Fema / RBI

FAQs on withdrawal of Rs. 500 & Rs. 1000 Banknotes (17.01.2017)

FAQs on Withdrawal of Legal Tender Character of Old Bank Notes of ₹ 500 & ₹ 1000 & Specified Bank Notes (Cessation of Liabilities) Ordinance 2016....

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All about transfer of shares of a Private/ Unlisted Indian Company from resident to non-resident

This article describes the FEMA/RBI guidelines for transfer of shares from resident to non-residents alongwith the corresponding tax implications of transfer/sale of shares by an Indian resident. ...

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Balance Sheet of the Demonetization

Now as the deadline of 50 days is over, through this new write up, an effort has been made to highlight the gains and losses(both monetary and non monetary) on the so called surgical strike of Government on black money, as well as reasons of not getting desired results & some suggestions to take some effective steps if Govt is indeed ser...

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Demonetization – Pains and Gains

It is now almost two months that a very bold decision was taken by dynamic Prime Minister Mr. Narendra Modi. After initial shock within few days the opinion was divided vertically. ...

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Attention! Resident & Non-Resident Indians returning from abroad

1. The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 has been promulgated, in the follow-up of withdrawal of the legal tender character of the existing series of banknotes, as on 8.11.2016, in denominations of Rs. 500 & Rs. 1000 (referred to as Specified Bank Notes or SBNs). The Ordinance has come into effect from [&...

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Co-operative Banks barred from accepting deposits under PMGK Deposit Scheme

It is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016. Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Co-operative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies....

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Note scrapping cannot stop future generation of black money

Demonetisation may wipe out the stock of black money held in cash but can do little about the ill-gotten wealth converted to assets like gold and real estate and the scrapping of high value notes does not prevent the future generation of unaccounted money, said an ASSOCHAM study on Currency Demonetisation....

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Digital payment promotion and cashless economy gets a boost

Digital payment promotion gets a boost-More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs.60.90 crore at Digi-Dhan Melas...

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Consolidated FDI Policy Circular 2017- Invite comments from stakeholders

Comments/ suggestions on 'Consolidated Foreign Direct Investment Policy Circular of 2016' are invited from stakeholders by 27/01/2017 for consideration....

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Respect autonomy and independence of RBI

Finance Ministry says that it respects autonomy and independence of Reserve Bank of India after a report in sections of Press that some unions have alleged infringement of autonomy of Reserve Bank of India....

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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

Overseas Textiles Corporation Vs Special Director, Enforcement Directorate (Bombay High Court) - 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

S.K. Jain Vs M.G. Attri (Delhi High Court) - 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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RBI (Access Criteria for Payment Systems) directions 2017

RBI/DPSS/2016-17/51 Master Direction DPSS.CO.OD.No.1846/04.04.009/2016-17 - (17/01/2017) - These directions are issued with a view to providing a framework for scheduled/ licensed banks/ primary dealers /authorised PSPs enabling them to apply for membership of payment systems....

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New Cash Withdrawal limits- Rs. 10K for ATMs & 100K for Current A/c

RBI/2016-1 7/213 DCM (Plg) No. 2559 /10.27.00/2016-17 - (16/01/2017) - Limit on withdrawals from ATMs enhanced to Rs.10,000/- per day per card and on withdrawal from current accounts has been enhanced to Rs.1 ,00,000/- per week....

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Evidence of Import under Import Data Processing and Monitoring System

RBI/2016-17/212 A.P. (DIR Series) Circular No. 27 - (12/01/2017) - The evidence of import in lieu of BoE in permitted/approved conditions will be created and uploaded by AD Category – I bank of the importer in the form of BoE data ...

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2017

Notification No. FEMA. 383/2017-RB - (10/01/2017) - These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2017....

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FEM (Transfer or Issue of Security by a Person Resident outside India) 15th Amendment) Regulations, 2016

Notification No. FEMA. 377/2016-RB - (10/01/2017) - These Regulations may be called Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment) Regulations, 2016....

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Recent Posts in "Fema / RBI"

Co-operative Banks barred from accepting deposits under PMGK Deposit Scheme

It is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016. Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Co-operative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies....

Read More
Posted Under: Fema / RBI |

Note scrapping cannot stop future generation of black money

Demonetisation may wipe out the stock of black money held in cash but can do little about the ill-gotten wealth converted to assets like gold and real estate and the scrapping of high value notes does not prevent the future generation of unaccounted money, said an ASSOCHAM study on Currency Demonetisation....

Read More
Posted Under: Fema / RBI |

Digital payment promotion and cashless economy gets a boost

Digital payment promotion gets a boost-More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs.60.90 crore at Digi-Dhan Melas...

Read More
Posted Under: Fema / RBI |

RBI (Access Criteria for Payment Systems) directions 2017

RBI/DPSS/2016-17/51 Master Direction DPSS.CO.OD.No.1846/04.04.009/2016-17 (17/01/2017)

These directions are issued with a view to providing a framework for scheduled/ licensed banks/ primary dealers /authorised PSPs enabling them to apply for membership of payment systems....

Read More

Consolidated FDI Policy Circular 2017- Invite comments from stakeholders

Comments/ suggestions on 'Consolidated Foreign Direct Investment Policy Circular of 2016' are invited from stakeholders by 27/01/2017 for consideration....

Read More
Posted Under: Fema / RBI |

FAQs on withdrawal of Rs. 500 & Rs. 1000 Banknotes (17.01.2017)

FAQs on Withdrawal of Legal Tender Character of Old Bank Notes of ₹ 500 & ₹ 1000 & Specified Bank Notes (Cessation of Liabilities) Ordinance 2016....

Read More
Posted Under: Fema / RBI |

All about transfer of shares of a Private/ Unlisted Indian Company from resident to non-resident

This article describes the FEMA/RBI guidelines for transfer of shares from resident to non-residents alongwith the corresponding tax implications of transfer/sale of shares by an Indian resident. ...

Read More
Posted Under: Fema / RBI |

New Cash Withdrawal limits- Rs. 10K for ATMs & 100K for Current A/c

RBI/2016-1 7/213 DCM (Plg) No. 2559 /10.27.00/2016-17 (16/01/2017)

Limit on withdrawals from ATMs enhanced to Rs.10,000/- per day per card and on withdrawal from current accounts has been enhanced to Rs.1 ,00,000/- per week....

Read More

Respect autonomy and independence of RBI

Finance Ministry says that it respects autonomy and independence of Reserve Bank of India after a report in sections of Press that some unions have alleged infringement of autonomy of Reserve Bank of India....

Read More
Posted Under: Fema / RBI |

Evidence of Import under Import Data Processing and Monitoring System

RBI/2016-17/212 A.P. (DIR Series) Circular No. 27 (12/01/2017)

The evidence of import in lieu of BoE in permitted/approved conditions will be created and uploaded by AD Category – I bank of the importer in the form of BoE data ...

Read More
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