RBI / FEMA

An Overview of Foreign Investment – Reporting Of FC-GPR

Foreign Direct Investment (FDI) in India is undertaken in accordance with the FDI Policy which is formulated and announced by the Government of India. The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India issues a “Consolidated FDI Policy Circular ”...

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How to Report Foreign Investment to RBI through Authorized Dealer

Every Indian Company who receives FDI (Foreign Direct Investment) needs to report such FDI inflow to Reserve bank of India. Therefore this is my attempt to clarify the procedure regarding report of FDI to RBI....

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Revamping FDI Policy continues..

Seems the continuing foreign tours taken up by the Prime Minister of our country is indeed resulting in tremendous international alliances for the country. One of the main focus areas of such international tie-ups and alliances is Foreign Direct Investment (FDI)....

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FAQs on Core Investment Companies

What is a Systemically Important Core Investment Company. A CIC-ND-SI is a Non-Banking Financial Company- (i) with asset size of Rs 100 crore and above (ii) carrying on the business of acquisition of shares and securities and which satisfies the following conditions as on the date of the last audited balance sheet :- ...

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Annual Compliances under Foreign Exchange Management Act, 1999 – An Insight

Foreign Exchange Management Act, 1999 (‘FEMA’) is one of the key Indian legislations brought into force with an objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. Reserve Bank of India (‘RBI’), which is the Apex Bank, governs FEMA and...

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We will bring formal financial services to every Indian: RBI Governor

In the foreseeable future, we will bring formal financial services to every Indian who wants them. Financial inclusion will be an important element in ensuring access and equity - the necessary building blocks for sustainable growth of our country." Dr. Raghuram G. Rajan said this today while speaking at the National Seminar on Equity, Ac...

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FAQs on Exchange Earner’s Foreign Currency Account

Q 1. What is an EEFC Account and what are its benefits? Ans. Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Category – I bank i.e. a bank authorized to deal in foreign exchange. It is a facility provided to the foreign exchange earners, including exporte...

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Payment and Settlement Systems in India: Vision-2018

Since 2012-13, all segments of electronic payments, particularly retail electronic payments, have shown healthy growth both in terms of volume and value of usage. For example, RTGS and NEFT volumes increased almost threefold between 2013 and 2016 reflecting greater adoption of the system by all segments of users....

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Resolving Stress in the Banking System

Today, however, I want to talk about the resolution of financial distress. I will argue that the slowdown in credit growth has been largely because of stress in the public sector banking and not because of high interest rates. As such, what is required is a clean-up of the balance sheets of public sector banks, which is what is underway a...

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NRIs can now join & subscribe to NPS online through eNPS

NRIs have a pivotal role to play in the Indian economy. India has the second-largest Diaspora in the world, with around 29 million people living in over 200 countries and out of these 25% live in the Gulf countries. Most of the Indians going to the Gulf and some other countries go for employment and return to India after having worked abr...

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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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Basel III Framework on Liquidity Standards

RBI/2016-17/25 DBR.BP.BC.No.2/21.04.098/2016-17 - (21/07/2016) - It has been decided that, in addition to the above-mentioned assets, banks will be permitted to reckon government securities held by them up to another 1 per cent of their NDTL under FALLCR within the mandatory SLR requirement as level 1 HQLA for the purpose of computing their LCR. ...

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RBI Lending to Micro, Small & Medium Enterprises Directions, 2016

RBI/FIDD/2016-17/37 Master Direction FIDD.MSME & NFS.3/06.02.31/2016-17 - (21/07/2016) - (a) These Directions shall be called the Reserve Bank of India [Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2016. (b) These Directions shall come into effect on the day they are placed on the official website of the Reserve Bank of India....

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Master Direction on Currency Distribution & Exchange Scheme

RBI/DCM/2016-17/36 Master Direction DCM (CC) No.G-4/03.41.01/2016-17 - (20/07/2016) - Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of public RBI/DCM/2016-17/36 Master Direction DCM (CC) No.G-4/03.41.01/2016-17 Date: July 20, 2016 The Chairman and Managing Director / Chief Executive Officers, A...

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Levy of Penal Interest for Currency Chest Transactions Reporting

RBI/DCM/2016-17/35 Master Direction DCM(CC) No.G -2/03.35.01/2016-17 - (20/07/2016) - Master Direction on Levy of Penal Interest for Delayed Reporting/Wrong Reporting/Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances.Reporting of Currency Chest Transactions-The minimum amount of deposit into/withdrawal from currency chest will...

