Fema / RBI

FDI in Construction Development sector in India

The Construction/ Real Estate sector is one of the most critical sectors of the Indian economy due to its huge multiplier effect on the economy. Any impact on the Real Estate sector has a direct bearing on economic growth. Due to the well-acknowledged need for foreign investments into this sector because of the sheer demand, […]...

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FDI in Retail Trading sector in India

The retail sector in India is one of the biggest contributors to the economy in terms of revenue and contributes about 10% towards its GDP. It provides the second highest rate of employment after agriculture. The retail sales in India are growing at a compounded annual rate of 15% since the year 2014....

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Consumer Protection in a digital financial world – Initiatives and beyond

Consumer by definition include us all. They are the largest economic group in the economy, affecting and affected by every public and private economic decisions. Two thirds of all spending in the economy is by consumers. But they are the only important group in the economy who are not effectively organized, whose views are often not heard...

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Foreign Liabilities and Assets (FLA) Returns- FAQs

A. Which entities are required to submit the FLA Return Ans. The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted by the following entities which have Received Foreign Direct Investment (FDI) made FDI Abroad In the previous year(s) including the current year B. Whether all the Companies received foreign in...

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FDI related filing requirements

What is Foreign Direct Investment(FDI)? A Foreign Direct Investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. Some of the concepts covered under FDI are discussed below : A. Form Foreign Currency-Gross Provisional Return (FCGPR): In accordance with Not...

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Statement by Governor -Third BI-monthly Monetary Policy, 2019-20

Reserve Bank of India The Monetary Policy Committee (MPC) met on 5th, 6th and 7th August, 2019 and deliberated over the evolving macroeconomic outlook, against the backdrop of recent developments and incoming data. Today, the MPC voted unanimously to reduce the policy repo rate and to maintain the accommodative stance of monetary policy. ...

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Comprehensive steps to reduce incidence of frauds in banks

The Government has taken comprehensive steps to reduce the incidence of frauds in banks. The steps taken include, inter-alia, the following: Government has issued Framework for timely detection, reporting, investigation relating to large value bank frauds to Public Sector Banks (PSBs), for systemic and comprehensive checking of legacy s...

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Banks collect 3309 crore as Minimum Balance Penalty in 2018-19

As apprised by eighteen Public Sector Banks (PSBs) and four major private sector banks, the amount collected through the levy of charges for non-maintenance of minimum balance in Savings Bank account, during the last three financial years, are as under:...

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Steps to Bring Potential Borrowers under Credit Net

Eligibility for credit is a function of a potential borrower’s repayment capacity and creditworthiness. Repayment capacity is assessed on the basis of both income and expenditure cash flows, as well as assets and liabilities. Further, creditworthiness is reflected in the borrower’s track record in meeting credit and other payment obli...

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NPAs of Nationalised Banks started declining 

Loans written-off from Balance Sheets of PSBs; As A result of Government’s 4R’s Strategy of Recognition, Resolution, Re-capitalisation and Reforms, NPAs of Nationalised Banks have started declining ...

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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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Govt should consider effects of IPL on Cricket & Other Sports: Bombay HC

Lalit Kumar Modi Vs Special Director (Bombay High Court) - If the IPL has resulted in all of us being acquainted and familiar with phrases such as Betting, fixing of matches, then, the RBI and the Central Government should at least now consider whether holding such tournaments serves the interest of a budding cricketer, the sport, the game itself. ...

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Delhi HC upholds Constitutional Validity of 2nd proviso to Section 5(1) of PMLA

J Sekar Vs. Union Of India & Ors (Delhi High Court) - The Delhi High Court has upheld the constitutional validity of the second proviso to Section 5 (1) of the Prevention of Money-laundering Act, 2002 (PMLA). ...

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Real Time Gross Settlement (RTGS) System – Increase in operating hours

Notification No. RBI/2019-20/46 DPSS (CO) RTGS No.364/04.04.016/2019-20 - (21/08/2019) - At present, the RTGS system is available for customer transactions from 8:00 am to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm. In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customer...

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RBI: Processing of e-mandate on cards for recurring transactions

RBI/2019-20/47 DPSS.CO.PD.No.447/02.14.003/2019-20 - (21/08/2019) - eeping in view the changing payment needs and the requirement to balance the safety and security of card transactions with customer convenience, it has been decided to permit processing of e-mandate on cards for recurring transactions (merchant payments) with AFA during e-mandate registration, modif...

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Commercial Papers not comes within the purview of deposits

RBI/2019-20/44 A.P. (DIR Series) Circular No. 06 - (16/08/2019) - We advise that Sub-regulation (3) of Regulation 6 of the above Regulations, in terms of which a Company may accept deposits through issue of Commercial Paper (CP), has been reviewed vis-à-vis other Statutes/Regulations – notably Section 45 U(b) of RBI Act, 1934 describing CP as one of the Money M...

