Fema / RBI

Transfer of funds from NRO A/c. to NRE A/c. or Remittance Abroad

If you are a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO), you can open, hold and maintain (without permission from the Reserve Bank of India) following types of accounts with an authorised dealer in India i.e. a bank authorised to deal in foreign exchange: a) Non-Resident (Ordinary) Rupee Account – NRO Account […...

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Expected Credit Loss under Ind AS 109 Financial Instruments

Comprehensive summary on approaches of Expected Credit Loss (ECL) under Ind AS 109 Financial Instruments COVID-19 has already disrupted most of the business. As it has been said by many professional colleagues it will have a great impact on financial statements as well in terms of assumptions, disclosures, etc. One of the areas which will...

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RBI allowed Banks to declare Moratorium on Term Loans-15 FAQs

Frequently Asked Questions : RBI Allowed Banks to Declare Moratorium on Term Loans Last week, the Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently […]...

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Prior Approval/Permission of RBI in cases of acquisition/transfer of control of NBFC

This article mainly covers various aspects for the prior permission of RBI for acquisition/transfer of control of NBFC which may or may not result in change in management or takeover of NBFC Company. 1. Events leading to Change of Management or Control It could be complete sale by existing shareholders to new set of promoters, […]...

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RBI Governor’s address on Indian response to world economic crisis

RBI Governor’s address on Indian response to world economic crisis, delivered on 27th March 2020 on account of COVID virus My sister Smt. Uma Srinivasan, a globe trotting expert on Indian banking asked me to write an article on banking in response to emerging economic crisis. The following article is being written based on RBI […...

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Banks may selectively keep their branches open after discussion with authorities: IBA

Lock down and suspension of public transport services has been announced by many Local authorities/State Governments  to curtail the spread of  COVID 19 across various geographies. Keeping this in view , after due deliberation, it is suggested that Member Banks may selectively keep their branches open at such locations after due consult...

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Privatisation of Companies, Fake Currency & Bank Mergers

The Government has given ‘in-principle’ approval for Privatisation of 24 CPSEs including Subsidiaries, Units and Joint Ventures with sale of majority stake and transfer of management control....

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Cabinet permit Foreign Investment in Air India Ltd by NRIs

Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved to amend the extant FDI Policy to permit Foreign Investment (s) in M/s Air India Ltd by NRIs, who are Indian Nationals, upto to 100% under automatic route....

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Cabinet approves Consolidation of 10 Public Sector Banks into 4

Cabinet approves Mega Consolidation in Public Sector Banks {PSBs} with effect from 1.4.2020. Government transforms PSB landscape with consolidation of ten PSBs into four with effect from 1.4.2020. Amalgamations to enable creation of digitally driven consolidated banks with global heft and business synergies....

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Govt puts in place measures to protect Commercial decision making by Banks

The Finance Minister has repeatedly assured Bankers that adequate measures would be taken to protect honest commercial decisions taken by them and distinction would be made between genuine commercial failures and culpability....

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RBI vs IMAI – SC Judgement dated 4-Mar-2020

RBI vs IMAI – SC Judgement dated 4-Mar-2020 The Supreme Court of India (SC) came out with its awaited judgement on virtual currency ruling the case in the favour of Internet and Mobile Association of India (IMAI) whereby declaring the Reserve Bank of India (RBI) circular no.  RBI/2017-18/154DBR.N...

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SC lifts Ban Imposed by RBI on Cryptocurrency (Read Judgment)

Internet And Mobile Association of India Vs RBI (Supreme Court of India) - Internet And Mobile Association of India Vs RBI (Supreme Court of India) We cannot lose sight of three important aspects namely, (i) that RBI has not so far found, in the past 5 years or more, the activities of VC exchanges to have actually impacted adversely, the way the entities regulated by RBI f...

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HC: No evidentiary value of statement which was retracted later

Manak Kala Vs Union of India & Anr. (Delhi High Court) - Assessee could not be held guilty for violation of provisions of Section 9(1)(b) of FERA, on the sole basis of the statement of Sh. Ashish Jain, which was retracted later on as none of the orders of the authorities, namely, the Adjudicating Authority, the Appellate Authority or the Tribunal refer to...

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Whether FCRA, 2010 allows Govt to decide political Status of an organisation?

Indian Social Action Forum (INSAF) Vs. Union of India (Supreme Court) - Whether Foreign Contribution (Regulation) Act 2010 (FCRA, 2010) (read with rules) allows Central Government to freely decide whether an organisation is political or not? What is Foreign Contribution (Regulation) Act 2010? The Foreign Contribution (Regulation) Act 2010 and rules framed under it (the ...

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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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Rupee Drawing Arrangement – Remittance to PM-CARES Fund

RBI/2019-20/208 A. P. (DIR Series) Circular No. 28 - (03/04/2020) - RBI permitted receipt of foreign inward remittances from non-residents through non-resident exchange houses in favour of the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund’,subject to the condition that AD Cat-I banks shall directly credit the remittanc...

