Fema / RBI - Page 4

18 Banking Ombudsmen across India to receive complaints related to Loans and Advances

Reserve Bank of India (RBI) has informed that 18 Offices of Banking Ombudsmen situated across India, receive complaints with regard to Loans and Advances. ...

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Posted Under: Fema / RBI |

Kapol Co-operative Bank under RBI Scanner; Withdrawal restricted to Rs. 3000

Press Release : 2016-2017/2631 (31/03/2017)

The Kapol Co-operative Bank Ltd will, without prior approval in writing from the Reserve Bank, also not able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and ...

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Rate of interest on small savings scheme w.e.f. 01.04.2017

F.No. 1/4/2016-NS.II (31/03/2017)

Rates of interest on various small savings schemes for the first quarter of financial year 2017-18 starting on 1st April, 2017 and ending on 30th June,2017, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:...

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Increase in limits for investment by FPIs in CG Securities and SDLs

RBI/2016-17/265 A.P.(DIR Series) Circular No. 43 (31/03/2017)

The limits for investment by FPIs in Central Government Securities and State Development Loans (SDLs) for the quarter April-June 2017 are proposed to be increased by Rs. 110 billion and Rs. 60 billion respectively....

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Merchant Discount Rate for Debit Card Transactions to continue

RBI/2016-17/264 DPSS.CO.PD No.2737/02.14.003/2016-17 (30/03/2017)

Till the issuance of final instructions on MDR for debit card transactions, the extant instructions issued vide our circular dated December 16, 2016 shall continue....

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RBI advisory on E-wallets

Press Release : 2016-2017/2624 (30/03/2017)

RBI has today advised users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India. ...

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Purchase of foreign exchange from foreign citizens and others

RBI/2016-17/263 A.P. (DIR Series) Circular No. 42 (30/03/2017)

Attention of Authorized Persons is invited to the A.P. (DIR Series) Circulars No. 20, 22 and 24 dated November 25, 2016, December 16, 2016 and January 3, 2017 respectively, permitting foreign citizens (i.e. foreign passport holders) to exchange foreign exchange for Indian currency notes up to a limit of Rs. 5000/- per week till January 31...

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Assignment of Lead Bank Responsibility of Associate Banks to SBI

RBI/2016-17/262 FIDD.CO.LBS.BC. No. 26/02.01.001/2016-17 (30/03/2017)

It has been decided to assign the lead bank responsibility of districts hitherto held by the Associate banks to State Bank of India. Accordingly, lead bank responsibility is assigned as follows:...

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Assignment of SLBC Convenorship – Telangana

RBI/2016-17/261 FIDD.CO.LBS.BC. No. 25/02.01.001/2016-17 (30/03/2017)

As per the Gazette of India Notification G.S.R. 157 (E) dated February 22, 2017, the merger of State Bank of Hyderabad with State Bank of India has been notified. The Order called the Acquisition of State Bank of Hyderabad Order, 2017 comes into effect on April 1, 2017....

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Agency Banks not to open for government business on 01.04.2017

Notification No. RBI/2016-17/259 DBR.No.Leg.BC.56/09.07.005/2016-17 (29/03/2017)

While the Agency Banks are to keep all their branches dealing with government business open on all days in the current financial year (including Saturday, Sunday and all holidays) as already advised, these branches need not be kept open on April 1, 2017....

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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.

 

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