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 placed on the RBI web-site (http://www.rbi.org.in).
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 during the previous year, exceeds ten lakh rupees; and
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 day of September, 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.
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 paragraphs 8 herein, the provisions of paragraphs 4, 5, 6,9, 10(i), 10(iii) 12,13,14 and 15 shall not be applicable.
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 – Collection of Direct Taxes- OLTAS Master Circular […]
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 Remittances from India – Facilities for Residents at one place. The list of underlying circulars/notifications consolidated in this Master Circular is furnished in Appendix-1.
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 the Reserve Bank in this regard have been compiled in this Master Circular. The list of underlying circulars/notifications is furnished in Appendix.
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 authorities both in India and abroad, to make an investment in an entity outside India engaged in financial services activities. Further in terms of para B.5.3 of the Master Circular on Direct Investment in Joint Venture (JV)/Wholly owned subsidiary (WOS) abroad dated July 01, 2009 issued by Foreign Exchange Department, RBI, regulated entities in the financial sector making investments in any activity overseas are required to comply with the above regulation.
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.
