Fema / RBI News, Articles, Notifications and Forms

  • Feb
  • 28
  • 2015

Immovable Property outside India- FEMA Provision

Added In RBI / FEMA
Under FEMA all the transactions are divided into two categories: (1) Capital Account transactions (2) Current account transactions As a general rule all the current account transactions under FEMA are permitted except those specified and all the capital account transactions are prohibited or regulated.

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  • Feb
  • 24
  • 2015

RBI’s prior approval for change in shareholding by Securitisation/ Reconstruction Companies

Added In RBI / FEMA
In order to smoothen the functioning of SC/RC companies, it has been decided that, henceforth only the following changes in the share holding pattern of the SC/RC will require Reserve Bank’s prior approval: any transfer of shares by which the transferee becomes a sponsor. any transfer of shares by which the transferor ceases to be a sponsor.

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  • Feb
  • 24
  • 2015

2nd and 4th Saturday of the month will be Bank holiday

Added In RBI / FEMA
Discussions were held between the Indian Banks’ Association representing Managements of Banks and  the authorized representatives of Workmen Unions and Officers’ Association, on wage revision for officers in banks on 23.02.2015 at Mumbai. After holding several rounds of discussions. the parties have mutually agreed as under: 1. The wage revision will be effective from 1.11.2012 […]

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  • Feb
  • 22
  • 2015

RBI attempts to liberalize Private Placement of NCDs by NBFCs

Added In RBI / FEMA
The purpose behind issuing the Initial Guidelines was due to the practice followed by NBFCs to raise funds through issue of NCDs without any restriction. This reflected their inadequate resource planning and resulted in higher transaction cost. In view of the same, as per the Clarifications, RBI had directed NBFCs to formulate a Board approved policy for resource planning, covering the planning perspective and periodicity of private placement, before close of business on September 30, 2013.

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  • Feb
  • 22
  • 2015

Payment and Settlement Systems Act, 2007 – FAQ

Added In RBI / FEMA
Q1. When did Payment and Settlement Systems Act, 2007 (PSS Act, 2007) came into effect? Ans. The PSS Act, 2007 received the assent of the President on 20th December 2007 and it came into force with effect from 12th August 2008.

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  • Feb
  • 22
  • 2015

Pre-2005 Series Banknotes – FAQ

Added In RBI / FEMA
We are giving below some of the Frequently asked question related to Pre-2005 Series Banknotes to make our readers better understand the issue of Pre-2005 Series Banknotes. 1. What are the pre-2005 series banknotes? The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of Rs. 10,  20,  50,  100, 500 and  […]

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  • Feb
  • 20
  • 2015

Guidelines on Private Placement of NCDs (maturity more than 1 year) by NBFCs

Added In RBI / FEMA
1. NBFCs shall put in place a Board approved policy for resource planning which, inter-alia, should cover the planning horizon and the periodicity of private placement.

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  • Feb
  • 18
  • 2015

Guidelines on Import of Gold by Nominated Banks / Agencies

Added In RBI / FEMA
The obligation to export under the 20:80 scheme will continue to apply in respect of unutilised gold imported before November 28, 2014, i.e., the date of abolition of the 20:80 scheme.

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  • Feb
  • 17
  • 2015

New Portal for E-Filing of Applications for Foreign Direct Investment

Added In RBI / FEMA
New Upgraded and Secure Portal for E-Filing of Applications for Foreign Direct Investment Launched Department of Economic Affairs, Ministry of Finance launched here today a new upgraded and secure user friendly web site for filing and processing of applications for Foreign Direct Investment (FD) requiring Government approval. Presently the applications are filed online at www.fipbindia.com […]

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  • Feb
  • 16
  • 2015

RBI exempts Core Investment Companies from becoming members of CICs

Added In RBI / FEMA
RBI in the year 2010 came out with the circular[1] according to which all NBFCs were required to provide current and historical data on borrowers to Credit information Companies (CICs). Now vide notification[2] dated January 28,2015, RBI has exempted NBFCs which are registered as Core Investment Companies and those not having any customer interface from […]

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