RBI / FEMA

FAQS- Enhancing Credit Supply for Large Borrowers

Enhancing Credit Supply for Large Borrowers through Market Mechanism (i) If a borrower has aggregate sanctioned credit limit of Rs. 25,000 crore on or before March 31, 2016, will it still qualify as a ‘Specified Borrower’? Ans: In all such cases, the borrower will deemed to be a ‘Specified borrower’ from April 1, 2016 and ...

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RBI proposes catalytic regime of bond market

Looking at last 12 months, the market regulators in India have been on action to come up with suitable avenues to strengthen the bond market in India. Recently, there have been changes sought to stimulate the action in bond market. On August 18, 2016, in a bid to deepen the corporate bond market in India a report of the Working Group on D...

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Registration under Foreign Contribution Regulation Act, 2010

Many a times it has been observed that, there are various persons in our surroundings who are involved in social cause with no profit making objective in their mind. These kind of persons always deploy the funds raised by them into the noble cause, like cultural, economical, educational, religious, social or otherwise. ...

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Overview – Compounding of Offences under FCRA, 2010

Every officer or authority referred to in sub-section (1), while dealing with a proposal for the compounding of an offence for a default in compliance with any provision of this Act which requires by an individual or association or its officer or other employee to obtain permission to file...

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Gist of Foreign Contribution (Regulation) Act, 2010

Foreign contribution is regulated under the provisions of the Foreign Contribution (Regulation) Act, 2010 (FCRA,2010) and the Foreign Contribution (Regulation) Rules, 2011 (FCRR, 2011) Both FCRA, 2010 and FCRR, 2011 have come into force simultaneously with effect from...

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RBI Measures to Develop Fixed Income & Currency Markets

The Reserve Bank of India today announced a package of measures for the development of fixed income and currency markets. These measures are intended to further market development, enhance participation, facilitate greater market liquidity and improve communication....

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RBI Seeks Comments on Draft Large Exposures Framework

The Reserve Bank of India today placed on its website the Draft Large Exposures (LE) Framework for comments. The salient features of the proposed Large Exposures (LE) Framework include: The Large Exposure (LE) limit in respect of each counterparty and group of connected counterparties, under normal circumstances, will be capped at 20 perc...

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Report on Development of Corporate Bond Market in India

It has been well recognized that a well-developed corporate bond market complements a sound banking system in providing an alternative source of finance to the real sector for its long-term investment needs. An active corporate bond market also helps in the diversification of risks in the financial system...

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Dr. Urjit R Patel appointed as New RBI Governor

Dr. Urjit R Patel has been appointed as the New Governor of Reserve Bank of India (RBI) for a period of three years with effect from 4th September, 2016. He will replace the present RBI Governor Dr. Raghuram Rajan. Dr Patel is presently the Deputy Governor of RBI and is holding this assignment since 2013....

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Central Bank Independence Necessary for Stable Sustainable Growth: RBI Governor

Date : Jul 26, 2016 “Criticism of the central bank using arguments unsupported by evidence is widespread. The Bank of England was criticized for laying out the economic costs of Brexit, the ECB has been criticized for doing too much to restore health to troubled peripheral economy financial sectors, and the Fed is under fire […]...

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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 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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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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Guide to enhance Credit Supply for Large Borrowers via Market Mechanism

Notification No. RBI/2016-17/50 DBR.BP.BC.No.8/21.01.003/2016-17 - (25/08/2016) - Aggregate Sanctioned Credit Limit (ASCL) means the aggregate of the fund based credit limits sanctioned or outstanding, whichever is higher, to a borrower by the banking system. ASCL would also include unlisted privately placed debt with the banking system....

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RBI permit banks to appoint retired officials for internal audit

Notification No. RBI/2016-17/46 DBS.CO.PPD.05/11.01.005/2016-17 - (25/08/2016) - Keeping in view the change in demographic profile of the staff in banks on account of retirement leading to shortage of staff to conduct internal audit which is an important component of Risk Based Supervision (RBS), it has been decided to permit banks to engage the services of its retired officials...

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Master Circular– Collection of Direct Taxes- OLTAS

Master Circular No. RBI/2015-16/90 DGBA.GAD.No.3/42.01.034/2015-16 - (01/07/2015) - The Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income Tax located in different parts of the country. The Commissioners of Income Tax are entrusted with the task of collection as well as refund of Income Tax and Corporation ...

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Core Investment Companies Reserve Bank Directions, 2016

RBI/DNBR/2016-17/39 Master Direction DNBR. PD. 003/03.10.119/2016-17 - (25/08/2016) - These directions shall apply to every Core Investment Company (CIC), that is to say, a non-banking financial company carrying on the business of acquisition of shares and securities and which satisfies the following conditions as on the date of the last audited balance sheet:-...

