RBI Notifications

21 FAQs on Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

Fema / RBI - Articles answers 21 FAQs on Pradhan Mantri Garib Kalyan Deposit Scheme 2016 for declarant under Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016...

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Withdrawal of Notes of ₹ 500 & ₹ 1000- Things You must know

Fema / RBI - Salient features of the scheme of Withdrawal of Legal Tender Character from existing series of Bank Notes in the denominations of Rs. 500 and Rs. 1000...

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Forex Facilities including the Liberalised Remittance Scheme (LRS) for Residents – FAQs

Fema / RBI - I. Guidelines on Travel Related Matters. II. Liberalised Remittance Scheme (LRS) of USD 125,000 III. Guidelines for Financial Intermediaries offering special schemes, protection under the Scheme....

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Pre-2005 Series Banknotes – FAQ

Fema / RBI - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in We are giving below some of the Frequently asked question related to Pre-2005 Series Banknotes to make our readers better understand the issue of Pre-2005 Series Banknotes. 1. What are the pre-2005 series banknotes? The RBI issued Mahatma Gand...

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Know Your Customer Guidelines – Faqs

Fema / RBI - What is KYC? Why is it required? Response: KYC means 'Know Your Customer'. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically u...

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Features of Sovereign Gold Bonds 2016 -17 – Series IV

Fema / RBI - Government of India, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17–Series IV. Applications for the bond will be accepted from February 27, 2017 to March 03, 2017....

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Old demonitised notes can be used to pay Govt Tax, Fees & Penalty

Fema / RBI - Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;...

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Pay IT dues in advance at RBI or at authorised bank branches

Fema / RBI - Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date....

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Central Bank Independence Necessary for Stable Sustainable Growth: RBI Governor

Fema / RBI - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Date : Jul 26, 2016 “Criticism of the central bank using arguments unsupported by evidence is widespread. The Bank of England was criticized for laying out the economic costs of Brexit, the ECB has been criticized for doing too much to [&hel...

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Summary of e- Consultation with Technical Advisory Committee on Monetary Policy: July 2015

Fema / RBI - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Date : Aug 25, 2015 Summary of the Electronic Consultation with the Technical Advisory Committee on Monetary Policy: July 2015 Consultation with external Members of the Technical Advisory Committee (TAC) on Monetary Policy was held electronica...

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FEMA – Claim for interest in the nature of compensation for wrongful retention of money is not maintainable

Directorate Of Enforcement Vs. Subhash Muljimal Gandhi (Delhi High Court) - Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could have been awarded to the respondent on the seized Indian currency only. The learned Single Judge has however applying the said Rule also awarded interest on the seized fo...

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SC asks Ketan Ketan Parikh and Co to Deposit deposit 50 percent of penalty imposed for Fema violations

Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court of India) - Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai ...

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Section 45(1A) of the Prevention of Money Laundering Act, 2002 – Binod Kumar Versus State of Jharkhand & Others

Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to have been so earned is of unprecedented amounts. However...

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Foreign exchange –Contravention of provisions of Act–Liable to prosecution as well as penalty by adjudicating officer

Radheshyam Kejriwal Vs. State of West Bengal & ANR. (Supreme Court) - Foreign exchange --Contravention of provisions of Act--Liable to prosecution as well as penalty by adjudicating officer--Proceeding before adjudicating officer for acts considered offence--Exoneration in adjudication proceedings--No case for criminal proceedings thereafter on same facts--Foreign Exc...

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Appeal No.: Writ Petition Nos. 23110 & 23558 of 2009, dated: 26.03.2010

P. Giribabu Vs. Dy. Director of Enforcement (Madras High Court) - The relief sought for by the petitioner seeking permission to be accompanied by an advocate of his choice when he appears before the Enforcement Directorate in pursuance of the summons issued under section 37 of the Foreign Exchange Management Act, 1999 and recording of statement in the presence of ...

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Issue of Pre-paid Payment Instruments by Co-operative Banks

RBI/2016-17/311 DCBR.CO.LS.(PCB/RCB).Cir.No.5/07.01.000/2016-17 - (25/05/2017) - It has now been decided to permit all licenced co-operative banks having their own ATM network to issue semi-closed PPIs, provided there are no restrictions on acceptance or repayment of deposits. This is subject to the compliance with eligibility criteria and other guidelines as prescribed by Depar...

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RBI advisory to banks on Submission of SFT

RBI/2016-17/309 IDMD.CDD.No.3031/13.01.299/2016-17 - (25/05/2017) - RBI Advisory on Submission of Annual Information Return now known as Statement of Financial Transaction (SFT) relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961- ...

