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On August 19, 2017, Mr. Urjit Patel, Governor, RBI spoke on the inaugural session of the National Conference on Insolvency and Bankruptcy: Changing Paradigm, Mumbai, and emphatically mentioned the present precarious position of the Balance Sheet of the banks in India and the efforts of RBI, Ministry of Finance as well the banks themselves...
Read MoreR B I – Report of the Household Finance Committee: Some fun with your assets and liabilities as compared to the developed countries When my nephews and nieces, all well placed in life, when we got together recently, were involved in a heated exchange of the assets and liabilities position of an individual of India […]...
Read MoreThe Prime Minister in his independence day address in August 2014, announced the Prandhan Mantri Jan-Dhan Yojana as a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households of the country. ...
Read MoreThe Reserve Bank of India was established in 1935, as the country’s central bank. The sub-committee of the First Round Table Conference said that efforts should be made to establish on sure foundation and free from any political influence…a Reserve Bank which will be entrusted with the management of the currency and exchange....
Read MoreOn 6th July , 2017, RBI has come out with a new circular capping the liabilities of Bank customers in the event of unauthorized electronic banking transactions (put simply, frauds). The guidelines given in the circular is applicable for all Commercial banks, Small banks and payment banks in India....
Read MoreTaking into consideration, the value of SBNs now reported to have been counted, approximately 98.96% of SBNs in value terms have come back to the RBI after demonetization. In other words, only an estimated Rs. 16000 crore worth of SBNs have not come back to the RBI so far....
Read MoreBank notes with writing or ink mark on them continue to be legal tender, however, bank notes bearing religious or political messages will not be treated as eligible for exchange as per Note Refund Rules, 2009....
Read MoreNon-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time: i. As per Regulations 5(1), NRIs may invest in shares/Compulsorily Convertible Preference Shares...
Read MoreAs per information received from the Directorate of Enforcement, New Delhi, the prosecution complaint has been filed against 53 persons, who are absconding, under the Prevention of Money Laundering Act, 2002. The list is attached as Annexure-A....
Read MoreReserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective...
Read MoreAbhishek Shukla Vs Union of India & Ors. (Supreme Court of India) - Abhishek Shukla, who was discharged by the trial court in 2013 IPL spot-fixing case in July 2015, has moved the Supreme Court seeking a direction to the Reserve Bank of India (RBI) to accept demonetised Rs. 500 and Rs. 1,000 currency notes with a face value of Rs. 5 lakh, which was seized by the spe...
Read MoreVictory Logitrans Pvt & Anr Vs Union of India & Ors (Supreme Court of India) - The Central Government on 07th April informed the Supreme Court vide a 27-page affidavit that there is no need to open the window allowing all categories of people to deposit old demonetised notes of Rs 500 and Rs 1000 after December 31, 2016 under some special circumstances as no justifiable reason...
Read MoreM/s Obulapuram Mining Company Pvt Ltd Vs Joint Director (Karnataka High Court) - By consent of the learned advocates appearing for the parties, all these writ petitions are taken up for hearing together, as similar questions of law are involved in these writ petitions, in order to avoid a conflicting judicial opinion. We are also informed that facts are, almost, identical....
Read MoreSara Lee TTK Ltd Vs DCIT (ITAT Mumbai) - The assessee did not benchmark the royalty payment separately. On enquiry by the TPO, it relied on RBI approval given in 1995 and also on the fact that the assessee earned a gross profit of 41.6%. TPO applied Press Note 9 (2000 series) and restricted it to 1% on the plea that the payment was for use...
Read MoreOverseas Textiles Corporation Vs Special Director, Enforcement Directorate (Bombay High Court) - Decision of the Appellate Tribunal that the firm has failed to take reasonable steps for realizing the export proceeds is a finding based on facts viz: (a) that the appellants continued to export despite continuous defaults made by the said party in clearing the outstanding; (b) that the importer ap...
Read MoreRBI/2017-18/ 64 A.P. (DIR Series) Circular No. 05 - (22/09/2017) - Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB dated May 3, 2000, as amended from time to ...
Read MoreRBI/2017-18/63 FMRD.FMID No. 3/02.05.002/2017-18 - (21/09/2017) - Attention of Authorized Dealer Category– I (AD Category-I) banks is invited to circular no. FMD. MSRG. No. 75/02.05.002/2012-13 dated March 13, 2013 on the captioned subject wherein a threshold of USD 1 million, and equivalent thereof in other currencies, was stipulated for reporting FCY- INR and ...
Read MoreRBI/2017-18/65- A.P. (DIR Series) Circular No. 06 - (22/09/2017) - Consequently, reporting requirement in terms of paragraph 8 (additional email reporting of RDB transactions for onward reporting to depositories) of A.P. (DIR Series) Circular No. 60 dated April 13, 2016 has been dispensed with. However, it should be noted that the reporting of RDBs will continue as...
Read MorePress Release: 2017-2018/685 - (10/09/2017) - RBI actually uses sophisticated Currency Verification & Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs. These machines are way superior to the note counting machines. ...
Read MoreD/o IPP F. No. 5(1)/2017-FC-1 - (28/08/2017) - Consolidated FDI Policy Circular of 2017 Effective from August 28, 2017- It is the intent and objective of the Government of India to attract and promote foreign direct investment in order to supplement domestic capital, technology and skills, for accelerated economic growth. Foreign Direct Investme...
Read MoreRBI/2017-18/ 64 A.P. (DIR Series) Circular No. 05 - (22/09/2017) -
RBI/2017-18/63 FMRD.FMID No. 3/02.05.002/2017-18 - (21/09/2017) -
RBI/2017-18/65- A.P. (DIR Series) Circular No. 06 - (22/09/2017) -
Press Release: 2017-2018/685 - (10/09/2017) -
D/o IPP F. No. 5(1)/2017-FC-1 - (28/08/2017) -
NO. 30 OF 2017 - (25/08/2017) -
Press Release : 2017-2018/545 - (25/08/2017) -
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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.
