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 MoreComprehensive 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 MoreFrequently 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 MoreThis 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, […]...
Read MoreRBI 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 […...
Read MoreLock 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...
Read MoreThe 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....
Read MoreUnion 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....
Read MoreCabinet 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....
Read MoreThe 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....
Read MoreRBI 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...
Read MoreInternet 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...
Read MoreManak 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...
Read MoreIndian 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 ...
Read MoreTony 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...
Read MoreRBI/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...
Read MorePress 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 MoreRBI/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 MoreNotification 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...
Read MorePress 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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RBI/2019-20/208 A. P. (DIR Series) Circular No. 28 - (03/04/2020) -
Press Release: 2019-2020/2175 - (03/04/2020) -
RBI/2019-20/207 DOR.AML.BC.No. 61/14.01.001/2019-20 - (01/04/2020) -
Notification No. G.S.R. 228(E). - (31/03/2020) -