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NBFCs Acceptance of Public Deposits Reserve Bank Directions 2016

RBI/DNBR/2016-17/38 Master Direction DNBR.PD.002/03.10.119/2016-17 - (25/08/2016) - Every NBFC-D, shall invest and continue to invest in India in unencumbered approved securities valued at the price not exceeding the current market price of such securities an amount which shall, at the close of business or any day, not be less than 15% of the public deposit...

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Recent Posts in "RBI / FEMA"

FAQS- Enhancing Credit Supply for Large Borrowers

Enhancing Credit Supply for Large Borrowers through Market Mechanism (i) If a borrower has aggregate sanctioned credit limit of Rs. 25,000 crore on or before March 31, 2016, will it still qualify as a ‘Specified Borrower’? Ans: In all such cases, the borrower will deemed to be a ‘Specified borrower’ from April 1, 2016 and ...

Read More
Posted Under: RBI / FEMA |

Guide to enhance Credit Supply for Large Borrowers via Market Mechanism

Notification No. RBI/2016-17/50 DBR.BP.BC.No.8/21.01.003/2016-17 (25/08/2016)

Aggregate Sanctioned Credit Limit (ASCL) means the aggregate of the fund based credit limits sanctioned or outstanding, whichever is higher, to a borrower by the banking system. ASCL would also include unlisted privately placed debt with the banking system....

Read More

RBI permit banks to appoint retired officials for internal audit

Notification No. RBI/2016-17/46 DBS.CO.PPD.05/11.01.005/2016-17 (25/08/2016)

Keeping in view the change in demographic profile of the staff in banks on account of retirement leading to shortage of staff to conduct internal audit which is an important component of Risk Based Supervision (RBS), it has been decided to permit banks to engage the services of its retired officials for assisting in internal audit...

Read More

Master Circular– Collection of Direct Taxes- OLTAS

Master Circular No. RBI/2015-16/90 DGBA.GAD.No.3/42.01.034/2015-16 (01/07/2015)

The Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income Tax located in different parts of the country. The Commissioners of Income Tax are entrusted with the task of collection as well as refund of Income Tax and Corporation Tax, etc. under the Income Tax Act, 1961...

Read More

RBI Measures to Develop Fixed Income & Currency Markets

The Reserve Bank of India today announced a package of measures for the development of fixed income and currency markets. These measures are intended to further market development, enhance participation, facilitate greater market liquidity and improve communication....

Read More
Posted Under: RBI / FEMA |

RBI Seeks Comments on Draft Large Exposures Framework

The Reserve Bank of India today placed on its website the Draft Large Exposures (LE) Framework for comments. The salient features of the proposed Large Exposures (LE) Framework include: The Large Exposure (LE) limit in respect of each counterparty and group of connected counterparties, under normal circumstances, will be capped at 20 perc...

Read More
Posted Under: RBI / FEMA |

Core Investment Companies Reserve Bank Directions, 2016

RBI/DNBR/2016-17/39 Master Direction DNBR. PD. 003/03.10.119/2016-17 (25/08/2016)

These directions shall apply to every Core Investment Company (CIC), that is to say, a non-banking financial company carrying on the business of acquisition of shares and securities and which satisfies the following conditions as on the date of the last audited balance sheet:-...

Read More

NBFCs Acceptance of Public Deposits Reserve Bank Directions 2016

RBI/DNBR/2016-17/38 Master Direction DNBR.PD.002/03.10.119/2016-17 (25/08/2016)

Every NBFC-D, shall invest and continue to invest in India in unencumbered approved securities valued at the price not exceeding the current market price of such securities an amount which shall, at the close of business or any day, not be less than 15% of the public deposit...

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Exemptions from the provisions of RBI Act, 1934

RBI/DNBR/2016-17/40 Master Direction DNBR.PD. 001/03.10.119/2016-17 (25/08/2016)

Exemption from provisions of Chapter III B of the RBI Act, 1934 to the following: (i) Housing Finance Institutions i.e. a non-banking financial company which is a housing finance institution as defined in section 2(d) of the National Housing Bank Act, 1987....

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Miscellaneous Non-Banking Companies Reserve Bank Directions 2016

RBI/DNBR/2016-17/41 Master Direction DNBR.PD.005/03.10.119/2016-17 (25/08/2016)

These directions shall apply to every financial institution which is a company and collecting whether as a promoter, foreman, agent or in any other capacity monies in one lump sum or in instalments by way of contributions or subscriptions or by sale of units, certificates or other instruments or in any other manner...

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