Fema / RBI notification

Operational flexibility for Indian subsidiaries of Non-resident Companies

RBI/2016-17/254 A.P. (DIR Series) Circular No. 41 (21/03/2017)

To provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of current account transactions of Indian subsidiaries of Multi-National Companies (MNCs)....

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Non Resident can enter foreign exchange derivative contract

Notification No. FEMA. 384/RB-2017 / G.S.R. 260(E) (17/03/2017)

A non-resident may enter into a foreign exchange derivative contract with an Authorised Dealer bank in India to hedge an exposure to exchange risk of and on behalf of its Indian subsidiary in respect of the said subsidiary's transactions subject to such terms and conditions as may be stipulated by the Reserve Bank from time to time....

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Draft Master Directions on Issuance & Operation of PPIs in India

RBI/DPSS/2016-17/53 DPSS.CO.PD. No. /02.14.006/2016-17 (20/03/2017)

Reserve Bank of India has, from time to time, issued a number of circulars containing policy guidelines on Issuance and Operation of Prepaid Payment Instruments (PPIs) in India. ...

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Reporting and Accounting of Central Govt Transactions of March 2017

Notification No. DGBA.GAD.No. 2376/42.01.029/2016-17-RBI (16/03/2017)

The Government of India has decided that the date of closure of residual transactions for the month of March 2017 be fixed as April 10, 2017 for the Financial Year 2016-17....

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Banks branches accepting taxes to remain open till 8 PM on 31.03.2017

Notification No. DGBA.GAD.No. 2377/42.01.029/2016-17-RBI (16/03/2017)

All agency banks should keep the counters of their designated branches conducting government business open for government transactions up to 6.00 p.m. on March 30, 2017 and up to 8.00 p.m. on March 31, 2017....

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Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 – Clarification

Notification No. IDMD.CDD.No. 2347/14.04.051/2016-17-RBI (16/03/2017)

Currently, banks are issuing an acknowledgement for having received the amounts under PMGKDS. The details of the deposit are then entered in the Bank’s e-kuber application which generates a Subscription Receipt....

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100% FDI in e-commerce sites via automatic route allowed

Notification No. No. FEMA.387/2017-RB (09/03/2017)

These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourth Amendment) Regulations, 2017. They shall come into force from the date of their publication in the Official Gazette....

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Section 269SS and 269T applicable to NBFC: RBI

DNBR (PD) CC.No.086/03.10.001/2016-17-RBI (09/03/2017)

Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand....

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Now RBI website at your fingertips

Press Release : 2016-2017/2419 (10/03/2017)

Reserve Bank of India today formally launched a mobile application (app) version of Reserve Bank of India’s website (www.rbi.org.in). The app is available on Android as well as iOS platforms and can be downloaded from the Play Store/App Store in one’s Android phone/iPhone, respectively, using the keyword Reserve Bank of India...

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Formation of 7 new districts in Manipur: Assignment of Lead Bank

RBI/2016-17/248 FIDD.CO.LBS.BC.No.23/02.08.001/2016-17 (09/03/2017)

The Government of Manipur vide Gazette Notification dated December 8, 2016 had notified the creation of seven new districts in the State of Manipur. It has been decided to assign the lead bank responsibility of the seven new districts as detailed below...

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