Fema / RBI News, Articles, Notifications and Forms

Under the overall guidance of the Board for Payment and Settlement Systems, the Reserve Bank over the last few years, has been taking a number of steps to popularise the electronic payment systems in the country. In this connection, a reference is invited to circular DPSS.CO.OD.494/04.04.009/2011-2012 dated September 21, 2011, in terms of which, liberalised revised access criteria for centralised and decentralised payment systems were announced. Full Article

As per the provisions of the Act, every banking company, financial institution (which includes chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company) and intermediary (which includes a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with securities .. Full Article

A. P. (DIR Series) Circular No. 104 To ensure greater flexibility in sending remittances, it has now also been decided to allow Authorised Dealers Category-II to open Nostro accounts subject to following terms and conditions: i) Only one Nostro account for each currency may be opened; ii) Balances in the account should be utilized only for the settlement of remittances sent for permissible purposes and not for the settlement in respect of forex prepaid cards; iii) No idl.. Full Article

The Government of India have vide their Office Memorandum (OM) No. 6-1/2011-NS.II (Pt.) dated March 26, 2012, advised the rate of interest on various small savings schemes for the financial year 2012-13. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2012-13 effective from April 01, 2012, on the basis of the interest compounding/payment built-in in the schemes, will be as under: Full Article

In view of three holidays this week, public sector banks have been directed to function full day on Saturday, April 7. The Finance Ministry has asked all public sector banks to to function full day this coming Saturday instead of working half-day, official sources said. Usually, banks are open for public dealings between 10 am and 1 pm on Saturdays. Full Article

A. P. (DIR Series) Circular No.103 - Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Para 4(v) of A.P. (DIR Series) Circular No.2 dated July 9, 2004, in terms of whichAD Category – I banks are required to submit to FED, CO, RBI a monthly statement regarding the number of transactions and value in USD million and Rupees in crores of gold imported by (i) Export Oriented Units (EOUs), (ii) Units in SEZ/EPZ, and (iii) Nominated Agencie.. Full Article

what are systemic risks. There is no commonly accepted definition of systemic risk at present. The precise meaning of systemic risk is ambiguous; it can mean different things to different people and different definitions have been attempted. Full Article

A. P. (DIR Series) Circular No.101 An Indian party will now be allowed to open, hold and maintain Foreign Currency Account (FCA) abroad for the purpose of overseas direct investments subject to the following terms and conditions: The Indian party is eligible for overseas direct investments in terms of Regulation 6 (Regulation 7, if applicable) of Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time. The host country Regulations stipulat.. Full Article