reserve bank of india

Action Plan for NPA Ordinance – Sequel 2

Corporate Law - Complementing the Ordinance on Non-Performing Assets (NPA) which originally brought a whole new breeze in the resolution space in India, RBI has come up with a press release as a further to the first step in crystallizing the concept as laid down in the Ordinance. RBI has brought a lot of changes for the purpose of implementation of the ...

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RBI latest Guidelines on Branch expansion and outreach among underserved areas for Banks

Corporate Law - Reserve Bank of India vide its circular dated May 18, 2017 has issued detailed guidelines on branch expansion of banks. 1. Scope These guidelines are applicable to all domestic Scheduled Commercial Banks (excluding Regional Rural Banks), Small Finance Banks, Payment Banks, and Local Area Banks. These are effective from May 18, 2017. A ...

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Prompt Corrective Action (PCA) : A Reality Check

Corporate Law - The Reserve Bank of India (RBI) has come out with a revised prompt corrective action (PCA) framework for banks, spelling out certain thresholds, the breach of which could invite resolutions such as a merger with another bank or even shutting down of the bank....

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Stressed assets in banks: Banking Regulation (Amendment) Ordinance, 2017

Corporate Law - This is a water shed moment in Indian banking when not a day passes without mentioning of how a few borrowers took the banks to unknown territory on non-recovery, reluctance on part of banking executives, particularly in nationalized banks, not to extend financing activities due to excessive zeal shown by parliament, central vigilance off...

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A Bank Should Be Something One Can “Bank” Upon

Corporate Law - I wish to try and simplify the mechanics of how a bank works, why we put our savings into banks, what does a bank do with our savings, when should we question which bank are we banking with, and why when such questions are asked en masse, is there a banking crisis and economic growth comes to a screeching halt....

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Committee to examine framework of Virtual Currencies / Bitcoins

Corporate Law - Government constitutes an Inter- Disciplinary Committee chaired by Special Secretary (Economic Affairs) to examine the existing framework with regard to Virtual Currencies. The Committee to submit its report within three months....

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RBI not authorised usage of Virtual Currencies including Bitcoins

Corporate Law - RBI has advised that it has not given any license / authorization to any entity / company to operate schemes or to deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk....

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Branches of SBBJ, SBH, SBM, SBP & SBT to operate as SBI branches

Corporate Law - All branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will function as branches of State Bank of India from April 1, 2017....

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Steps to stop dispensing of fake currency / Children Bank notes through ATMs

Corporate Law - There have been media reports regarding dispensation of Rs 2000 notes resembling a genuine note but bearing the legend Children Bank of India in place of Reserve Bank of India from Delhi, Meerut (Uttar Pradesh), Sitamarhi (Bihar) and a few other places. ...

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Rs.10 denomination plastic banknote to be reality soon

Corporate Law - Government to conduct field trial with plastic banknotes at five locations of the country; Approval for procurement of plastic substrate and printing of bank notes of Rs. 10 denomination on plastic banknote substrates conveyed to RBI It has been decided to conduct a field trial with plastic banknotes at five locations of the country. Appr...

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Unrealised loss on outstanding interest rate swaps would be allowable as business deduction

This decision is relevant to assessees following RBI guidelines for accounting for interest rates swaps. Companies which are claiming unrealised loss on outstanding interest rate swaps at the year end would find this ruling useful. While this ruling ...

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Scheme for Payment of Pension to Government Pensioners by Authorised Banks – FAQ

Reserve Bank of India monitors disbursement of pension by its agency banks in respect of all Central Government Departments (except the Department of Post) and certain State Governments. It has been receiving several queries/ complaints from pensioners in regard to fixation, calculation and payment ...

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Mere disclosure of any income or loss without disclosing particulars of income or loss cannot be said to be a full and true disclosure of facts for determining total income under IT Act

Merely because the assessee is not required to disclose the particulars of sale and purchase of units in audit report obtained under the Companies Act, it cannot be a bona fide reason or an excuse for not disclosing the same in the statement of accounts or any annexure filed along with the return of...

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Adjustment of notional royalty, for the know how transferred to Indian company, against the purchase consideration for the products manufactured for t

Robert Bosch GmbH Vs. ACIT (ITAT Bangalore) - Recently, the Bangalore bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Robert Bosch GmbH v. ACIT [2010-TII-149-ITAT-BANG-INTL] (the taxpayer) while rejecting the contention of the tax department held that the taxpayer is not expected to make royalty income with reference to...

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Gains on sale of shares allotted under cashless ESOP plan not taxable as capital gains

Mr. Bomi S. Billimoria Vs. A.C, Mumbai (ITAT Mumbai) - The Income-Tax Appellate Tribunal, Mumbai in the case of Mr. Bomi S. Billimoria vs. A.C Cir 23(1), Mumbai (ITA No.2120/Mum/1998) held that in case no payment has been made for acquiring shares under Employee Stock Option Plan, the gain on sale of said shares should not be liable to capital gains tax...

