Master Circular DBOD.No.Dir.BC. 4/13.03.00/2012-13 -
(02/07/2012) -
This Master Circular provides a framework of the rules/regulations/instructions issued to Scheduled Commercial Banks on statutory and other restrictions on loans and advances. Banks should implement these instructions and adopt adequate safeguards in order to ensure that the banking activities undertaken by them are run on sound, prudent ...
Read More
MASTER CIRCULAR DBOD.BP.BC NO.14/21.04.018/2012-13 -
(02/07/2012) -
Please refer to the Master Circular DBOD.BP.BC.No.16/21.04.018/2011-12 dated July 1, 2011 consolidating all operative instructions issued to banks till June 30, 2011 on matters relating to disclosures in the 'Notes to Accounts' to the Financial Statements. The Master Circular has now been suitably updated by incorporating instructions iss...
Read More
MASTER CIRCULAR DNBS (PD) CC NO. 284/03.02.001/2012-13 -
(02/07/2012) -
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated Circulars/notifications. The instructions contained in the Notification No.DNBC.39/DG(H)-77 dated 20th June 1977 updated as on June 30, 2012 is enclosed. The updated notification has also been placed on the RBI...
Read More
MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 13/23.11.001/2012-13 -
(02/07/2012) -
Quoted investments for each category shall be valued at cost or market value whichever is lower. For this purpose, the investments in each category shall be considered scrip-wise and the cost and market value aggregated for all investments in each category. If the aggregate market value for the category is less than the aggregate cost for...
Read More
MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 12/23.11.001/2012-13 -
(02/07/2012) -
The Reserve Bank of India may, if it considers it necessary for avoiding any hardship or for any other just and sufficient reason, grant extension of time to comply with or exempt any mortgage guarantee company or class of mortgage guarantee companies, from all or any of the provisions of these instructions either generally or for any spe...
Read More
Master Circular DNBS (PD) CC No.285/03.10.42/2012-13 -
(02/07/2012) -
NBFCs were advised to follow certain customer identification procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority. These 'Know Your Customer' guidelines have been revisited in the context of the Recommendations made by the Financial Action Task Force ...
Read More
MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 11/ 23.11.001/2012-13 -
(02/07/2012) -
Registration with the Reserve Bank of India - 3. A mortgage guarantee company shall commence the business of providing mortgage guarantee after - (a) obtaining a certificate of registration from the Reserve Bank of India; and (b) having a net owned fund of one hundred crore rupees or such other higher amount, as the Reserve Bank of Indi...
Read More
Corrigendum Notification [F. No. 334/01/2012- TRU]-Service Tax -
(02/07/2012) -
Notification [F. No. 334/01/2012- TRU], dated 2-7-2012 - In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2012-Service Tax, dated the 20th June, 2012 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 478 (E), dated the 20th Jun...
Read More
MASTER CIRCULAR NO. 11/2012-13 -
(02/07/2012) -
Direct investments by residents in Joint Venture (JV) and Wholly Owned Subsidiary (WOS) abroad are being allowed, in terms of clause (a) of sub-section (3) of section 6 of the Foreign Exchange Management Act, 1999, (42 of 1999) read with Notification No. FEMA 120/RB-2004, dated July 7, 2004, (GSR 757(E), dated November 19, 2004), viz., Fo...
Read More
Notification No. 5 (RE-2012)/2009-2014 -
(02/07/2012) -
Notification No. 5 (RE-2012)/2009-2014 Export of Handmade Woolen Carpets, Handicraft items and Silk items etc. (details given above) shall not be permitted on the basis of Documents against Acceptance (D/A) except when covered by (a) Guarantee from Bank or ECGC or (b) made to own Subsidiaries etc. ...
Read More
Notification No.04 (RE-2012)/2009-2014 -
(02/07/2012) -
Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionary/ food preparations with milk or milk solids as an ingredient) from China is further extended till 23.6.2013 or until further orders, whichever is earlier. ...
Read More
MASTER CIRCULAR DNBS (PD) CC NO. 278/03.02.001/ 2011-12 -
(02/07/2012) -
These Directions shall be known as the Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007. (2) These Directions shall come into force with immediate effect....
Read More
Master Circular DNBS (PD) CC No. 291/03.02.001/2012-13 -
(02/07/2012) -
The Bank had announced in the Annual Policy 2010-2011 that companies which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and also do not carry on any other financial activity, i.e., Core Investment Companies, (CICs), justifiably deserve a differential treatment in the re...
