reserve bank of india

Keeping in view the special funding needs of the infrastructure sector, Reserve Bank of India ("RBI") has issued a Circular (A.P. (DIR Series) Circular No. 4 dated 22 July, 2010) ' to liberalise the above refinancing restriction under a Take-out Finance Scheme. The said scheme is applicable to Indian corporates in the sea­port and airport, roads including bridges and power sectors (eligible borrowers). Full Article

In a crackdown on offshore tax evasion, American authorities have begun a criminal probe into HSBC individual account holders, who may not have disclosed their accounts in India. Indian Finance Ministry officials admitted that authorities in New Delhi "must have passed on the information to their US counterparts as part of bilateral or multilateral agreements". Full Article

Reserve Bank of India (RBI) has raised Repo and Reverse Repo rates by 25 basis points each to 5.50 percent and 4.0 percent respectively. At the same time, some liquidity management measures have been extended.These measures are expected to contain inflation and anchor inflationary expectations without hurting recovery process. Full Article

Clearing the confusion over honouring cheques with corrections, the Reserve Bank of India said this will be applicable only for cheques cleared under the image-based cheque truncation system (CTS). According to a RBI notification, this has been introduced to curtail cheque frauds on account of alterations in cheques and protect customers as well as banks. Full Article

The Income Tax department has requested the Finance Ministry to approach the authorities in Switzerland and other tax havens for details of overseas accounts of "non-residents" who invested in the Indian Premier League. The step is part of the ongoing investigations into investment of foreign funds in the IPL. Full Article

The committee constituted by the Reserve Bank of India (RBI) to look into the issue of customer service by banks to small borrowers including pensioners will hold its first meeting this month. It will submit its report within four months after the meeting. Full Article

Companies managing to evade taxes on services received from abroad, such as management consultancy and banking, now may not be able to to do so as the government is all set to plug the loopholes in the system which helped flourish the practice till now. Full Article

The central board of the Reserve Bank of India (RBI) has approved the proposal to hire specialists from outside — the first such move in the bank’s 75-year history. The first batch is likely to join the department of information and technology. Full Article