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RBI plan to implement Banking Regulation (Amendment) Ordinance, 2017

Press Release: 2016-2017/3138 - (22/05/2017) - In a Release today, the Reserve Bank of India outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017....

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Rationalisation of Bank Branch Authorisation Policy- Revision of Guidelines

Notification No. DBR.No.BAPD.BC.69/22.01.001/2016-17-RBI/2016-17/306 - (18/05/2017) - It may be recalled that in terms of announcement made in the first Bi-monthly Monetary Policy Statement 2016-17 on April 5, 2016, it was, inter alia, proposed to redefine branches and permissible methods of outreach keeping in mind the various attributes of the banks and the types of services that a...

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Partial Credit Enhancement to Corporate Bonds- Credit Rating

RBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 - (18/05/2017) - a) To be eligible for PCE from banks, corporate bonds shall be rated by a minimum of two external credit rating agencies at all times; b) The rating reports, both initial and subsequent, shall disclose both standalone credit rating (i.e., rating without taking into account the effect of PCE) as well...

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Recent Posts in "RBI Notifications"

Issue of Pre-paid Payment Instruments by Co-operative Banks

RBI/2016-17/311 DCBR.CO.LS.(PCB/RCB).Cir.No.5/07.01.000/2016-17 (25/05/2017)

It has now been decided to permit all licenced co-operative banks having their own ATM network to issue semi-closed PPIs, provided there are no restrictions on acceptance or repayment of deposits. This is subject to the compliance with eligibility criteria and other guidelines as prescribed by Department of Payment and Settlement Systems ...

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RBI advisory to banks on Submission of SFT

RBI/2016-17/309 IDMD.CDD.No.3031/13.01.299/2016-17 (25/05/2017)

RBI Advisory on Submission of Annual Information Return now known as Statement of Financial Transaction (SFT) relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961- ...

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RBI plan to implement Banking Regulation (Amendment) Ordinance, 2017

Press Release: 2016-2017/3138 (22/05/2017)

In a Release today, the Reserve Bank of India outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017....

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Rationalisation of Bank Branch Authorisation Policy- Revision of Guidelines

Notification No. DBR.No.BAPD.BC.69/22.01.001/2016-17-RBI/2016-17/306 (18/05/2017)

It may be recalled that in terms of announcement made in the first Bi-monthly Monetary Policy Statement 2016-17 on April 5, 2016, it was, inter alia, proposed to redefine branches and permissible methods of outreach keeping in mind the various attributes of the banks and the types of services that are sought to be provided. ...

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Partial Credit Enhancement to Corporate Bonds- Credit Rating

RBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 (18/05/2017)

a) To be eligible for PCE from banks, corporate bonds shall be rated by a minimum of two external credit rating agencies at all times; b) The rating reports, both initial and subsequent, shall disclose both standalone credit rating (i.e., rating without taking into account the effect of PCE) as well as the enhanced credit rating (taking i...

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Minimum qualifications & experience for CFO & CTO of Banks

RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 (18/05/2017)

A Chief Financial Officer (CFO) and Chief Technology Officer (CTO) in banks’ management structure would play a crucial role in strengthening and sustaining the banks’ risk governance framework....

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RBI allows deposit of demonetised notes confiscated before 30.12.2016

G.S.R. 460(E) (12/05/2017)

Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered, at any office of the Reserve Bank specified under subsection (1) of section 4 of the Act or a nationalised bank designated by the Reserve...

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GST to have far reaching implications for Indian Economy

Press Release : 2016-2017/3056 (12/05/2017)

Introduction of GST would have economy-wide ramifications in terms of growth, inflation, government finances and external competitiveness over the medium-term....

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Submission of Statutory returns (SLR-Form VIII) in XBRL platform

RBI/2016-17/302 Ref: DBR.CO.No.Ret.BC/66/12.07.144/2016-17 (11/05/2017)

It has been decided to move the reporting of SLR from PCRPCD to XBRL (Extensible Business Reporting Language) platform. You are therefore advised to submit the returns (Form VIII) in XBRL from the month of April 2017....

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NEFT system – Settlement at half-hourly intervals

RBI/2016-17/300 DPSS (CO) EPPD No.2612/04.03.01/2016-17 (08/05/2017)

National Electronic Funds Transfer (NEFT) system presently settles the fund transfer requests of the participating banks on net basis at hourly intervals from 8:00 am to 7:00 pm on all working days. ...

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