Fema / RBI

Why Neo Banks are the need of the hour?

Addressing the Need-gaps: Why Neo Banks? Today, customer expectations and behaviors have changed dramatically. Banks haven’t. Simply put, the global banking sector has fallen short in keeping up with customer needs. ...

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Reserve Bank of India (Digital Payment Security Controls) directions, 2021

Reserve Bank of India vide its statutory powers vested has issued the above directions which are applicable to all scheduled commercial banks (excluding Regional Rural Banks), Small finance banks, Payments banks and Credit card issuing NBFCs. They are reproduced from their website as under for those who intend referring to these complex t...

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Establishment of Project Office in India by Foreign Company

Setting up a project office in India is most preferred mode by a Foreign Company for executing contracts in India, awarded to it by Indian Companies. Establishment of Project Office is regulated by Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business)...

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FAQs on Compliance functions in banks & Role of CCO

As per Para 2.1, the compliance function is expected to ensure compliance to all applicable statutory provisions, apart from other rules, regulations and code of conducts. As different groups/departments in the banks are responsible to ensure compliance to different statutory requirements, what would be the exact expectations from the com...

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Budget Remedy for Non-Performing Assets (NPA)

THE IDEA OF BAD BANK BY WAY OF ASSET RECONSTRUCTION COMPANY (ARC) Governor of Reserve Bank of India Shaktikanta Das during the question-and-answer session at the 39th Palkhivala Memorial Lecture said, ‘If there is a proposal to set up a bad bank, the RBI will look at it’. The Union Budget presented on 1st February […]...

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FDI equity inflow grew by 40% in first 9 months of F.Y. 2020-21

India has attracted total FDI inflow of US$ 67.54 billion during April to December 2020. It is the highest ever for the first ninth months of a financial year and 22% higher as compared to the first ninth months of 2019-20 (US$ 55.14 billion)....

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Embargo lifted on grant of Government Business to Private Banks

The Government has lifted the embargo on private sector banks (only a few were permitted earlier) for the conduct of Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc....

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FCRA Charter For Chartered Accountants

Charter For The Chartered Accountants Since the Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) is dealing with national security, associations are required to exercise extreme care and caution in utilising foreign contribution. 2. Chartered Accountants (CAs) examine and audit all relevant books of accounts and Bills and vouchers...

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FDI Limit in Insurance Sector Increased from 49% to 74%

Smt. Nirmala Sitharaman announced that the Government will amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards....

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Charter for Associations Applying for Prior Permission/Registration under FCRA, 2010

CHARTER FOR ASSOCIATIONS APPLYING FOR GRANT OF PRIOR PERMISSION /REGISTRATION UNDER THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010. ♣ With a view to streamlining the procedures and ensuring effective enforcement and compliance, the Foreign Contribution (Regulation) Act, 2010 has been further amended on 28th September, 2020. Accordingly...

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SC Lays Down Guidelines for Operation & Safety of Lockers

Amitabha Dasgupta Vs United Bank of India & Ors.  (Supreme Court Of India) - Amitabha Dasgupta Vs United Bank of India & Ors.  (Supreme Court Of India) Hon’ble SC held atht irrespective of the value of the articles placed inside the locker, the bank is under a separate obligation to ensure that proper procedures are followed while allotting and operating the...

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In absence of nexus between Criminal Activity & Property acquired PMLA provisions cannot be invoked

R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court) - R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court) From a reading of Section 2(u) of the PML Act which defines the expression “proceeds of crime”, it is limpid that the profit derived or obtained must be a result of a criminal activity which relates to a schedule...

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Freezing of bank accounts under PMLA without compliance of law was not valid

OPTO Circuit India Ltd. Vs Axis Bank & Ors. (Supreme Court) - Since freezing of bank account due to initiation of proceedings under PMLA has been done without due compliance of law, it was necessary to direct to defreeze the respective accounts and clear the cheques issued by assessee, drawn in favour of the Competent Authority towards the ITDS, PF, ESI, Profe...

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Property purchased from Salary income cannot be treated as proceeds of Crime: HC

L. Sivaramakrishnan Vs Deputy Director (Madras High Court) - L. Sivaramakrishnan Vs Deputy Director (Madras High Court) In this Even the C.B.I. has not found that Sivaramakrishnan benefitted financially from the criminal activity of fudging records. Of course, these findings of the C.B.I. are not binding on the Enforcement Directorate, but, this Court cannot...

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HC convicts persons for cheating Bank by availing Loan based on Bogus Securities

Central Bureau of Investigation Vs Keshav Sharma @ Shahid (Delhi High Court) - Central Bureau of Investigation Vs Keshav Sharma @ Shahid (Special Court, Delhi) Accused Keshav Sharma impersonated as Ashok Jain s/o Sh. P.C. Jain and representing himself to be proprietor of M/s Creative Traders at plot No.9, Main Patparganj Road, opened account with Central bank of India, Parliam...

