and amending the law related to foreign exchange for facilitating the external trade and payments and also for encouraging orderly maintenance and development of foreign exchange market in the country. This act was passed in the year 1999 during the winter session which replaced the previous Foreign Exchange Regulation Act (FERA). The FEMA Regulations makes offenses with respect to foreign exchange civil offenses.This Act extends and is applicable for the entire nation. FEMA Act allowed a new regime for foreign exchange management that is consistent with the World Trade Organization’s emerging framework.

At Taxguru, we provide you with all the RBI latest news, RBI circulars, RBI notifications and all the updates with respect to FEMA Act and FEMA regulations. We keep you posted with all the latest updates on RBI rates and RBI rate charts. At Taxguru, our team ensures we publish all the latest RBI news. Bookmark us to get all the latest news on RBI and FEMA.

 

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