reserve bank of india

RBI rules on customer’s liability on unauthorized electronic banking transactions (Frauds)

Income Tax - On 6th July , 2017, RBI has come out with a new circular capping the liabilities of Bank customers in the event of unauthorized electronic banking transactions (put simply, frauds). The guidelines given in the circular is applicable for all Commercial banks, Small banks and payment banks in India....

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Section 8 Microfinance companies: Overview, Requirements & Registration

Income Tax - Microfinance 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. It is also known as Micro Finance Institution (MFI)....

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Action Plan for NPA Ordinance – Sequel 2

Income Tax - 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

Income Tax - 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

Income Tax - 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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RBI Can ask any bank to initiate insolvency resolution process in respect of a default

Income Tax - Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorizing RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) An Ordinance {Banking Regulation (Amendment) Or...

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RBI Committee to refer accounts for resolution under IBC 2016

Income Tax - Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective...

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

Income Tax - Government of India in consultation with RBI decides to issue Sovereign Gold Bond Scheme 2017-18– Series II; Applications for the bond will be accepted from July 10, 2017 to July 14, 2017; The Bonds will be issued on July 28, 2017. Government of India, in consultation with the Reserve Bank of India, has decided to […]...

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RBI Second Bi-monthly Monetary Policy Statement, 2017- 18

Income Tax - Since the April 2017 meeting of the MPC, global economic activity has expanded at a modest pace, supported by firming growth in major advanced economies (AEs) and in some emerging market economies (EMEs) as well. ...

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Committee to examine framework of Virtual Currencies / Bitcoins

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

J P Morgan Chase Bank Vs. ADIT (ITAT Mumbai) - 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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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

Survidhi Financial Services Ltd. Vs. ACIT (ITAT Delhi) - 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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Payment made to foreign company for outright purchase of plant and know-how cannot be considered as ‘Royalty’

CIT v. Maggronic Devices Pvt. Ltd. (Himachal Pradesh High Court) - Recently, the Himachal Pradesh High Court in the case of CIT v. Maggronic Devices Pvt. Ltd. [2009-TIOL-568-HC-HP-IT] held that payment made by the taxpayer to a Singapore company for outright purchase of plant and product knowhow cannot be considered as ‘Royalty’ within the provisions of the Inc...

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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"

RBI Can ask any bank to initiate insolvency resolution process in respect of a default

Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorizing RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) An Ordinance {Banking Regulation (Amendment) Or...

Read More
Posted Under: Fema / RBI |

RBI Committee to refer accounts for resolution under IBC 2016

Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective...

Read More
Posted Under: Fema / RBI |

RBI rules on customer’s liability on unauthorized electronic banking transactions (Frauds)

On 6th July , 2017, RBI has come out with a new circular capping the liabilities of Bank customers in the event of unauthorized electronic banking transactions (put simply, frauds). The guidelines given in the circular is applicable for all Commercial banks, Small banks and payment banks in India....

Read More
Posted Under: Fema / RBI |

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

Government of India in consultation with RBI decides to issue Sovereign Gold Bond Scheme 2017-18– Series II; Applications for the bond will be accepted from July 10, 2017 to July 14, 2017; The Bonds will be issued on July 28, 2017. Government of India, in consultation with the Reserve Bank of India, has decided to […]...

Read More
Posted Under: Fema / RBI |

RBI Second Bi-monthly Monetary Policy Statement, 2017- 18

Press Release : 2016-2017/3304 (07/06/2017)

Since the April 2017 meeting of the MPC, global economic activity has expanded at a modest pace, supported by firming growth in major advanced economies (AEs) and in some emerging market economies (EMEs) as well. ...

Read More
Posted Under: Fema / RBI |

Section 8 Microfinance companies: Overview, Requirements & Registration

Microfinance 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. It is also known as Micro Finance Institution (MFI)....

Read More
Posted Under: Fema / RBI |

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...

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Posted Under: Fema / RBI |
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