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RBI given power to fix limit for Cash Withdrawal at Counter & from ATM

S.O. 3599(E) - (30/11/2016) - Cash withdrawal from a bank account over the counter shall be such as may be specified by the Reserve Bank of India from time to time: Provided that cash withdrawal from a current account shall be such as may be specified by the Reserve Bank of India from time to time:...

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What you must know about New Rs. 500 Banknotes

Press Release : 2016-2017/1146 Dated- 08.11.2016, Press Release : 2016-2017/1196 - (13/11/2016) - The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and design elements...

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Overseas Direct Investment– Rationalization & reporting of ODI Forms

RBI//2015-16/374 A.P. (DIR Series) Circular No. 62 - (13/04/2016) - A new reporting format has also been introduced for Venture Capital Fund (VCF) / Alternate Investment Fund (AIF), Portfolio Investment and overseas investment by Mutual Funds as per the format in Annex II and Annex III. In case of reporting purchase and repurchase of ESOPs, the AD banks may continue...

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RBI relaxes mandate of Additional Factor of Authentication for small value card

Press Release : 2014-2015/2407 - (14/05/2015) - The Reserve Bank has today released the final circular on the relaxation in requirement of additional factor of authentication (AFA) for small value card present transactions for values up to ₹ 2,000/- per transaction across all merchant categories. This is in line with the ...

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RBI Policy on eligibility, empanelment & selection of Statutory Auditors for 2014-15

/08.91.008/2014-15 - (06/02/2015) - Department of Financial Services. Ministry of Finance. Government of India vide their letter NO'. F.No.1/14/2004-BOA dated November 25, 2014 has advised us that Government has decided that the work of selection and appointment of Statutory Central Auditors (SCAs) is delegated to individual Public Se...

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Recent Posts in "reserve bank of india"

Action Plan for NPA Ordinance – Sequel 2

Complementing the Ordinance on Non-Performing Assets (NPA) which originally brought a whole new breeze in the resolution space in India, RBI has come up with a press release as a further to the first step in crystallizing the concept as laid down in the Ordinance. RBI has brought a lot of changes for the purpose of implementation of the ...

Read More
Posted Under: Fema / RBI |

RBI latest Guidelines on Branch expansion and outreach among underserved areas for Banks

Reserve Bank of India vide its circular dated May 18, 2017 has issued detailed guidelines on branch expansion of banks. 1. Scope These guidelines are applicable to all domestic Scheduled Commercial Banks (excluding Regional Rural Banks), Small Finance Banks, Payment Banks, and Local Area Banks. These are effective from May 18, 2017. A ...

Read More
Posted Under: Fema / RBI |

Prompt Corrective Action (PCA) : A Reality Check

The Reserve Bank of India (RBI) has come out with a revised prompt corrective action (PCA) framework for banks, spelling out certain thresholds, the breach of which could invite resolutions such as a merger with another bank or even shutting down of the bank....

Read More
Posted Under: Fema / RBI |

Stressed assets in banks: Banking Regulation (Amendment) Ordinance, 2017

This is a water shed moment in Indian banking when not a day passes without mentioning of how a few borrowers took the banks to unknown territory on non-recovery, reluctance on part of banking executives, particularly in nationalized banks, not to extend financing activities due to excessive zeal shown by parliament, central vigilance off...

Read More
Posted Under: Fema / RBI |

A Bank Should Be Something One Can “Bank” Upon

I wish to try and simplify the mechanics of how a bank works, why we put our savings into banks, what does a bank do with our savings, when should we question which bank are we banking with, and why when such questions are asked en masse, is there a banking crisis and economic growth comes to a screeching halt....

Read More
Posted Under: Fema / RBI |

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 | ,

Committee to examine framework of Virtual Currencies / Bitcoins

Government constitutes an Inter- Disciplinary Committee chaired by Special Secretary (Economic Affairs) to examine the existing framework with regard to Virtual Currencies. The Committee to submit its report within three months....

Read More
Posted Under: Fema / RBI |

RBI not authorised usage of Virtual Currencies including Bitcoins

RBI has advised that it has not given any license / authorization to any entity / company to operate schemes or to deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk....

Read More
Posted Under: Fema / RBI |

Issues faced by Customers on increase in Minimum Average Balance by Banks on SB A/c

In fact general customers do not have any problem with any matter except when Bank raises MAB as after raising MAB, they start charging non maintenance charges i.e. in case anyone violates that requirement - which becomes very expensive for ordinary customers. ...

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Posted Under: Fema / RBI |

Branches of SBBJ, SBH, SBM, SBP & SBT to operate as SBI branches

All branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will function as branches of State Bank of India from April 1, 2017....

Read More
Posted Under: Fema / RBI |
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