Read More
MASTER CIRCULAR DNBS.PD.CC.NO.282/03.10.042/2012-13 -
(02/07/2012) -
NBFCs are required to submit various returns to RBI w.r.t their deposit acceptance, prudential norms compliance, ALM etc. Detailed instructions regarding submission of returns by NBFCs have been issued through various company circulars. A list of such returns to be submitted by NBFCs-D, NBFCs-ND-SI and others is as under:...
Read More
CIT Vs Sandan Vikas (India) Ltd. (Delhi High Court) -
The Gujarat High Court in CIT v. Claris Lifesciences Ltd. [2010] 326 ITR 251/[2008] 174 Taxman 113 detailed in no uncertain terms that the cut-off date mentioned in the certificate issued by the DSIR would be of no relevance. What is to be seen is that the assessee was indulging in R&D activity and had incurred the expenditure thereupon. ...
Read More
Master Circular No. 15/2012-13 -
(02/07/2012) -
Foreign investment in India is governed by sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. The regulatory framework and instructions issued by the Reserve Bank have been compiled in this Master Circular. The list of underl...
Read More
Export of Goods and Services Master Circular No. 14 /2012-13 -
(02/07/2012) -
Export of Goods and Services from India is allowed in terms of clause (a) of sub-section (1) and sub-section (3) of Section 7 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account) Rules, 2000, as amended from time to time....
Read More
Commissioner of Wealth-tax Vs H.P. Small Industries & Export Corp. (Himachal Pradesh High Court) -
The words 'belonging to' have to be read along with the Explanation of section 4 and under this Explanation the expression 'transfer' includes any agreement or arrangement. The assessee, in the instant case, was allotted the land by the State Government. It constructed sheds thereupon and rented out the same and derived income therefrom. ...
Read More
Master Circular DNBS(PD).CC.No.290/03.02.001/2012-13 -
(02/07/2012) -
It was decided to introduce an ALM System for the Non-Banking Financial Companies (NBFCs), as part of their overall system for effective risk management in their various portfolios. The abovementioned guidelines would be applicable to all the NBFCs irrespective of whether they are accepting/holding public deposits or not. However to begin...
Read More
Master Circular DNBS (PD) CC. No. 30/SCRC/26.03.001/2012-2013 -
(02/07/2012) -
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications. A gist of circulars issued by the Bank to Securitisation Companies/Reconstruction Companies updated as on June 30, 2012 is given in the Annex. The detailed circulars have also been plac...
Read More
PRESS RELEASE [NO. 402/92/2006-MC (12 OF 2012)] -
(02/07/2012) -
Central Board of Direct Taxes (CBDT) has issued a notification S.O. 626(E) dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for - an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act durin...
Read More
Notification No. 43/2012-Service Tax -
(02/07/2012) -
Notification No. 43/2012-St Govt. exempts the taxable services of the description mentioned in the Table below, provided by the Indian Railways from the whole of service tax leviable thereon under section 66B of the said Act, with effect from the date of publication of this notification in the Official Gazette, upto and including the 30th...
Read More
Master Circular DNBS (PD) CC. No. 29/SCRC/26.03.001/2012-2013 -
(02/07/2012) -
These guidelines shall be known as The Change in or Take Over of the Management of the business of the borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines, 2010....
Read More
Shree Cement Ltd. Vs State of Rajasthan (Rajasthan High Court) -
Another caveat on legislative practices, particularly subordinate legislation and executive policy decisions and the decision making process, which is amenable to judicial review by courts is that, it is high time that subordinate legislations in the form of notifications issued by Executive should give the preamble, context, brief reason...
Read More
Master Circular DNBS (PD) CC. No. 28/SCRC/26.03.001/2012-2013 -
(02/07/2012) -
The provisions of these guidelines and directions shall apply to Securitisation Companies or Reconstruction Companies registered with the Reserve Bank of India under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. However, in respect of the trust/s mentioned in paragra...
Read More
Master Circular – Use of Hindi in Banks Master Circular – Operational Guidelines to Primary Dealers Master Circular- Disbursement of Pension by Agency Banks Master Circular – Lending to Micro, Small & Medium Enterprises (MSME) Sector Master Circular – Detection and Impounding of Counterfeit Notes Master Circular – Co...
Read More
Master Circular No. 6/2012-13 -
(02/07/2012) -
Miscellaneous remittance facilities for residents are allowed in terms of section 5 of the Foreign Exchange Management Act, 1999, read with Government of India Notification No. G.S.R 381(E), dated May 3, 2000, as amended from time to time. 2. This Master Circular consolidates the existing instructions on the subject of Miscellaneous Remit...
