Fema / RBI

Indian Visa Requirements for Japanese Nationals

Under Indian law, the legal rights and the restrictions imposed on Japanese nationals depend on whether they are categorized as residents or non-residents. Entry into India generally requires a valid visa granted by an Indian Mission (that is, consulate of the Indian embassy) abroad. Furthermore, foreign nationals who enter India must reg...

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RBI’s latest Liquidity Risk Management guidelines for NBFCs

RBI’s latest Liquidity Risk Management guidelines for Non-Banking Financial Companies (NBFCs) RBI in its wisdom issued detailed guidelines on liquidity risk management for NBFCs on November 4, 2019 with non-deposit taking NBFCs with asset size of Rs. 100 Crore and above, systematically important Core investment companies and all deposit...

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FAQs- NRI Life Insurance

Q.1 Who is an NRI? Ans. An Indian residing abroad is generally known as Non-Resident Indian (NRI). Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin. NRI also includes the Person of Indian Origin (PIO). PIO is a person, who at any […]...

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Investment in India by NRI- FAQs

Q.1 Who is a non-resident Indian (NRI)? Ans: An Indian residing abroad is generally known as Non-Resident Indian (NRI). NRI is defined under the Foreign Exchange Management Act, 1999 (FEMA) and the Income Tax Act, 1961 and for the purpose of the respective laws. NRI as per FEMA- Non-Resident Indian (NRI) means a person resident […]...

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Entry Routes to India

India is one of the world’s most attractive destinations for international investors. India, being the world’s seventh- largest economy, has everything to attract the international investors. This articles is a brief introductory guide for the overseas enterprises considering the expansion of their activities in India and the ...

Read More

Steps taken for Prevention of Fraudulent Banking Practices

. Government has issued Framework for timely detection, reporting, investigation etc. relating to large value bank frauds to Public Sector Banks (PSBs) for systemic and comprehensive checking of legacy stock of their non-performing assets (NPAs), which provides, inter-alia, that—...

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CBI Searches At 187 Places in bank fraud cases of Rs. 7200 Crore

CBI has registered around 42 cases of bank frauds involving Rs. 7200 crore (approx.). The banks involved (including consortium members) are Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, SBI, Allahabad Bank, Canara Bank, Dena Bank, Punjab & Sind Bank, Punjab National Bank, Central Bank of India, Union Bank of India, IDBI Ba...

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RBI supersedes Board of PMCB Bank Ltd. Mumbai

RBI vide its order dated 23rd September, 2019 superseded the Board of Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and Shri Jai Bhagwan Bhoria has been appointed as the Administrator of the bank by RBI with all the powers of the Board....

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Draft RBI Guidelines for ‘on tap’ Licensing of Small Finance Banks in Private Sector

Reserve Bank of India Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector September 13, 2019 I. Introduction The Reserve Bank had issued the Guidelines for Licensing of ‘Small Finance Banks‘ in  the Private Sector on November 27, 2014. The process of licensing culminated in granting in-pri...

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Trade War: Is it a prelude to deglobalisation?

The forex market is unique in several ways. A foreign currency is essentially a commodity outside its jurisdiction and therefore has attributes of an asset. But the exchange rate, the price of the foreign currency normalised to the home currency is an important macroeconomic variable that ought to be determined by economic fundamentals an...

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Banks cannot claim from Customers amount Lost by them due to Online Fraud

Tony Enterprises Vs RBI (Kerala High Court) - Bank cannot claim any amount from the customer when a transaction is shown to be a 'disputed transaction'. The bank can recover from the customers only when it can unequivocally prove that the customer was responsible for such transaction, independently through the civil court. The RBI guidelines is...

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Gujarat HC explains Limitation period to challenge possession under SARFAESI Act

Manglesh Champaklal Gandhi Vs Aditya Birla Finance Ltd. (Gujarat High Court) - Manglesh Champaklal Gandhi Vs Aditya Birla Finance Ltd. (Gujarat High Court) It is clear that on reading the provisions of Section 13(4) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 with Rule 8 of Security Interest (Enforcement) Rules, 2002,...

