Fema / RBI News, Articles, Notifications and Forms

  • Jun
  • 28
  • 2015

Payment of Pension to Government Pensioners – FAQ

Added In RBI / FEMA
Updated as on June 01, 2015 Scheme for Payment of Pension to Government Pensioners by Authorised Banks The Reserve Bank of India (the Reserve Bank) oversees disbursement of pension by its agency banks in respect of all Central Government Departments and some State Governments. In the process, it receives queries/complaints from pensioners in regard to […]

Read the Full Article

  • Jun
  • 27
  • 2015

Questionnaire on FLA Return (Foreign Liabilities And Assets)

Added In RBI / FEMA
Q.1 Which Companies Are Eligible Are Eligible To File FLA Return? A: The Annual return of foreign liabilities and assets ( FLA) is required to be submitted by all the Indian Companies which have received FDI and /or made FDI abroad in the previous year (S) including the current year i.e. who holds foreign assets or liabilities in their Balance sheets.

Read the Full Article

  • Jun
  • 25
  • 2015

RBI extends the Date for Withdrawal of Pre-2005 Series Banknotes

Added In RBI / FEMA
The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015. It had, in December 2014, set the last date for public to exchange these notes as June 30, 2015.

Read the Full Article

  • Jun
  • 24
  • 2015

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

Added In RBI / FEMA
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 Regulations made thereunder.

Read the Full Article

  • Jun
  • 22
  • 2015

Lending against security of single product – Gold Jewellery

Added In RBI / FEMA
The Bank has prescribed that the valuation of gold jewellery for arriving at the Loan-To-Value (LTV) shall be done at the average of the closing price of 22 carat gold for the preceding 30 days as quoted by the Bombay Bullion Association Ltd. (BBA). On a review, it has been decided that NBFCs may also use the historical spot gold price data publicly disseminated by a commodity exchange regulated by the Forward Markets Commission.

Read the Full Article

  • Jun
  • 17
  • 2015

India largely complied with Basel standard

Added In RBI / FEMA
The Basel Committee on Banking Supervision (BCBS) under the aegis of the Bank for International Settlements has published, on its website, assessment reports on the implementation of the Basel risk-based capital framework and the Liquidity Coverage Ratio (LCR) for India as part of the ongoing Regulatory Consistency Assessment Program (RCAP) for its member jurisdictions. BCBS has thus far published assessment on 13 jurisdictions (including India).

Read the Full Article

  • Jun
  • 12
  • 2015

Interest Rate Futures (Reserve Bank) (Amendment) Directions, 2015

Added In RBI / FEMA
The Reserve Bank of India having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of the powers conferred by section 45W of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, hereby amends the Interest Rate Futures (Reserve Bank) Directions, 2013 dated December 5, 2013 (the Directions).

Read the Full Article

  • Jun
  • 11
  • 2015

Estimating Sacrifice Ratio for Indian Economy – A Time Varying Perspective

Added In RBI / FEMA
This paper estimates sacrifice ratios for the post liberalization period for India. Around the late 1970’s, tight monetary policy created a disinflationary situation resulting in recession for many advanced economies. This highlighted the cost of reducing trend inflation in the interim period. In this context, the concept of ‘Sacrifice Ratio’ was introduced as the loss of output sustained by the economy to achieve reduction in the long-run inflation by one percentage point.

Read the Full Article

  • Jun
  • 11
  • 2015

RBI notifies additional documents for limited purpose of ‘proof of address’

Added In RBI / FEMA
or the limited purpose of proof of address the following additional documents are deemed to be OVDs under ‘simplified measures’. Utility bill which is not more than two months old of any service provider (electricity, telephone, postpaid mobile phone, piped gas, water bill); Property or Municipal Tax receipt; Bank account or Post Office savings bank account statement;

Read the Full Article

  • Jun
  • 11
  • 2015

Subscription to chit funds by Non-Resident Indian on non-repatriation basis

Added In RBI / FEMA
The extant guidelines for subscription to the chit funds have been reviewed in consultation with the Government of India and accordingly, it has been decided to permit Non-Resident Indians (NRIs) to subscribe to the chit funds, without limit, on non-repatriation basis subject to the following conditions:

Read the Full Article