Read More
Master Circular No. 4/2012-13 -
(02/07/2012) -
Acquisition and transfer of immovable property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin is regulated in terms of sub-sections (3), (4) and (5) of section 6 of the Foreign Exchange Management Act, 1999, read with Notification No. FEMA 21/ 2000-RB, dated May 3, 2000. The regulatory framework and instructions issued by th...
Read More
MASTER CIRCULAR DNBS (PD) CC NO.292/03.02.001/2012-1 -
(02/07/2012) -
Overseas Investment by NBFCs- No Objection (NoC) from DNBS, RBI - NBFCs were advised to refer to Regulation No. 7 of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2004, dated July 07, 2004, in terms of which an Indian party requires prior approval of the concerned regulatory authoriti...
Read More
Master Circular No. 3/2012-13 -
(02/07/2012) -
This Master Circular consolidates the existing instructions on the subject of "Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses" at one place. The list of underlying circulars/ notifications is set out in the Appendix....
Read More
Master Circular No. 2/2012-13 -
(02/07/2012) -
The acceptance of deposits by an Authorised Dealer/Authorised bank from persons resident outside India are regulated by the provisions of sub-sections (1) and (2) of section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification No.5/2000 RB, dated May 3, 2000, as amended from time to time....
Read More
Master Circular No. 1/2012-13 -
(02/07/2012) -
Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible. No outward remittance from India is p...
Read More
Master Circular DNBS (PD) CC No. 289/03.10.001/2012-13 -
(02/07/2012) -
1. Financial Regulation of Systemically Important NBFCs and Banks' Relationship with them The Reserve Bank of India had set up an Internal Group to examine the issues relating to level playing field, regulatory convergence and regulatory arbitrage in the financial sector. Based on the recommendations of the Internal Group and on the basis...
Read More
Master Circular DNBS (PD) CC No. 286/03.10.042/2012-13 -
(02/07/2012) -
The Reserve Bank vide its circular dated September 28, 2006, issued guidelines on Fair Practices Code (FPC) for all NBFCs to be adopted by them while doing lending business. The guidelines inter alia, covered general principles on adequate disclosures on the terms and conditions of a loan and also adopting a non-coercive recovery method.1...
Read More
Master Circular DNBS.PD. CC.No.282/03.02.004/2012-13 -
(02/07/2012) -
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India had issued a Master Circular No. 228 on the captioned subject, which is now updated up to 30th June 2012. It may be noted that the Master Circular consolidates and updates all the instructions contained in the notifications l...
Read More
Master Circular DNBS (PD) CC No 277/03.02.001/2012-13 -
(02/07/2012) -
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated Circulars/notifications. The instructions contained in the Notification No.DFC.118/DG (SPT)-98 dated January 31, 1998 updated as on June 30, 2012 are reproduced below. The updated Notification has also been pla...
Read More
MASTER CIRCULAR DNBS (PD) CC No. 287/03.10.001/2012-13 -
(02/07/2012) -
In the statement of Monetary and Credit Policy for the year 2000-2001 announced by our Governor on April 27, 2000 it was indicated, inter alia, that the guidelines for entry of NBFCs into insurance business would be announced. Accordingly, the Bank issued on June 9, 2000 the final guidelines after taking into account the views/suggestions...
Read More
Master Circular DNBS (PD) CC No. 288/03.10.001/2012-13 -
(02/07/2012) -
As it is evident, the need for good corporate governance has been gaining increased emphasis over the years. Globally, companies are adopting best corporate practices to increase the investors confidence as also that of other stakeholders. Corporate Governance is the key to protecting the interests of the stake-holders in the corporate se...
Read More
Master Circular DNBS (PD) CC No. 280/03.02.001/2012-13 -
(02/07/2012) -
Matters to be included in the Auditor's report - The auditor's report on the accounts of a non-banking financial company shall include a statement on the following matters, namely: -(A) In the case of all Non-Banking Financial Companies
I. Whether the company is engaged in the business of non-banking financial institution and whether i...
Read More
MASTER CIRCULAR NO.5 /2012-13 -
(02/07/2012) -
Foreign Exchange Derivative Contracts, Overseas Commodity & Freight Hedging, Rupee Accounts of Non-Resident Banks, Inter-Bank Foreign Exchange Dealings, etc. are governed by the provisions in Notification No. FEMA 1/2000-RB, Regulation 4(2) of Notification No. FEMA 3/RB-2000 and Notification No. FEMA 25/RB-2000 dated May 3, 2000 and subse...