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RBI’s circular directing bank to take recourse to IBC is ultra vires to section 35AA

Dharani Sugars And Chemicals Ltd. Vs Union of India & Ors. (Supreme Court of India) - Hon'ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC)  is ultra vires to Section 35AA of the Banking Regulation Act....

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No advocate / chartered accountants can represent willful defaulter

Revati Cements Pvt. Ltd & Anr. Vs State Bank of India & Ors. (Madhya Pradesh HC) - Assessee-company being a ‘willful defaulter’ could not be represented through the lawyers or Chartered Accountants as the personal hearing was available only to borrower Director and Promoter of the alleged default unit....

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Civil Suit not Maintainable after initiation of SARFAESI Proceedings: SC

M/s Sree Anandhakumar Mills LTD. Vs M/s Indian Overseas Bank & ORS. (Supreme Court of India) - Though the case has a chequered history and the facts are long the matter lies within a short compass. The core question is one relating to the maintainability of the suit, viz., O.S. No.106 of 2009 filed by the second respondent – Nandini seeking partition wherein the order of injunction was pas...

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RBI superseded DHFL Board, May Initiate Resolution Process under IBC

Press Release: 2019-2020/1230-RBI - (20/11/2019) - Reserve Bank superseded the Board of Directors of DHFL owing to governance concerns and defaults by DHFL in meeting various payment obligations. Shri R. Subramaniakumar, ex-MD and CEO of Indian Overseas Bank has been appointed as the Administrator under Section 45-IE (2) of the Act....

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RBI withdraws exemption granted to Housing Finance NBFCs

Notification No. DOR. 047/CGM (MM)-2019 - (19/11/2019) - RBI withdraws the notification granting exemption to Non-Banking Financial Companies which are Housing Finance Institutions as defined in clause (d) of section 2 of the National Housing Bank Act, 1987 (Act 53 of 1987) from the provisions of Chapter IIIB of the Act, except its application to section ...

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RBI guidelines on criteria for registering for grant of financial assistance from Depositor Education and Awareness Fund

Press Release: 2019-2020/1183 - RBI releases guidelines on the criteria for registering institutions, organisations and associations ‘on tap’ for grant of financial assistance from the Depositor Education and Awareness Fund...

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PML (Maintenance of Records) Fifth Amendment Rules, 2019

Notification No. G.S.R. 840(E) - (13/11/2019) - Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2019. notification is with regard to easing of Aadhaar KYC use for opening of the bank account for the convenience of people who often migrate from place to place for jobs or any other reason and it is not regarding the c...

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RBI withdraws exemptions granted to Housing Finance Institutions

RBI/2019-20/98 DOR NBFC (PD) CC.No.105/03.10.136/2019-20 - (11/11/2019) - Housing Finance Institutions as defined under Clause (d) of Section 2 of the National Housing Bank Act, 1987 are currently exempt from the provisions of Chapter IIIB of Reserve Bank of India Act, 1934. On a review, it has been decided to withdraw these exemptions and make the provisions of Chapter I...

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Recent Posts in "Fema / RBI"

Indian Visa Requirements for Japanese Nationals

Under Indian law, the legal rights and the restrictions imposed on Japanese nationals depend on whether they are categorized as residents or non-residents. Entry into India generally requires a valid visa granted by an Indian Mission (that is, consulate of the Indian embassy) abroad. Furthermore, foreign nationals who enter India must reg...

Read More
Posted Under: Fema / RBI |

RBI superseded DHFL Board, May Initiate Resolution Process under IBC

Press Release: 2019-2020/1230-RBI (20/11/2019)

Reserve Bank superseded the Board of Directors of DHFL owing to governance concerns and defaults by DHFL in meeting various payment obligations. Shri R. Subramaniakumar, ex-MD and CEO of Indian Overseas Bank has been appointed as the Administrator under Section 45-IE (2) of the Act....

Read More

Steps taken for Prevention of Fraudulent Banking Practices

. Government has issued Framework for timely detection, reporting, investigation etc. relating to large value bank frauds to Public Sector Banks (PSBs) for systemic and comprehensive checking of legacy stock of their non-performing assets (NPAs), which provides, inter-alia, that—...

