Fema / RBI News, Articles, Notifications and Forms

  • Sep
  • 02
  • 2015

Changes in RTGS timing from 1st September 2015

Added In RBI / FEMA
RTGS will not be operated on second and fourth Saturdays but would operate for full day on working Saturdays. Processing of future value dated transactions with value date falling on second and fourth Saturdays will not be undertaken under RTGS.

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  • Sep
  • 01
  • 2015

A about Payment Banks

Added In RBI / FEMA
Recently, the Reserve Bank of India released the list of 11 companies permitting them to set up Payment Banks. Airtel, Vodafone, Mukesh Ambani led Reliance, Tech Mahindra, India Post and Paytm were among the 11 companies.

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  • Sep
  • 01
  • 2015

No RTGS , NEFT, ECS on Second & Fourth Saturday

Added In RBI / FEMA
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release).

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  • Aug
  • 31
  • 2015

Government asks RBI to reverse Income Tax deductions of Telengana

Added In RBI / FEMA
After careful examination and consideration of issues connected, it has been decided that the deductions made by the Reserve Bank of India (RBI) of an amount of Rs. 1274.21 crores on account of State of Telengana in response to the Income Tax Notice, are not in consonance with the Principle of Co-operative Federalism and RBI has been asked to reverse the entry.

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  • Aug
  • 28
  • 2015

Reporting requirement under Foreign Account Tax Compliance Act and Common Reporting Standards

Added In RBI / FEMA
Government of India has notified the amendments to Income Tax Rules (Rules) vide notification dated August 7, 2015 (copy attached) and have added Rule 114F (definitions), 114G (Information to be maintained and reported) and 114H (due diligence requirement) for operationalisation of IGA and CRS.

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  • Aug
  • 27
  • 2015

Revisesd procedure for Detection and reporting of Counterfeit Notes

Added In RBI / FEMA
The procedure for detection of counterfeit notes has been reviewed in consultation with the Government and it has been observed that certain modifications are required for bringing improvement in reporting of counterfeit notes and facilitating maintenance of records by banks. Accordingly, the changes in the instructions are advised as under:

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  • Aug
  • 26
  • 2015

Rupees Appreciation and Depreciation

Added In RBI / FEMA
Every country has its own currency. One currency is converted into another currency with the help of a conversion rate between these two currencies. These are done either by a bank or an authorized currency dealers. For example: – If we have Rs.5, 000/- and we wish to get US $ by surrendering the above INR one has to go to a bank or an authorized currency dealers for this conversion.

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  • Aug
  • 25
  • 2015

Summary of e- Consultation with Technical Advisory Committee on Monetary Policy: July 2015

Added In RBI / FEMA
Date : Aug 25, 2015 Summary of the Electronic Consultation with the Technical Advisory Committee on Monetary Policy: July 2015 Consultation with external Members of the Technical Advisory Committee (TAC) on Monetary Policy was held electronically between July 22 and 28, 2015 in the run up to the Third Bi-monthly Monetary Policy Review, 2015-16 on […]

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  • Aug
  • 25
  • 2015

RBI Report on Compilation of Flow of Funds Accounts for Indian Economy

Added In RBI / FEMA
The Reserve Bank of India today placed on its website the Report of the Working Group on Compilation of Flow of Funds Accounts for Indian Economy. The report is accompanied by a manual on the compilation methodology.

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  • Aug
  • 25
  • 2015

RBI Strategic Debt Restructuring Scheme

Added In RBI / FEMA
The salient features of Strategic Debt Restructuring are: Conversion option stipulated in terms and conditions should be supported by necessary approvals/authorizations from the borrowing company as required under the rules and regulations of the Companies Act or any other law.

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