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Financial Action Task Force High risk & other monitored jurisdictions

Press Release: 2020-2021/1176 - (01/03/2021) - The Financial Action Task Force (FATF), vide public document ‘High-Risk Jurisdictions subject to a Call for Action’ dated February 25, 2021, has called on its members and other jurisdictions to refer to the statement on these jurisdictions adopted in February 2020....

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Investment by FPI in Defaulted Bonds – Relaxations

RBI/2020-21/105 A.P. (DIR Series) Circular No. 12 - (26/02/2021) - Currently, FPI investments in corporate bonds are subject to a minimum residual maturity requirement, short-term investment limit (paragraph 4 (b)(ii)) and the investor limit (paragraph 4(f)(i)) in terms of the Directions....

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Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments

Press Release: 2020-2021/1161 - (26/02/021) - Date : Feb 26, 2021 Reserve Bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020 and invited applications from desirous entities. Given the process involved for complying with the framework prescriptions, a timeline of six months...

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Report on Currency and Finance (RCF) for the year 2020-21

Press Release: 2020-2021/1159 - (26/02/2021) - Today, the Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI. First published in 1937, the RCF adopted a theme-based approach from 1998-99. After a hiatus between 2014 and 2019, the Report has been revived with this release....

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Exemption from LEF to Exposures to foreign sovereigns

RBI/2020-21/104 DOR.No.CRE.BC.45/21.01.003/2020-21 - (24/02/2021) - Exposures that are exempt from Large Exposures Framework (LEF) - Exposures to foreign sovereigns or their central banks that are: i. subject to a 0% risk weight under Table 2 of paragraph 5.3.1 of the Master Circular – Basel III Capital Regulations dated July 1, 2015, as modified vide circular dat...

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Recent Posts in "Fema / RBI"

FDI equity inflow grew by 40% in first 9 months of F.Y. 2020-21

India has attracted total FDI inflow of US$ 67.54 billion during April to December 2020. It is the highest ever for the first ninth months of a financial year and 22% higher as compared to the first ninth months of 2019-20 (US$ 55.14 billion)....

Read More
Posted Under: Fema / RBI |

Why Neo Banks are the need of the hour?

Addressing the Need-gaps: Why Neo Banks? Today, customer expectations and behaviors have changed dramatically. Banks haven’t. Simply put, the global banking sector has fallen short in keeping up with customer needs. ...

Read More
Posted Under: Fema / RBI |

Financial Action Task Force High risk & other monitored jurisdictions

Press Release: 2020-2021/1176 (01/03/2021)

The Financial Action Task Force (FATF), vide public document ‘High-Risk Jurisdictions subject to a Call for Action’ dated February 25, 2021, has called on its members and other jurisdictions to refer to the statement on these jurisdictions adopted in February 2020....

Read More

Investment by FPI in Defaulted Bonds – Relaxations

RBI/2020-21/105 A.P. (DIR Series) Circular No. 12 (26/02/2021)

Currently, FPI investments in corporate bonds are subject to a minimum residual maturity requirement, short-term investment limit (paragraph 4 (b)(ii)) and the investor limit (paragraph 4(f)(i)) in terms of the Directions....

Read More

Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments

Press Release: 2020-2021/1161 (26/02/021)

Date : Feb 26, 2021 Reserve Bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020 and invited applications from desirous entities. Given the process involved for complying with the framework prescriptions, a timeline of six months was provided therefor, i.e., up to Febr...

Read More

Report on Currency and Finance (RCF) for the year 2020-21

Press Release: 2020-2021/1159 (26/02/2021)

Today, the Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI. First published in 1937, the RCF adopted a theme-based approach from 1998-99. After a hiatus between 2014 and 2019, the Report has been revived with this release....

Read More

Embargo lifted on grant of Government Business to Private Banks

The Government has lifted the embargo on private sector banks (only a few were permitted earlier) for the conduct of Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc....

Read More
Posted Under: Fema / RBI |

Exemption from LEF to Exposures to foreign sovereigns

RBI/2020-21/104 DOR.No.CRE.BC.45/21.01.003/2020-21 (24/02/2021)

Exposures that are exempt from Large Exposures Framework (LEF) - Exposures to foreign sovereigns or their central banks that are: i. subject to a 0% risk weight under Table 2 of paragraph 5.3.1 of the Master Circular – Basel III Capital Regulations dated July 1, 2015, as modified vide circular dated October 8, 2015; and, ii. denominated...

Read More

SC Lays Down Guidelines for Operation & Safety of Lockers

Amitabha Dasgupta Vs United Bank of India & Ors.  (Supreme Court Of India)

Amitabha Dasgupta Vs United Bank of India & Ors.  (Supreme Court Of India) Hon’ble SC held atht irrespective of the value of the articles placed inside the locker, the bank is under a separate obligation to ensure that proper procedures are followed while allotting and operating the lockers: (a) This includes maintenance ...

Read More

Reserve Bank of India (Digital Payment Security Controls) directions, 2021

Reserve Bank of India vide its statutory powers vested has issued the above directions which are applicable to all scheduled commercial banks (excluding Regional Rural Banks), Small finance banks, Payments banks and Credit card issuing NBFCs. They are reproduced from their website as under for those who intend referring to these complex t...

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.  

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