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RBI Notifies Changes in Market Hours

Press Release: 2019-2020/2175 - (03/04/2020) - The unprecedented situation created by the COVID-19 outbreak has necessitated lockdowns, social distancing, restrictions on movement of people and non-essential activities, work from home arrangements and business continuity plans....

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PMLA- KYC- Small account to remain operational till June 30, 2020

RBI/2019-20/207 DOR.AML.BC.No. 61/14.01.001/2019-20 - (01/04/2020) - Amendment to the PML Rules, Master Direction on KYC- Notwithstanding anything contained in clauses (e) and (f) above, the small account shall remain operational between April 1, 2020 and June 30, 2020 and such other periods as may be notified by the Central Government....

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PML (Maintenance of Records) Amendment Rules, 2020

Notification No. G.S.R. 228(E). - (31/03/2020) - Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2020- small account shall remain operational between 1st April, 2020 and 30th June 2020 and such other periods as may be notified by the Central Government. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, th...

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RBI announces further measures for dealing with COVID-19 pandemic

Press Release : 2019-2020/2167 - (01/04/2020) - Reserve Bank Of India Date : Apr 01, 2020 1. Extension of realisation period of export proceeds Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the...

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Recent Posts in "Fema / RBI"

South Indian Bank – NEFT/ RTGS Excel Utility

Kindly upload the South Indian Bank – NEFT/ RTGS Excel Utility South Indian Bank NEFT / RTGS Utility for generating NEFT/RTGS Form at any time. You can add 2000 beneficiaries to the Form, hence when you need somebody’s Bank details in future,You can easily get it from this Form. Along with NEFT / RTGS form, you […]...

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Posted Under: Fema / RBI |

HDFC Bank – NEFT/ RTGS Form Excel Utility

HDFC Bank NEFT / RTGS Utility for generating NEFT/ RTGS Form at any time. You can add 2000 beneficiaries to the Form, hence when you need sombody’s Bank details in future,You can easily get it from this Form. Along with NEFT / RTGS form, you can Print respective cheque also. Now you are free from […]...

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Posted Under: Fema / RBI |

Transfer of funds from NRO A/c. to NRE A/c. or Remittance Abroad

If you are a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO), you can open, hold and maintain (without permission from the Reserve Bank of India) following types of accounts with an authorised dealer in India i.e. a bank authorised to deal in foreign exchange: a) Non-Resident (Ordinary) Rupee Account – NRO Account […...

Read More
Posted Under: Fema / RBI |

Rupee Drawing Arrangement – Remittance to PM-CARES Fund

RBI/2019-20/208 A. P. (DIR Series) Circular No. 28 (03/04/2020)

RBI permitted receipt of foreign inward remittances from non-residents through non-resident exchange houses in favour of the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund’,subject to the condition that AD Cat-I banks shall directly credit the remittances to the Fund and maintain the full det...

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Cheque Printing Utility in Excel Format

Cheque Printing Utility in Excel Format can be used to Print any Bank Cheque without handwritten mistakes and tension Kindly enable ‘Macros’ before using the Cheque Printing Utility. for any assistance, Please contact – Sabu v Joseph, Email-sabuvjosephpkd@gmail.com...

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Posted Under: Fema / RBI |

RBI Notifies Changes in Market Hours

Press Release: 2019-2020/2175 (03/04/2020)

The unprecedented situation created by the COVID-19 outbreak has necessitated lockdowns, social distancing, restrictions on movement of people and non-essential activities, work from home arrangements and business continuity plans....

Read More

PMLA- KYC- Small account to remain operational till June 30, 2020

RBI/2019-20/207 DOR.AML.BC.No. 61/14.01.001/2019-20 (01/04/2020)

Amendment to the PML Rules, Master Direction on KYC- Notwithstanding anything contained in clauses (e) and (f) above, the small account shall remain operational between April 1, 2020 and June 30, 2020 and such other periods as may be notified by the Central Government....

Read More

Expected Credit Loss under Ind AS 109 Financial Instruments

Comprehensive summary on approaches of Expected Credit Loss (ECL) under Ind AS 109 Financial Instruments COVID-19 has already disrupted most of the business. As it has been said by many professional colleagues it will have a great impact on financial statements as well in terms of assumptions, disclosures, etc. One of the areas which will...

Read More
Posted Under: Fema / RBI |

RBI allowed Banks to declare Moratorium on Term Loans-15 FAQs

Frequently Asked Questions : RBI Allowed Banks to Declare Moratorium on Term Loans Last week, the Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently […]...

Read More
Posted Under: Fema / RBI |

PML (Maintenance of Records) Amendment Rules, 2020

Notification No. G.S.R. 228(E). (31/03/2020)

Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2020- small account shall remain operational between 1st April, 2020 and 30th June 2020 and such other periods as may be notified by the Central Government. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 31st March, 2020 G.S.R. 228(E).—In e...

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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.