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Deposits under Gold Monetisation Scheme, 2015 shall be made at CPTC

Notification No. RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 - (16/08/2019) - Gold Monetisation Scheme, 2015- All deposits under the scheme shall be made at the Collection and Purity Testing Centre (CPTC) except in cases as prescribed by RBI. Reserve Bank of India RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 August 16, 2019 All Scheduled Commercial Banks (excluding Regio...

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Transactions which will not form part of Free ATM transactions: RBI

RBI/2019-20/41 DPSS.CO.PD No. 377/02.10.002/2019-20 - (14/08/2019) - It is hereby clarified that transactions which fail on account of technical reasons like hardware, software, communication issues; non-availability of currency notes in the ATM; and other declines ascribable directly / wholly to the bank / service provider; invalid PIN / validations; etc., shall not...

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Recent Posts in "Fema / RBI"

Real Time Gross Settlement (RTGS) System – Increase in operating hours

Notification No. RBI/2019-20/46 DPSS (CO) RTGS No.364/04.04.016/2019-20 (21/08/2019)

At present, the RTGS system is available for customer transactions from 8:00 am to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm. In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am....

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RBI: Processing of e-mandate on cards for recurring transactions

RBI/2019-20/47 DPSS.CO.PD.No.447/02.14.003/2019-20 (21/08/2019)

eeping in view the changing payment needs and the requirement to balance the safety and security of card transactions with customer convenience, it has been decided to permit processing of e-mandate on cards for recurring transactions (merchant payments) with AFA during e-mandate registration, modification and revocation, as also for the ...

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FDI in Construction Development sector in India

The Construction/ Real Estate sector is one of the most critical sectors of the Indian economy due to its huge multiplier effect on the economy. Any impact on the Real Estate sector has a direct bearing on economic growth. Due to the well-acknowledged need for foreign investments into this sector because of the sheer demand, […]...

Read More
Posted Under: Fema / RBI | ,

Commercial Papers not comes within the purview of deposits

RBI/2019-20/44 A.P. (DIR Series) Circular No. 06 (16/08/2019)

We advise that Sub-regulation (3) of Regulation 6 of the above Regulations, in terms of which a Company may accept deposits through issue of Commercial Paper (CP), has been reviewed vis-à-vis other Statutes/Regulations – notably Section 45 U(b) of RBI Act, 1934 describing CP as one of the Money Market Instruments and Section 2(c) of Co...

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Deposits under Gold Monetisation Scheme, 2015 shall be made at CPTC

Notification No. RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 (16/08/2019)

Gold Monetisation Scheme, 2015- All deposits under the scheme shall be made at the Collection and Purity Testing Centre (CPTC) except in cases as prescribed by RBI. Reserve Bank of India RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 August 16, 2019 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam Gold Mon...

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Transactions which will not form part of Free ATM transactions: RBI

RBI/2019-20/41 DPSS.CO.PD No. 377/02.10.002/2019-20 (14/08/2019)

It is hereby clarified that transactions which fail on account of technical reasons like hardware, software, communication issues; non-availability of currency notes in the ATM; and other declines ascribable directly / wholly to the bank / service provider; invalid PIN / validations; etc., shall not be counted as valid ATM transactions fo...

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Enabling Framework for Regulatory Sandbox

Press Release: 2019-2020/417 (13/08/2019)

The Reserve Bank of India today placed on its website the final ‘Enabling Framework for Regulatory Sandbox’. Further details in respect of the cohorts and the window for submission of applications shall be announced later....

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Priority Sector Lending – Lending by banks to NBFCs for On-Lending

RBI/2019-20/39 FIDD.CO.Plan.BC.7/04.09.01/2019-20 (13/08/2019)

In order to boost credit to the needy segment of borrowers, it has been decided that bank credit to registered NBFCs (other than MFIs) for on-lending will be eligible for classification as priority sector under respective categories subject to the following conditions:...

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Implement Aadhaar use for delivery of social welfare benefits in Bank A/c

RBI/2019-20/40 FIDD.CO.LBS.BC.No. 09/02.01.001/2019-20 (13/08/2019)

Banks are advised to ensure that opening of bank accounts and seeding of Aadhaar numbers with existing or new accounts of eligible beneficiaries opened for the purpose of Direct Benefit Transfer (DBT) under social welfare schemes, is in conformity with the provisions listed under Section 16 of the Master Direction - Know Your Customer (KY...

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FDI in Retail Trading sector in India

The retail sector in India is one of the biggest contributors to the economy in terms of revenue and contributes about 10% towards its GDP. It provides the second highest rate of employment after agriculture. The retail sales in India are growing at a compounded annual rate of 15% since the year 2014....

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.