Fema / RBI News, Articles, Notifications and Forms

  • Nov
  • 27
  • 2014

RBI issues Guidelines for Licensing of Small Finance Banks in Private Sector

Added In RBI / FEMA
The Reserve Bank of India released on its website today, the Guidelines for Licensing of Small Finance Banks in the Private Sector. Key features of the Small Finance Bank guidelines are: i) Objectives: The objectives of setting up of small finance banks will be to further financial inclusion by (a) provision of savings vehicles, and […]

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  • Nov
  • 27
  • 2014

RBI releases Guidelines for Licensing of Payments Banks

Added In RBI / FEMA
The Reserve Bank of India (RBI) released on its website today, the Guidelines for Licensing of Payments Banks. Key features of the Payments Banks guidelines are: i) Objectives: The objectives of setting up of payments banks will be to further financial inclusion by providing (i) small savings accounts and (ii) payments/remittance services to migrant labour […]

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  • Nov
  • 25
  • 2014

Credit Card in the name of RBI : RBI cautions of Fraud

Added In RBI / FEMA
Press Release: 2014-2015/1046 Dated: November 21, 2014 Credit Card in the name of RBI : RBI cautions Once More about the Newest Kind of Fraud perpetrated in its Name The Reserve Bank of India today issued one more alert to the public about the newest form of fraud perpetrated in its name – a credit […]

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  • Nov
  • 21
  • 2014

External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds

Added In RBI / FEMA
With a view to providing greater flexibility to the ECB borrowers in structuring draw down of ECB proceeds and utilisation of the same for permitted end uses, it has been decided to permit AD Category -I banks to allow eligible ECB borrowers to park ECB proceeds (both under the automatic and approval routes) in term deposits with AD Category- I banks in India for a maximum period of six months pending utilisation for permitted end uses.

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  • Nov
  • 21
  • 2014

Banks should not take undue advantage of customer difficulty or inattention – RBI

Added In RBI / FEMA
Instead of levying penal charges for non-maintenance of minimum balance in ordinary savings bank accounts, banks should limit services available on such accounts to those available to Basic Savings Bank Deposit Accounts and restore the services when the balances improve to the minimum required level.

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  • Nov
  • 20
  • 2014

Acquisition/Transfer of Immovable property in India – Payment of taxes

Added In RBI / FEMA
A.P. (DIR Series) Circular No. 38 Dated- November 20, 2014 Attention of Authorised Dealers in Foreign Exchange is invited to Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified vide Notification No. FEMA 21 /2000-RB dated 3rd May 2000 as amended from time to time.

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  • Nov
  • 16
  • 2014

FAQ on Compounding of Contraventions under FEMA, 1999

Added In RBI / FEMA
Compounding of Contraventions under FEMA, 1999 (As on October 20, 2014) Q.1. What is meant by contravention and compounding of contravention? Ans. Contravention is a breach of the provisions of the Foreign Exchange Management Act (FEMA), 1999 and rules/ regulations/ notification/ orders/ directions/ circulars issued there under. Compounding refers to the process of voluntarily admitting […]

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  • Nov
  • 14
  • 2014

Cheque related fraud cases – preventive measures

Added In RBI / FEMA
The rise in the number of cheque related fraud cases is a matter of serious concern. It is evident that many of such frauds could have been avoided had due diligence been observed at the time of handling and/or processing the cheques and monitoring newly opened accounts.

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  • Oct
  • 30
  • 2014

Bullet Repayment – Gold Loan Limit Increased to 2 Lakh

Added In RBI / FEMA
2. Based on the representations received from UCBs and National/State Federations, it has been decided to increase the quantum of loan that could be granted under the scheme, from Rs. 1.00 lakh to Rs. 2.00 lakh subject to the following conditions:

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  • Oct
  • 19
  • 2014

Compounding of Contraventions under FEMA, 1999- RBI delegates further power to Regional Offices

Added In RBI / FEMA
Background Compounding of Offence is a voluntary process available in case of contravention of offence under Foreign Exchange Management Act, 1999 (hereinafter referred as ‘FEMA’). Foreign Exchange (Compounding Proceedings) Rules, 2000[1] empowers Reserve Bank of India (hereafter referred as ‘RBI’) to compound contravention under FEMA. For compounding of offence under FEMA an application for compounding […]

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