With a view to maintain orderly conditions in the domestic foreign exchange market and based on the recommendation from RBI, it has been decided to enhance the gross open position limits for bank stock brokers as authorized by RBI.
General Circular No. 2/2016 Reference is invited to General Circular No. 13/2013 wherein, in paragraph 2, it has been clarified that ‘as per section 5 of LLP Act, 2008 only an individual or body corporate may be a partner in a Limited Liability Partnership. A HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its Karta cannot become partner or designated partner in LLP’.
CIRCULAR No. CIR/CDMRD/DMP/2/2016 With a view to curb the speculative participation and consequent volatility in prices of agricultural commodities derivatives, the following have been decided: a. Reduction in Daily Price Limits (DPL): i. DPL for agricultural commodity derivatives contracts shall be revised as given below:
Coupons must be paid out of distributable items. In this context, coupon may be paid out of current year profits. However, if current year profits are not sufficient, coupon may be paid subject to availability of sufficient revenue reserves (those which are not created for specific purposes by a bank) and / or credit balance in profit and loss account, if any.
FIDD.FLC.BC.No.18/12.01.018/2015-16 Subsequent to the financial inclusion efforts by RBI and opening of accounts by banks through the PMJDY, considerable ground has been covered in the field of financial inclusion. Going forward, the focus is going to be on keeping the already opened accounts active. Financial literacy is central to this in the coming years as it enables consumers to understand the benefits of formal products and providers and to make choices that fit their needs and represent good value for money.
As it has been advised by the Government of India that i) the ‘OCCI’ has been renamed as ‘Project Export Promotion Council’ (PEPC) and ii) civil construction contracts may include turnkey engineering contracts, process and engineering consultancy services and Project construction items (excluding steel & Cement) along with civil construction contracts, it has been decided to make the necessary changes in Memorandum of Instructions on Project and Service Exports (PEM) accordingly.
with a view to providing operational freedom to banks, it is advised that banks are now free to offer all their products and services through the ATM channels provided the technology permits the same, and adequate checks are put in place to prevent the channel from being misused to perpetuate frauds on the banks/other genuine customers.
FIDD.CO.LBS.BC. No.17/02.01.001/2015-16 in view of the Hon’ble Supreme Court of India’s interim orders dated August 11, 2015 and October 15, 2015 (W.P. ( c ) No. 494 of 2012) on usages of Aadhaar, it is hereby clarified that use of Aadhaar Card and seeding of bank accounts with Aadhaar numbers is purely voluntary and it is not mandatory.
Government of India has vide its Notification F.No. 4(19)-W&M/2014 dated January 14, 2016 announced that the Sovereign Gold Bonds, 2016 will be open for subscription from January 18, 2016 to January 22, 2016. The Government of India may, with prior notice, close the Scheme before the specified period. The terms and conditions of the issuance of the Bonds shall be as follows:
A review of the implementation of the aforesaid directions by the Reserve Bank of India (RBI) revealed that banks had not made a significant progress in this regard. The banks also pointed out a number of challenges in implementation of these directions and requested for greater clarity on their scope. Consequently, the RBI constituted a working group with members from within RBI, NABARD, banks and credit information companies (CICs), to study the implementation challenges and suggest measures to address them.
