Fema / RBI News, Articles, Notifications and Forms

  • Mar
  • 26
  • 2015

Special Clearing operations on March 30 and 31, 2015

Added In RBI / FEMA
With a view to facilitate accounting of all the Government transactions for the current financial year (2014-2015) by March 31, 2015, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2015 as detailed below:

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  • Mar
  • 25
  • 2015

Bank accepting tax payments to remain open on 30th & 31st March 2015

Added In RBI / FEMA
Banks shall keep the counters of their branches conducting government business open for full day on March 30, 2015, and till 8.00 p.m. on March 31, 2015. All electronic transactions would, however, continue till midnight of March 31, 2015. Banks may give adequate publicity to the special arrangements made.

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  • Mar
  • 13
  • 2015

Bank may open accounts of proprietary concerns with one documents as activity proof

Added In RBI / FEMA
Reserve Bank has been receiving representations pointing out difficulties in complying with the requirement of furnishing two documents as activity proof while opening accounts of sole proprietary firms in certain cases. It is possible that in some types of activities there is genuine difficulty in procuring two such documents.

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  • Mar
  • 12
  • 2015

Sukanya Samriddhi Account – RBI ask banks to follow Rules

Added In RBI / FEMA
The Agency banks are required to observe the Sukanya Samriddhi Account Rules, 2014 and regulations of the Scheme, and non-observance of rules and regulations would attract penal action, including de-authorization of the branch or bank. Pecuniary liabilities, if any, arising from such non-observance shall be borne entirely by the bank.

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  • Mar
  • 11
  • 2015

Acquisition/transfer of immovable property – Prohibition on citizens of certain countries

Added In RBI / FEMA
RBI/2014-15/495 A.P.(DIR Series) Circular No.83 Dated- March 11, 2015 To All Category – I Authorised Dealer Banks Madam / Sir, Acquisition/transfer of immovable property – Prohibition on citizens of certain countries Attention of Authorised Dealers in Foreign Exchange is invited to Regulation 7 of Foreign Exchange Management (Acquisition and Transfer of immovable property in India) […]

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  • Mar
  • 11
  • 2015

Guidelines on Sale of Financial Assets to Securitisation/Reconstruction Company

Added In RBI / FEMA
Guidelines on Sale of Financial Assets to Securitisation Company(SC)/Reconstruction Company (RC) and Related Issues. In this connection, attention is invited to paragraph 28 (extract enclosed) of the Sixth Bi-Monthly Monetary Policy Statement, 2014-15 announced on February 03, 2015. As indicated therein, it has now been decided to permit banks to reverse the excess provision (when the sale is for a value higher than the NBV) on sale of NPAs (sold prior to February 26, 2014 to SCs/RCs) to their profit and loss account.

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  • Mar
  • 11
  • 2015

Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by Banks

Added In RBI / FEMA
In view of concerns raised that these instructions are not being adhered to, we reiterate that outsourcing of any activity by the bank does not diminish its obligations, and those of its Board and senior management, who have the ultimate responsibility for the outsourced activity.

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  • Mar
  • 05
  • 2015

Home Loan- Inclusion of stamp duty and other charges in LTV ratio & Construction linked disbursal

Added In RBI / FEMA
Banks are advised that in cases of projects sponsored by Government/Statutory Authorities, they may disburse the loans as per the payment stages prescribed by such authorities, even where payments sought from house buyers are not linked to the stages of construction, provided such authorities have no past history of non-completion of projects.

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  • Mar
  • 04
  • 2015

RBI reduces repo rates by 25 basis points to 7.50 per cent

Added In RBI / FEMA
As announced by the Governor today, it has been decided to reduce the Repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 7.75 per cent to 7.50 per cent with immediate effect.

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  • Mar
  • 04
  • 2015

Statement by Dr. Raghuram G Rajan, Governor, on Monetary Policy

Added In RBI / FEMA
While maintaining the interest rate stance in its sixth bi-monthly monetary policy statement of February 3 in the absence of new developments on inflation or on the fiscal outlook till then, the Reserve Bank indicated that it will keenly monitor the revision in the consumer price index (CPI) with regard to the path of inflation in 2015-16 as well as the Union Budget for 2015-16.

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