Fema / RBI

FAQs on withdrawal of ₹ 500 & ₹ 1000 Banknotes (05.12.2016)

Article answer FAQs on Withdrawal of Legal Tender Character of existing Bank Notes in denominations of ₹ 500 & ₹ 1000 with notifications till 05.12.2016...

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Yes, India can have less-cash economy

India economy has been the pride of world. It has been showcased as the only growing economy - a proud moment for Indians particularly under Prime Minister Narendra Modi. However a section of media and political parties differ. There have been some stories in the foreign media also sceptical of the decision. Has the worldview changed? Is ...

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DEMONETISATION- Johnny, Johnny Yes Papa

Johnny, Johnny ………… Yes Father Count your Money little bit later First let’s discontinued notes to be alter… johny-johny-yes-papaListen, Our leader (Modiji) is Stronger, Who takes decision Harder & Greater,...

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Measures to Promote Substantially Cashless Economy

The Indian government is continuously making thorough efforts for achieving the goal of substantially cashless national economy. The goal is not easy to achieve. It requires undertaking of large number of measures of different types and varieties. The list of such measures is endless....

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Suggestions to Tackle Demonetization

Demonetization has affected every Indian to some or large extent. Huge queues outside banks and post offices shows the merciful position of people of India. This drastic step has been taken by Government of India to tackle black money which is in abundance in Indian market and society....

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Measures to Counter effects of currency demonetization on crop sowing

Remedial measures taken include:-(1) The Farmers are permitted to draw upto Rs.25,000 per week in cash from their Know your Customer (KYC) compliant account subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC)....

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CIBIL Report one of the factors to be considered before granting any loan

The information contained in the CIR (which contains credit score) would be one of the factors that banks would consider before granting any credit facility to a prospective borrower. However, it will be the commercial judgment of the concerned credit institution to grant loan or other wise to such borrowers based on their Board approved ...

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CVC Investigation against Bank Fraud

Central Vigilance Commission vide circular dt. 05.04.2002 has advised that Chief Vigilance Officers of Public Sector Banks should personally monitor the cases relating to frauds of Rs. 1.00 crore and above...

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Govt investigating Gold sale at Premium after Demonetisation

Investigations conducted by the Income-tax Department post 8th November, 2016 have inter-alia indicated exceptionally high sales by several jewellers on 8th November. Investigations have revealed that these were mostly cash sales/advances for future sales, for which some premium was charged....

Read More

Why Govt issued Rs. 2000 Bank notes

Due to persistent moderate to high inflation since then, the value of the same has been progressively eroded in Purchasing Power Parity (PPP) terms. Simultaneously, disposable income levels and GDP also continued to grow. This factor along with rising requirement for banknotes was the reason for introduction of banknote of Rs. 2000 denomi...

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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

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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Encouraging usage of Debit Cards among Government employees

F.No. 25 (30)/E.Coord/2016 - (01/12/2016) - In the recent years advancements in banking technology, progress in mobile banking and innovative technologies to facilitate digital payments have enabled large number of small denomination transactions to be handled smoothly in electronic mode. The Government of India has taken policy decisions enc...

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No priority in bank note allocation to own branches by banks with currency chests

Notification No. RBI/2016-17/169 DCM (Plg) No. 1508/10.27.00/2016-17 - (02/12/2016) - A perception has also emerged that banks with currency chests are according priority towards supplying cash to their own bank branches. These banks with currency chests are, therefore, advised to make visible efforts to dispel the perception of unequal allocation among other banks and their own bran...

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Banks to enable Aadhaar-based Authentication for Debit / Credit Card Transactions

RBI/2016-17/170 DPSS.CO.PD No.1421/02.14.003/2016-17 - (02/12/2016) - Banks were advised to ensure that all new card present acceptance infrastructure deployed with effect from January 1, 2017 are enabled for processing payment transactions using Aadhaar-based biometric authentication also....