Read More
Posted Under: Fema / RBI |

RBI withdraws exemption granted to Housing Finance NBFCs

Notification No. DOR. 047/CGM (MM)-2019 (19/11/2019)

RBI withdraws the notification granting exemption to Non-Banking Financial Companies which are Housing Finance Institutions as defined in clause (d) of section 2 of the National Housing Bank Act, 1987 (Act 53 of 1987) from the provisions of Chapter IIIB of the Act, except its application to section 45-IA of the Act. RESERVE BANK OF [&hell...

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RBI guidelines on criteria for registering for grant of financial assistance from Depositor Education and Awareness Fund

Press Release: 2019-2020/1183

RBI releases guidelines on the criteria for registering institutions, organisations and associations ‘on tap’ for grant of financial assistance from the Depositor Education and Awareness Fund...

Read More

RBI’s latest Liquidity Risk Management guidelines for NBFCs

RBI’s latest Liquidity Risk Management guidelines for Non-Banking Financial Companies (NBFCs) RBI in its wisdom issued detailed guidelines on liquidity risk management for NBFCs on November 4, 2019 with non-deposit taking NBFCs with asset size of Rs. 100 Crore and above, systematically important Core investment companies and all deposit...

Read More
Posted Under: Fema / RBI |

PML (Maintenance of Records) Fifth Amendment Rules, 2019

Notification No. G.S.R. 840(E) (13/11/2019)

Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2019. notification is with regard to easing of Aadhaar KYC use for opening of the bank account for the convenience of people who often migrate from place to place for jobs or any other reason and it is not regarding the change of address in Aadhaar […]...

Read More

FAQs- NRI Life Insurance

Q.1 Who is an NRI? Ans. An Indian residing abroad is generally known as Non-Resident Indian (NRI). Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin. NRI also includes the Person of Indian Origin (PIO). PIO is a person, who at any […]...

Read More
Posted Under: Fema / RBI |

Investment in India by NRI- FAQs

Q.1 Who is a non-resident Indian (NRI)? Ans: An Indian residing abroad is generally known as Non-Resident Indian (NRI). NRI is defined under the Foreign Exchange Management Act, 1999 (FEMA) and the Income Tax Act, 1961 and for the purpose of the respective laws. NRI as per FEMA- Non-Resident Indian (NRI) means a person resident […]...

Read More
Posted Under: Fema / RBI |

Entry Routes to India

India is one of the world’s most attractive destinations for international investors. India, being the world’s seventh- largest economy, has everything to attract the international investors. This articles is a brief introductory guide for the overseas enterprises considering the expansion of their activities in India and the ...

Read More
Posted Under: Fema / RBI |

Latest RBI / FEMA News

Check out all the latest news on RBI together with all the important RBI notifications, RBI circulars, RBI rates including top stories on FEMA Act and FEMA Regulations only at Taxguru.com The RBI (Reserve Bank of India) is India's Apex bank which governs the banking regulations in the country and controls all the monetary policies of the country. It began its operations 1st of April 1935 at the time of British Rule as per the provisions laid down in the Reserve Bank of India Act, 1934. After India's independence on 15th August 1947, the Reserve Bank of India was nationalized on 1st January 1949. Reserve Bank of India is an independent monetary authority that regulates banks and offers important financial services such as controlling inflation, maintaining foreign exchange reserves, and providing monetary policy report. It plays a significant role in developing strategies of the Indian Government. The FEMA Act (Foreign Exchange Management Act) is an Act constituted by the Indian Parliament for consolidating and amending the law related to foreign exchange for facilitating the external trade and payments and also for encouraging orderly maintenance and development of foreign exchange market in the country. This act was passed in the year 1999 during the winter session which replaced the previous Foreign Exchange Regulation Act (FERA). The FEMA Regulations makes offenses with respect to foreign exchange civil offenses.This Act extends and is applicable for the entire nation. FEMA Act allowed a new regime for foreign exchange management that is consistent with the World Trade Organization’s emerging framework. At Taxguru, we provide you with all the RBI latest news, RBI circulars, RBI notifications and all the updates with respect to FEMA Act and FEMA regulations. We keep you posted with all the latest updates on RBI rates and RBI rate charts. At Taxguru, our team ensures we publish all the latest RBI news. Bookmark us to get all the latest news on RBI and FEMA.