Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited to the Notification dated June 4, 2003 on MTSS, as amended from time to time and the specific permission accorded to them under FEMA, 1999 by the Reserve Bank to undertake inward cross-border money transfer activities in India, through tie-up arrangements with Overseas Principals.

AD banks are advised to put in place a system under which their internal inspectors or auditors (including external auditors appointed by authorised dealers) should carry out random sample check / percentage check of write-off outstanding export bills.

The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies (NBFCs) by virtue of powers vested in the Reserve Bank of India Act, 1934.

The facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, should be made available at all bank branches (including those of co-operative banks and RRBs). In case a branch, for any reason, is not able to immediately adjudicate the cut/mutilated notes across the counter

As per the extant guidelines, corporates that are under investigation by any law enforcing agencies like the Directorate of Enforcement (DoE), etc. are not allowed to access ECB under the Automatic route. Any request by such corporates for ECB is examined by the Reserve Bank under the approval route.

Payments effected through alternate payment products/channels are gaining traction among the customers, with more and more banks providing such facilities to their customers. In this scenario, it is imperative to ensure safety and security of such transactions effected through these channels.

Preamble Over the last two decades, the Reserve Bank of India (RBI) licensed twelve banks in the private sector. This happened in two phases. Ten banks were licensed on the basis of guidelines issued in January 1993. The guidelines were revised in January 2001 based on the experience gained from the functioning of these banks, [...]

Gold Deposit Scheme CIRCULAR DBOD.No.IBD.BC.81/23.67.001/2012-13, dated 14-1-2013 The Central Government, with a view to bringing privately held stock of gold in circulation, reduce the country’s reliance on import of gold and providing its owners with some income apart from freeing them from the problems of storage, movement and security of gold in their possession, had [...]

Authorised banks would be permitted to open NRO account of individual/s of Bangladesh nationality without the approval of the Reserve Bank subject to the following conditions:

There is a need to moderate the demand for gold imports considering its impact on the current account deficit. A combination of demand reduction measures, supply management measures and measures to increase monetisation of idle stocks of gold need to be put in place.