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Financing of Infrastructure – ‘Definition of ‘Infrastructure Lending’

RBI/2016-17/168 DBR.BP.BC.No.42/08.12.014/2016-17 - (01/12/2016) - It is advised that for the purpose of definition of ‘Infrastructure Lending’, banks and select All India Term-Lending and Refinancing Institutions may henceforth be guided by the Gazette Notifications issued by the Department of Economic Affairs, Ministry of Finance, Government of India, from ti...

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Information from Social Media – RBI Advisory to banks

RBI/2016-17/166 DCM (Plg) No.1500/10.27.00/2016-17 - (01/12/2016) - Certain fake guidelines / instructions purported to be issued by RBI are circulated in social media by some unscrupulous elements to create confusion ...

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Recent Posts in "Fema / RBI"

Measures to Counter effects of currency demonetization on crop sowing

Remedial measures taken include:-(1) The Farmers are permitted to draw upto Rs.25,000 per week in cash from their Know your Customer (KYC) compliant account subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC)....

Read More
Posted Under: Fema / RBI |

CIBIL Report one of the factors to be considered before granting any loan

The information contained in the CIR (which contains credit score) would be one of the factors that banks would consider before granting any credit facility to a prospective borrower. However, it will be the commercial judgment of the concerned credit institution to grant loan or other wise to such borrowers based on their Board approved ...

Read More
Posted Under: Fema / RBI |

CVC Investigation against Bank Fraud

Central Vigilance Commission vide circular dt. 05.04.2002 has advised that Chief Vigilance Officers of Public Sector Banks should personally monitor the cases relating to frauds of Rs. 1.00 crore and above...

Read More
Posted Under: Fema / RBI |

Govt investigating Gold sale at Premium after Demonetisation

Investigations conducted by the Income-tax Department post 8th November, 2016 have inter-alia indicated exceptionally high sales by several jewellers on 8th November. Investigations have revealed that these were mostly cash sales/advances for future sales, for which some premium was charged....

Read More
Posted Under: Fema / RBI | ,

Why Govt issued Rs. 2000 Bank notes

Due to persistent moderate to high inflation since then, the value of the same has been progressively eroded in Purchasing Power Parity (PPP) terms. Simultaneously, disposable income levels and GDP also continued to grow. This factor along with rising requirement for banknotes was the reason for introduction of banknote of Rs. 2000 denomi...

Read More
Posted Under: Fema / RBI | ,

FAQs on withdrawal of ₹ 500 & ₹ 1000 Banknotes (05.12.2016)

Article answer FAQs on Withdrawal of Legal Tender Character of existing Bank Notes in denominations of ₹ 500 & ₹ 1000 with notifications till 05.12.2016...

Read More
Posted Under: Fema / RBI |

Encouraging usage of Debit Cards among Government employees

F.No. 25 (30)/E.Coord/2016 (01/12/2016)

In the recent years advancements in banking technology, progress in mobile banking and innovative technologies to facilitate digital payments have enabled large number of small denomination transactions to be handled smoothly in electronic mode. The Government of India has taken policy decisions encouraging cashless/electronic transaction...

Read More

Yes, India can have less-cash economy

India economy has been the pride of world. It has been showcased as the only growing economy - a proud moment for Indians particularly under Prime Minister Narendra Modi. However a section of media and political parties differ. There have been some stories in the foreign media also sceptical of the decision. Has the worldview changed? Is ...

Read More
Posted Under: Fema / RBI |

Decision to publish details of Loan Defaulters lies with Bank not Govt

The decision to disclose the borrowers details including publishing the details in newspapers is taken by the banks as provided in various statutes and Loan Agreement....

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Posted Under: Fema / RBI |

No proposal to increase limit on deposit in PMJDY Deposit a/c

There are limits on deposits on “Small Account” under Pradhan Mantri Jan Dhan Yojana (PMJDY). Government is not proposing to increase this limit....

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Posted Under: Fema / RBI |
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