Fema / RBI - Page 30

Denomination Policy of existing Rs 500 and Rs 1000 notes

In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, Rs. 500 and Rs. 1,000 denominations of Bank Notes of the existing series issued by Reserve Bank of India shall cease to be legal tender with effect from November 9, 2016, to the extent specified in the Notification. ...

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Awareness Programme by RBI post demonetization

Following the cancellation of legal tender character of old banknotes of high denomination, to minimize the inconvenience to public, telephone helplines has been set up by RBI...

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Promotion of cashless transactions in CBSE affiliated schools

CBSE/SECY/SPS/2016 (10/12/2016)

CBSE introduced e-payment for collection of fee for examination, affiliation & various activities including payments to its examination functionaries...

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Govt decisions to help farmers after demonetization

Government has taken several decisions to aid the farmers in the current Rabi season to facilitate farming activities and to support rural economy....

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Govt withdraws few exemptions given for use of Rs. 500/- old notes

Government withdraws exemptions given for the use of Rs. 500/- old notes, from the mid night of December 9, 2016, for making payments at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses for purchase of tickets...

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Free Credit Information or CIBIL Report to individual assessee

WEF 01.01.2017, all Credit Information Companies shall provide, upon request provide a Free Full Credit Report popularly known as CIBIL report ...

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Prepaid Payment Instrument issuers to get Technical Audit done: RBI

RBI/2016-17/178 DPSS.CO.OSD.No.1485/06.08.005/2016-17 (09/12/2016)

All authorised entities/banks issuing PPIs in the country are advised to: i. carry out a special audit by the empanelled auditors of Indian Computer Emergency Response Team (CERT-In) on a priority basis and take immediate steps thereafter to comply with the findings of the audit report...

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Management of Non Performing Asset (NPA) Importance of Training

The advent of banking reforms in India has brought the concept of NPA (Non Performing Asset) which has changed drastically the perception and approach of the bank and the customer when dealing with loans financed by the bank....

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RBI allows OTP based e-KYC & Central KYC for new Bank accounts

RBI/2016-17/177 DBR.AML.BC.47/14.01.01/2016-17 (08/12/2016)

i. It has been decided to allow One Time Pin (OTP) based e-KYC subject to certain restrictions. ii. All Scheduled Commercial Banks (SCBs) are required to invariably upload the KYC data pertaining to all new individual accounts opened on or after January 1, 2017, with Central KYC Records Registry. ...

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15 Amendments to Master Direction on KYC norms

RBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 (08/12/2016)

i. Explanation to Section 3(a)(ii)d pertaining to ‘definition of beneficial owner in case of trust’ which reads as - Explanation: Term ‘body of individuals’ includes societies has been deleted....

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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.