Fema / RBI

RBI rules on customer’s liability on unauthorized electronic banking transactions (Frauds)

On 6th July , 2017, RBI has come out with a new circular capping the liabilities of Bank customers in the event of unauthorized electronic banking transactions (put simply, frauds). The guidelines given in the circular is applicable for all Commercial banks, Small banks and payment banks in India....

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Digital Currency- A New Era

Digital currency or digital money is distinct from physical. Digital currency is a payment method which exists only in electronic form and is not tangible. Digital currency can be transferred between entities or users with the help of technology like computers, smartphones and the internet. ...

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Standard Operating Procedure for FDI in India

The Finance Minister in his budget speech for FY 2017-18 had included a significant proposal of abolishing the Foreign Investment Promotion Board (FIPB) and replace it with a decentralized mechanism at the respective ministry level to examine and approve FDI proposals in India....

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NBFC Micro Finance Institution Requirements & Registration

Micro finance is a source of financial services for entrepreneurs and small businesses, it is a type of Non-Banking Financial Company (NBFC) which is in a business of micro credit finance to individuals and small business. ...

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Management of NPA: Who is Responsible for Account Becoming NPA?

Recently I have undertaken an assignment of dealing with the legal proceedings initiated by three nationalized banks under SARFAESI Act of a Corporate Company who are service providers to infrastructure projects initiated by the State Governments and Central Government and some of them are being financed by World Bank and Asian Developmen...

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List of 53 persons, who are absconding, under PMLA, 2002

As per information received from the Directorate of Enforcement, New Delhi, the prosecution complaint has been filed against 53 persons, who are absconding, under the Prevention of Money Laundering Act, 2002. The list is attached as Annexure-A....

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RBI Committee to refer accounts for resolution under IBC 2016

Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective...

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Features of Sovereign Gold Bond Scheme 2017-18– Series II

Government of India in consultation with RBI decides to issue Sovereign Gold Bond Scheme 2017-18– Series II; Applications for the bond will be accepted from July 10, 2017 to July 14, 2017; The Bonds will be issued on July 28, 2017. Government of India, in consultation with the Reserve Bank of India, has decided to […]...

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RBI Second Bi-monthly Monetary Policy Statement, 2017- 18

Since the April 2017 meeting of the MPC, global economic activity has expanded at a modest pace, supported by firming growth in major advanced economies (AEs) and in some emerging market economies (EMEs) as well. ...

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Have new NPA norms for Wholesale Long Term Finance Bank: ASSOCHAM to RBI

ASSOCHAM has approached the RBI with a plea that the provisioning criteria for the non-performing assets (NPAs) in the case of proposed Wholesale Long- Term Finance (WLTF) banks should be based on stress tests of each of the funded projects, unlike the present standard provisioning norms due to a different nature of the long term, big tic...

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Man Seeks exchange of Seized old notes after discharge from case

Abhishek Shukla Vs Union of India & Ors. (Supreme Court of India) - Abhishek Shukla, who was discharged by the trial court in 2013 IPL spot-fixing case in July 2015, has moved the Supreme Court seeking a direction to the Reserve Bank of India (RBI) to accept demonetised Rs. 500 and Rs. 1,000 currency notes with a face value of Rs. 5 lakh, which was seized by the spe...

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Can’t allow Deposit of Old Notes After Dec 31, 2016: Centre To SC

Victory Logitrans Pvt & Anr Vs Union of India & Ors (Supreme Court of India) - The Central Government on 07th April informed the Supreme Court vide a 27-page affidavit that there is no need to open the window allowing all categories of people to deposit old demonetised notes of Rs 500 and Rs 1000 after December 31, 2016 under some special circumstances as no justifiable reason...

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PML Act, 2002 Provisions cannot be invoked Retrospectively

M/s Obulapuram Mining Company Pvt Ltd Vs Joint Director (Karnataka High Court) - By consent of the learned advocates appearing for the parties, all these writ petitions are taken up for hearing together, as similar questions of law are involved in these writ petitions, in order to avoid a conflicting judicial opinion. We are also informed that facts are, almost, identical....

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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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All about Detection and Impounding of Counterfeit Notes

RBI/2017-18/26 DCM (FNVD) G – 4/16.01.05/2017-18 - (20/07/2017) - No credit to customer’s account is to be given for counterfeit notes, if any, detected in the tender received over the counter or at the back-office / currency chest....

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Banks to Record Transactions details in Passbook/Statement of Account

RBI/2017-18/24 DCBR.BPD.(PCB/RCB).Cir.No.02/12.05.001/2017-18 - (13/07/2017) - It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and / or statements of account to enable the account holders to cross-check them. ...

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Investment in plant and machinery for classification as MSME not depreciated value

RBI/2017-18/21 FIDD.MSME & NFS.BC.No.10/06.02.31/2017-18 - (13/07/2017) - Ministry has clarified that for the investment in plant and machinery for the purpose of classification of an enterprise as Micro, Small or Medium, the purchase value of the plant and machinery is to be reckoned and not the book value (purchase value minus depreciation)....

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Govt notifies Sovereign Gold Bond Scheme 2017-18 – Series II

F. No. 4(20) - W&M/2017 - (06/07/2017) - The Gold Bonds under Sovereign Gold Bond Scheme 2017-18 – Series II may be held by a Trust, HUFs, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual....

