RBI / FEMA

Establishment of Branch/Liaison/Project Offices in India by Foreign Entities

What is the criterion for establishing a liason office or branch office in India by a foreign entity? A body corporate incorporated outside India (including a firm or other association of individuals), may open a Liaison Office (LO) / Branch Office (BO) in India subject to permission from the Reserve Bank of India (RBI) under provisions ...

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India’s Potential Output Revisited

In India, the debate on ‘potential growth and output gap’ has been intensified due to revision in the GDP estimates with change in base year and its underlying methodology. This paper provides the estimates of potential growth and output gap, for the first time in India, on a quarterly basis using production function approach in addit...

Read More

FEMA provisions of Guarantee to Persons Resident Out of India

We are in the modern era in which whole world became our play ground. Gone are the days, when people were afraid of for going abroad. We Indian proved our mantle all over the world, through our business sense and information technologies developments....

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Initiatives for Indian Start-Ups in RBI Policy Statement

In the Sixth Bi-Monthly Monetary Policy Statement for 2015-16 and the press release dated February 2, 2016, the Reserve Bank of India had highlighted the steps being taken with respect to the Government’s initiatives to promote ease of doing business and contribute to an eco-system conducive for growth of entrepreneurship, particularly ...

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Analysis of Prevention Of Money Laundering Act, 2002

What is Money Laundering? It is the process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. Those who commit the underlying criminal activity may attempt to launder the money themselves, but increasingly a new class ...

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Margin requirements for non- centrally cleared derivative

Derivatives are an integral risk management tool for most of the business entities and financial institutions. Most of the bigger and mid-size companies in India use derivatives to manage foreign currency, interest rate and commodity price risks. Derivatives foster financial innovation and contribute to the completeness of financial marke...

Read More

Steps taken by Govt to deal with Non Performing Assets issue

Government has taken various measures to deal with the issue of Non Performing Assets (NPAs) in Banking Sector especially in case of Public Sector Banks (PSBs). The Finance Minister said that there are two categories of defaulters, viz. those who are unable to pay back due to economic slowdown both in domestic and global market and other ...

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RBI First Bi-monthly Monetary Policy Statement, 2016-17

On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to: reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.75 per cent to 6.5 per cent; reduce the minimum daily maintenance of the cash reserve ratio (CRR) from 95 per cent of the requirement...

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RBI cancels Certificate of Registration of 22 more NBFCs

Recently Reserve Bank of India (RBI) has cancelled Certificate of Registration of 26 NBFCs and now it has cancelled Certificate of Registration of 22 (twenty two) more  non-banking financial companies (NBFCs) as shown in Annex, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. [&hel...

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RBI floats Draft Regulatory Framework for Account Aggregator Companies to facilitate Consolidated Viewing of Financial Assets Holdings

Date :March 03, 2016 The Reserve Bank of India has released on its website today, a draft of the directions (Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016) to put in place the regulatory framework to allow a new kind of Non-Banking Financial Company (NBFC), which could act as an account aggregato...

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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 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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SC asks Ketan Ketan Parikh and Co to Deposit deposit 50 percent of penalty imposed for Fema violations

Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai ...

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Import Data Processing and Monitoring System

RBI/2015-16/385 A.P. (DIR Series) Circular No.65 - (28/04/2016) - Import of Goods: Import Data Processing and Monitoring System (IDPMS)-To track the import transactions through banking system, Customs will modify the Bill of Entry format to display the AD Code of bank concerned, as reported by the importers. Primary data on import transactions from Customs and SEZ...

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Rupee/ Foreign Currency Vostro A/cs of Non-Resident Exchange Houses

RBI/2015-16/386 A.P. (DIR Series) Circular No.66 - (28/04/2016) - To further streamline the remittance arrangement under the Speed Remittance Procedure and make remittances cost-effective, it has now been decided to do away with the mandated requirement of maintenance of collateral or cash deposits by the Exchange Houses with whom the banks have entered into the R...

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Foreign Exchange Management (Remittance of Assets) Regulations, 2016

BI/2015-16/384 A.P. (DIR Series) Circular No. 64/2015-16 [(1)/13(R)] - (28/04/2016) - In case the remittance is made in more than one instalment, the remittance of all instalments should be made through the same AD. Further, where the remittance is to be made from the balances held in the NRO account, the Authorised Dealer should obtain an undertaking from the account holder stating ...

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Banks to caution public against deposits in dubious schemes

RBI/2015-16/378 DBR.No.Leg.BC.93/09.07.005/2015-16 - (21/04/2016) - It has also come to the notice of the RBI that the customers receive telephone calls relating to their winning lotteries/prizes etc. and depositing money in an unknown account, following which the amount of lottery would be remitted to them or credited to the account they would advise. The customers...

