Fema / RBI - Page 5

RBI notifies Role of Chief Risk Officer (CRO)

Notification No. RBI/2016-17/294 DBR.BP.BC.No.65/21.04.103/2016-17 (27/04/2017)

As part of effective risk management, banks are required, inter-alia, to have a system of separation of credit risk management function from the credit sanction process. However, it is observed that the banks follow diverse practices in this regard....

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Draft Foreign Exchange Management (Cross Border Merger) Regulations, 2017

Press Release : 2016-2017/2909 (26/04/2017)

The Reserve Bank today has placed on its website the draft guidelines proposed to be issued on cross border merger transactions pursuant to the Rules notified by Ministry of Corporate Affairs through Companies (Compromises, Arrangements and Amalgamation) Amendment Rules, 2017 on April 13, 2017....

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Liberalized Remittance Scheme (LRS)

Liberalised Remittance Scheme (LRS) can be availed for purchasing or remitting foreign currency up to USD 250,000 per financial year (April- March) for permissible transactions....

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Posted Under: Fema / RBI |

Banks cannot Refuse to accept scribbled /coloured /faded bank notes

ND.ID.(Res.). No. 4530/04.00.001/2016-17 (25/04/2017)

Of late, we have been receiving complaints from members of general public that majority of the bank branches are not accepting banknotes, specifically in the denomination of Z 500 and 7 2000, with anything written/colour on them and banknotes whose colour has faded due to washing or any other reason....

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FAQs on withdrawal of Rs. 500 & Rs. 1000 Banknotes (20.04.2017)

FAQs on Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs. 500 and Rs. 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016...

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Posted Under: Fema / RBI | ,

All about Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 (20/04/2017)

The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016....

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Features of Sovereign Gold Bond Scheme 2017-18 – Series I

Press Release : 2016-2017/2847 (20/04/2017)

The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds 2017-18 - Series I. Applications for the bond will be accepted from April 24-28, 2017. The Bonds will be issued on May 12, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated...

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Sovereign Gold Bonds, 2017-18 – Series I – Operational Guidelines

RBI/2016-17/290 IDMD.CDD.No.2759/14.04.050/2016-17 (20/04/2017)

Sovereign Gold Bonds will be available for subscription at the branches of scheduled commercial banks and designated post offices through RBI’s e- Kuber system. ...

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Govt notifies Sovereign Gold Bond Scheme 2017-18 Series I

F. No. 4(8) - W&M/2017 (20/04/2017)

The Gold Bonds under Sovereign Gold Bond Scheme 2017-18 Series I may be held by a Trust, HUFs, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual....

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Sovereign Gold Bonds 2017-18 – Series I- Terms and conditions

Press Releases No. IDMD.CDD.No.2760/14.04.050/2016-17 RBI/2016-17/289 (20/04/2017)

Subscription for the Bonds may be made in the prescribed application form (Form ‘A’) or in any other form as near as thereto stating clearly the grams of gold and the full name and address of the applicant. The receiving office shall issue an acknowledgment receipt in Form ‘B’ to the applicant....

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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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