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Sovereign Gold Bonds, 2017-18 – Series II – Operational Guidelines

RBI/2017-18/18 IDMD.CDD.No.29/14.04.050/2017-18 - (06/07/2017) - This has reference to the GoI notification F.No.4(20)-B/(W&M)/2017 and RBI circular IDMD.CDD.No.28/14.04.050/2017-18 dated July 06, 2017 on the Sovereign Gold Bonds, 2017-18-Series II. FAQs in this regard have been placed on our website (www.rbi.org.in). ...

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Recent Posts in "Fema / RBI"

List of 53 persons, who are absconding, under PMLA, 2002

As per information received from the Directorate of Enforcement, New Delhi, the prosecution complaint has been filed against 53 persons, who are absconding, under the Prevention of Money Laundering Act, 2002. The list is attached as Annexure-A....

Read More
Posted Under: Fema / RBI |

All about Detection and Impounding of Counterfeit Notes

RBI/2017-18/26 DCM (FNVD) G – 4/16.01.05/2017-18 (20/07/2017)

No credit to customer’s account is to be given for counterfeit notes, if any, detected in the tender received over the counter or at the back-office / currency chest....

Read More

RBI Committee to refer accounts for resolution under IBC 2016

Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective...

Read More
Posted Under: Fema / RBI |

RBI rules on customer’s liability on unauthorized electronic banking transactions (Frauds)

On 6th July , 2017, RBI has come out with a new circular capping the liabilities of Bank customers in the event of unauthorized electronic banking transactions (put simply, frauds). The guidelines given in the circular is applicable for all Commercial banks, Small banks and payment banks in India....

Read More
Posted Under: Fema / RBI |

Banks to Record Transactions details in Passbook/Statement of Account

RBI/2017-18/24 DCBR.BPD.(PCB/RCB).Cir.No.02/12.05.001/2017-18 (13/07/2017)

It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and / or statements of account to enable the account holders to cross-check them. ...

Read More

Investment in plant and machinery for classification as MSME not depreciated value

RBI/2017-18/21 FIDD.MSME & NFS.BC.No.10/06.02.31/2017-18 (13/07/2017)

Ministry has clarified that for the investment in plant and machinery for the purpose of classification of an enterprise as Micro, Small or Medium, the purchase value of the plant and machinery is to be reckoned and not the book value (purchase value minus depreciation)....

Read More

Digital Currency- A New Era

Digital currency or digital money is distinct from physical. Digital currency is a payment method which exists only in electronic form and is not tangible. Digital currency can be transferred between entities or users with the help of technology like computers, smartphones and the internet. ...

Read More
Posted Under: Fema / RBI |

Features of Sovereign Gold Bond Scheme 2017-18– Series II

Government of India in consultation with RBI decides to issue Sovereign Gold Bond Scheme 2017-18– Series II; Applications for the bond will be accepted from July 10, 2017 to July 14, 2017; The Bonds will be issued on July 28, 2017. Government of India, in consultation with the Reserve Bank of India, has decided to […]...

Read More
Posted Under: Fema / RBI |

Govt notifies Sovereign Gold Bond Scheme 2017-18 – Series II

F. No. 4(20) - W&M/2017 (06/07/2017)

The Gold Bonds under Sovereign Gold Bond Scheme 2017-18 – Series II may be held by a Trust, HUFs, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual....

Read More

Sovereign Gold Bonds, 2017-18 – Series II – Operational Guidelines

RBI/2017-18/18 IDMD.CDD.No.29/14.04.050/2017-18 (06/07/2017)

This has reference to the GoI notification F.No.4(20)-B/(W&M)/2017 and RBI circular IDMD.CDD.No.28/14.04.050/2017-18 dated July 06, 2017 on the Sovereign Gold Bonds, 2017-18-Series II. FAQs in this regard have been placed on our website (www.rbi.org.in). ...

Read More
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Latest RBI / FEMA News

Check out all the latest news on RBI together with all the important RBI notifications, RBI circulars, RBI rates including top stories on FEMA Act and FEMA Regulations only at Taxguru.com

The RBI (Reserve Bank of India) is India’s Apex bank which governs the banking regulations in the country and controls all the monetary policies of the country. It began its operations 1st of April 1935 at the time of British Rule as per the provisions laid down in the Reserve Bank of India Act, 1934. After India’s independence on 15th August 1947, the Reserve Bank of India was nationalized on 1st January 1949.

Reserve Bank of India is an independent monetary authority that regulates banks and offers important financial services such as controlling inflation, maintaining foreign exchange reserves, and providing monetary policy report. It plays a significant role in developing strategies of the Indian Government.

The FEMA Act (Foreign Exchange Management Act) is an Act constituted by the Indian Parliament for consolidating and amending the law related to foreign exchange for facilitating the external trade and payments and also for encouraging orderly maintenance and development of foreign exchange market in the country. This act was passed in the year 1999 during the winter session which replaced the previous Foreign Exchange Regulation Act (FERA). The FEMA Regulations makes offenses with respect to foreign exchange civil offenses.This Act extends and is applicable for the entire nation. FEMA Act allowed a new regime for foreign exchange management that is consistent with the World Trade Organization’s emerging framework.

At Taxguru, we provide you with all the RBI latest news, RBI circulars, RBI notifications and all the updates with respect to FEMA Act and FEMA regulations. We keep you posted with all the latest updates on RBI rates and RBI rate charts. At Taxguru, our team ensures we publish all the latest RBI news. Bookmark us to get all the latest news on RBI and FEMA.