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Guidelines on Investment Advisory Services offered by Banks

RBI/2015-16/379 DBR.No.FSD.BC.94/24.01.026/2015-16 - (21/04/2016) - IAS is defined and regulated by SEBI under the SEBI (Investment Advisors) Regulations, 2013, and entities offering these activities need to be registered with SEBI. In view of the same it is advised that henceforth, banks cannot undertake IAS departmentally. Accordingly, banks desirous of offering t...

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Recent Posts in "RBI / FEMA"

Margin requirements for non- centrally cleared derivative

Derivatives are an integral risk management tool for most of the business entities and financial institutions. Most of the bigger and mid-size companies in India use derivatives to manage foreign currency, interest rate and commodity price risks. Derivatives foster financial innovation and contribute to the completeness of financial marke...

Read More
Posted Under: RBI / FEMA |

Import Data Processing and Monitoring System

RBI/2015-16/385 A.P. (DIR Series) Circular No.65 (28/04/2016)

Import of Goods: Import Data Processing and Monitoring System (IDPMS)-To track the import transactions through banking system, Customs will modify the Bill of Entry format to display the AD Code of bank concerned, as reported by the importers. Primary data on import transactions from Customs and SEZ will first flow to the RBI secured serv...

Read More

Rupee/ Foreign Currency Vostro A/cs of Non-Resident Exchange Houses

RBI/2015-16/386 A.P. (DIR Series) Circular No.66 (28/04/2016)

To further streamline the remittance arrangement under the Speed Remittance Procedure and make remittances cost-effective, it has now been decided to do away with the mandated requirement of maintenance of collateral or cash deposits by the Exchange Houses with whom the banks have entered into the Rupee Drawing Arrangement....

Read More

Foreign Exchange Management (Remittance of Assets) Regulations, 2016

BI/2015-16/384 A.P. (DIR Series) Circular No. 64/2015-16 [(1)/13(R)] (28/04/2016)

In case the remittance is made in more than one instalment, the remittance of all instalments should be made through the same AD. Further, where the remittance is to be made from the balances held in the NRO account, the Authorised Dealer should obtain an undertaking from the account holder stating that the said remittance is sought to be...

Read More

Steps taken by Govt to deal with Non Performing Assets issue

Government has taken various measures to deal with the issue of Non Performing Assets (NPAs) in Banking Sector especially in case of Public Sector Banks (PSBs). The Finance Minister said that there are two categories of defaulters, viz. those who are unable to pay back due to economic slowdown both in domestic and global market and other ...

Read More
Posted Under: RBI / FEMA |

Establishment of Branch/Liaison/Project Offices in India by Foreign Entities

What is the criterion for establishing a liason office or branch office in India by a foreign entity? A body corporate incorporated outside India (including a firm or other association of individuals), may open a Liaison Office (LO) / Branch Office (BO) in India subject to permission from the Reserve Bank of India (RBI) under provisions ...

Read More
Posted Under: RBI / FEMA |

Banks to caution public against deposits in dubious schemes

RBI/2015-16/378 DBR.No.Leg.BC.93/09.07.005/2015-16 (21/04/2016)

It has also come to the notice of the RBI that the customers receive telephone calls relating to their winning lotteries/prizes etc. and depositing money in an unknown account, following which the amount of lottery would be remitted to them or credited to the account they would advise. The customers believing such fraudulent messages remi...

Read More

Guidelines on Investment Advisory Services offered by Banks

RBI/2015-16/379 DBR.No.FSD.BC.94/24.01.026/2015-16 (21/04/2016)

IAS is defined and regulated by SEBI under the SEBI (Investment Advisors) Regulations, 2013, and entities offering these activities need to be registered with SEBI. In view of the same it is advised that henceforth, banks cannot undertake IAS departmentally. Accordingly, banks desirous of offering these services may do so either through a...

Read More

Foreign Investment in units issued by REITs, InvITs, & AIFs

RBI/2015-16/377 A.P. (DIR Series) Circular No. 63 (21/04/2016)

With a view to rationalising foreign investment regime for Alternative Investment vehicles and to facilitating foreign investment in collective investment vehicles for real estate and infrastructure sectors, it has been decided, in consultation with the Government of India, to allow foreign investment in the units of Investment Vehicles r...

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India’s Potential Output Revisited

In India, the debate on ‘potential growth and output gap’ has been intensified due to revision in the GDP estimates with change in base year and its underlying methodology. This paper provides the estimates of potential growth and output gap, for the first time in India, on a quarterly basis using production function approach in addit...

Read More
Posted Under: RBI / FEMA |
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