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Penalties for bank branches based on performance in rendering customer service

RBI/2016-17/23 DCM (CC) No.G-3/03.44.01/2016–17 - (20/07/2016) - The scheme of Penalties for bank branches including currency chests has been formulated in order to ensure that all bank branches provide better customer service to members of public with regard to exchange of notes and coins, in keeping with the objectives of Clean Note Policy....

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Recent Posts in "RBI / FEMA"

An Overview of Foreign Investment – Reporting Of FC-GPR

Foreign Direct Investment (FDI) in India is undertaken in accordance with the FDI Policy which is formulated and announced by the Government of India. The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India issues a “Consolidated FDI Policy Circular ”...

Read More
Posted Under: RBI / FEMA |

Basel III Framework on Liquidity Standards

RBI/2016-17/25 DBR.BP.BC.No.2/21.04.098/2016-17 (21/07/2016)

It has been decided that, in addition to the above-mentioned assets, banks will be permitted to reckon government securities held by them up to another 1 per cent of their NDTL under FALLCR within the mandatory SLR requirement as level 1 HQLA for the purpose of computing their LCR. ...

Read More

RBI Lending to Micro, Small & Medium Enterprises Directions, 2016

RBI/FIDD/2016-17/37 Master Direction FIDD.MSME & NFS.3/06.02.31/2016-17 (21/07/2016)

(a) These Directions shall be called the Reserve Bank of India [Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2016. (b) These Directions shall come into effect on the day they are placed on the official website of the Reserve Bank of India....

Read More

Master Direction on Currency Distribution & Exchange Scheme

RBI/DCM/2016-17/36 Master Direction DCM (CC) No.G-4/03.41.01/2016-17 (20/07/2016)

Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of public RBI/DCM/2016-17/36 Master Direction DCM (CC) No.G-4/03.41.01/2016-17 Date: July 20, 2016 The Chairman and Managing Director / Chief Executive Officers, All Banks Madam / Dear Sir, Master Direct...

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Levy of Penal Interest for Currency Chest Transactions Reporting

RBI/DCM/2016-17/35 Master Direction DCM(CC) No.G -2/03.35.01/2016-17 (20/07/2016)

Master Direction on Levy of Penal Interest for Delayed Reporting/Wrong Reporting/Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances.Reporting of Currency Chest Transactions-The minimum amount of deposit into/withdrawal from currency chest will be Rs.1,00,000/- and thereafter, in mul...

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Penalties for bank branches based on performance in rendering customer service

RBI/2016-17/23 DCM (CC) No.G-3/03.44.01/2016–17 (20/07/2016)

The scheme of Penalties for bank branches including currency chests has been formulated in order to ensure that all bank branches provide better customer service to members of public with regard to exchange of notes and coins, in keeping with the objectives of Clean Note Policy....

Read More

Master Circular: Detection & Impounding of Counterfeit Notes

RBI/2016-17/22 DCM (FNVD) G–6/16.01.05/2016-17 (20/07/2016)

Banknotes tendered over the counter / received directly at the back office / currency chest through bulk tenders should be examined for authenticity through machines.No credit to customer’s account is to be given for counterfeit notes, if any, detected in the tender received over the counter or at the back-office / currency chest....

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We will bring formal financial services to every Indian: RBI Governor

In the foreseeable future, we will bring formal financial services to every Indian who wants them. Financial inclusion will be an important element in ensuring access and equity - the necessary building blocks for sustainable growth of our country." Dr. Raghuram G. Rajan said this today while speaking at the National Seminar on Equity, Ac...

Read More
Posted Under: RBI / FEMA |

Master Circular – Facility for Exchange of Notes and Coins

Master Circular No. RBI/2016-17/21 DCM (NE) No.G-1/08.07.18/2016-17 (18/07/2016)

RBI/2016-17/21 DCM (NE) No.G-1/08.07.18/2016-17 Dated: July 18, 2016 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Madam / Dear Sir Master Circular – Facility for Exchange of Notes and Coins Please refer to the Master Circular DCM (NE) No.G-2/08.07.18/2015-16 dated July 01, 2015 contai...

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How to Report Foreign Investment to RBI through Authorized Dealer

Every Indian Company who receives FDI (Foreign Direct Investment) needs to report such FDI inflow to Reserve bank of India. Therefore this is my attempt to clarify the procedure regarding report of FDI to RBI....

Read More
Posted Under: RBI / FEMA |
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