Read More
MASTER CIRCULAR DNBS.PD.CC. NO.283/03.10.042/2012-13 -
(02/07/2012) -
Incidence of frauds in NBFCs is a matter of concern. While the primary responsibility for preventing frauds lies with NBFCs themselves, a reporting system for frauds is prescribed in the following paragraphs, which may be adopted by NBFCs, both NBFCs-D and NBFCs-ND-SI(NBFCs with asset size of Rs. 100 crore and above)1....
Read More
MASTER CIRCULAR NO.13/2012-13 -
(02/07/2012) -
I banks should ensure that due diligence is undertaken and Know Your Customer (KYC) norms and Anti-Money Laundering (AML) guidelines, issued by the Reserve Bank are adhered to while undertaking import of the metals and rough, cut and polished diamonds. Further, any large or abnormal increase in the volume of business should be closely ex...
Read More
Master Circular DNBS.(PD)CC.No.293/03.10.38/2011 -
(02/07/2012) -
As indicated in the Second Quarter Review of Monetary Policy in November 2010, a Sub-Committee of the Central Board of the Reserve Bank (Chairman: Shri Y. H. Malegam) was constituted to study issues and concerns in the MFI sector. The Committee submitted its report in January 2011. In the Monetary Policy Statement 2011-12, it was announce...
Read More
MASTER CIRCULAR NO. 12/2012-13 -
(02/07/2012) -
External Commercial Borrowings and Trade Credits availed of by residents are governed by clause (d) of sub-section (3) of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 3/2000-RB viz. Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, dated May 3, 2000, as amen...
Read More
Master Circular No. 7/2012-13 -
(02/07/2012) -
Establishment of Branch/Liaison/Project Offices in India is regulated in terms of section 6(6) of Foreign Exchange Management Act, 1999 read with Notification No. FEMA 22/ 2000-RB dated May 3, 2000 as amended from time to time. 2. This Master Circular consolidates the existing instructions on the subject of "Establishment of Branch/Liais...
Read More
Office Order -
(02/07/2012) -
Office Order ( Transfer and Postings in the cadre of Asst./Deputy Director of Income Tax Under various Directorates of International Taxation)
Download the Order...
Read More
RBI/2012-13/35 DNBS (PD) CC No. 284/03.02.001/2012-13 -
(02/07/2012) -
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated Circulars / notifications. The instructions contained in the Notification No.DNBC.39/DG(H)-77 dated 20th June 1977 updated as on June 30, 2012 is enclosed. The updated notification has also been placed on the R...
Read More
RBI/2012-13/37 DNBS (PD) CC No. 279/03.02.001/2012-13 -
(02/07/2012) -
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars / notifications. The instructions contained in the Notification No. DNBS. 193 DG(VL)-2007 dated February 22 , 2007 updated as on June 30, 2012 are reproduced below. The updated notification has also b...
Read More
RBI/2012-13/109 RPCD CO. RRB. BC. No.10/03.05.033/2012-13 -
(02/07/2012) -
As per extant guidelines in order to determine the rupee equivalent liability under FCNR (B) Scheme for the purpose of Cash Reserve Ratio (CRR), Regional Rural Banks (RRBs) may use the FEDAI indicative rate for all the four major currencies (viz. US dollar, GBP, Japanese Yen, and DM/Euro) on relevant reporting Friday which is available at...
Read More
Notification No. 25/2012-Income Tax -
(02/07/2012) -
Notification No. 25/2012-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (7th Amendment) Rules, 2012. (2) They sh...
Read More
MASTER CIRCULAR NO. 8/2012-13 -
(02/07/2012) -
Remittance facilities for Non-Residents /Persons of Indian Origin /Foreign Nationals are being governed by sub-section (1) and (2) of section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification No.13/2000-RB and FEMA Notification No. 21/2000-RB dated May 3, 2000, as amended from time to time.
...
Read More
MASTER CIRCULAR NO. 9/2012-13 -
(02/07/2012) -
The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999. 2. This Master Circular consolidates the existing instructions on the subject of Compoundi...
Read More
Master Circular No. 10/2012-13 -
(02/07/2012) -
This Master Circular consolidates the existing instructions on the subject of Memorandum of Instructions governing money changing activities at one place. The list of underlying circulars/notifications is set out in Appendix. 2. This Master Circular is being issued with a sunset clause. It will stand withdrawn on July 1, 2013 and would be...
Read More
Circular No. 10T of 2011. -
(02/07/2012) -
Circular No. 10T of 2011. The State Government has issued a Government Resolution referred above providing administrative relief for the period 1st April 2005 to 31st December 2010 to the dealers who have collected and paid tax in respect of duty paid scrips which were tax-free prior to 1st January 2011 under the Maharashtra Value Added T...
Read More
