Fema / RBI - Page 4

Limits on balances in customer accounts with payments banks – sweep out arrangements with other banks

RBI/2016-17/329 DBR.NBD.No.77/16.13.218/2016-17 (29/06/2017)

PBs are permitted to act as Business Correspondents (BCs) of other banks. Under the BC arrangement and with prior specific or general consent of the customer, PB may effect the transfer of funds deposited by her into her account with another eligible bank, so that the balance in her account with the PB does not exceed ₹100,000 or any su...

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Government transactions not eligible for agency commission

RBI/2016-17/330 DGBA.GBD.No.3364/31.02.007/2016-17 (29/06/2017)

it is clarified that the following activities do not come under the purview of agency bank business and are therefore not eligible for payment of agency commission: a. Furnishing of bank guarantees/security deposits, etc. through agency banks by government contractors/suppliers, which constitute banking transactions undertaken by banks...

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Specified Bank Notes can be deposited by DCCBs till 19th July 2017

Notification No. RBI/2016-17/331 DCM (Plg) No.5720/10.27.00/2016-17 (29/06/2017)

Please refer to the Specified Bank Notes (Deposit by Banks, Post Offices and District Central Co-operative Banks) Rules, 2017 (copy enclosed) notified by the Government of India on June 20, 2017. In terms of para 2 thereof, it has been decided to accept from DCCBs Specified Bank Notes (SBNs), received by them from their customers within t...

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Illustrative narrations to be recorded in Bank Statement / Passbook

RBI/2016-17/326 DBR.No.Leg.BC.76/09.07.005/2016-17 (22/06/2017)

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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Deposit of specified bank notes with Reserve Bank

G.S.R. 611(E) (21/06/2017)

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 20th June, 2017 G.S.R. 611(E).-In exercise of the powers conferred by sub-section (1) of Section 11 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 ( 2 of 2017), the Central Government hereby makes the following rules, namely:- 1. Short title...

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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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Posted Under: Fema / RBI |

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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Posted Under: Fema / RBI |

Foreign Companies : India Entry options

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Foreign companies in India typically operate through a Liaison Office, Project Office, Branch Office or Wholly Owned Subsidiary (WOS)...

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Posted Under: Fema / RBI |

Recording of PPO No. in passbook of Pensioners / Family Pensioners

Notification No. DGBA.GBD.No.3235/45.01.001/2016-17-RBI (08/06/2017)

As you are aware, it has been decided to record the PPO number in all the pension passbooks of the pensioners/family pensioners issued to them. This is to alleviate the difficulties reported by pensioners/family pensioners to get duplicate Pension Payment Orders (PPO) in case of missing of original PPO, transfer of pension account from on...

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Revised Branch Authorisation Policy for unbanked villages

Notification No. FIDD.CO.LBS.BC.No 31/02.01.001/2016-17-RBI (08/06/2017)

Rationalisation of Branch Authorisation Policy - Revision of Guidelines’ wherein final guidelines on ‘Banking Outlets’ have been issued with a view to facilitate financial inclusion as also to provide flexibility to banks on the choice of delivery channel....

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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.