Fema / RBI

Serious lapses in processing recent DICGC claims – Open letter to RBI

You might have read a lot on PMC bank debacle (including some of my articles on PMC Bank and DICGC) in the last couple of days. The communication to Governor RBI (I termed it as ‘an open letter’) write up and commentary will speak of the reality, the current state of affairs. The risk of losing […]...

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Key provisions of RBI circular dated 26.03.2019 related to ECB

Key provisions of latest RBI/FED/2018-19/15 – FED Master Direction No.5/2018-19 dated March 26, 2019 in relation to External Commercial Borrowing 1. Meaning of ECB ♠ Generally External Commercial Borrowings (ECB) refer to commercial loan availed by eligible resident entities from non-resident lenders i.e. from foreign sources. ♠...

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Resolution of stressed assets- Analysis of latest RBI circular

Key provisions of latest RBI Circular No. RBI/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19 dated June 07, 2019 in relation to Resolution of stressed assets. 1. Identification and reporting of stress Lenders shall recognize incipient stress in loan accounts classifying such assets as special mention accounts (SMA) as following: SMA Sub-ca...

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PMC Crisis- An Indepth Analysis

Few days ago, PMC account holders got a message on their phones that shocked them. PMC Bank was directed by the RBI to let the account holders withdraw no more than ₹1000 for the next six months; not extend or provide any new loans. All of this, overnight. No intimation was given to the customers....

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PMC Bank failure – insight of DICGC-Risky Bonds issued by PMC– Suggestions to RBI

Most of you may be reading, listening to the news on Punjab Maharashtra Co-operative Bank’s failure and would broadly be aware as to how a co-operative bank ranking number four in the Cooperative sector with apparently good balance sheet became almost become bankrupt, overnight. At this stage issue of accountability would be discussed f...

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RBI supersedes Board of PMCB Bank Ltd. Mumbai

RBI vide its order dated 23rd September, 2019 superseded the Board of Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and Shri Jai Bhagwan Bhoria has been appointed as the Administrator of the bank by RBI with all the powers of the Board....

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Draft RBI Guidelines for ‘on tap’ Licensing of Small Finance Banks in Private Sector

Reserve Bank of India Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector September 13, 2019 I. Introduction The Reserve Bank had issued the Guidelines for Licensing of ‘Small Finance Banks‘ in  the Private Sector on November 27, 2014. The process of licensing culminated in granting in-pri...

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Trade War: Is it a prelude to deglobalisation?

The forex market is unique in several ways. A foreign currency is essentially a commodity outside its jurisdiction and therefore has attributes of an asset. But the exchange rate, the price of the foreign currency normalised to the home currency is an important macroeconomic variable that ought to be determined by economic fundamentals an...

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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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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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On-tap Authorisation of Payment Systems – Authorisation Criteria for non-bank PSOs

Press Release : 2019-2020/953 - (15/10/2019) - Reserve Bank of India had on January 21, 2019 released a policy paper on Authorisation of New Retail Payment Systems on its website and invited public comments there on. Comments / Feedback were received from individuals, public and private entities, institutions and industry associations....

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Foreign Exchange Management (Debt Instruments) Regulations, 2019

Notification No. FEMA 396/2019-RB/G.S.R . 796(E) - (17/10/2019) - (1) These Regulations may be called the Foreign Exchange Management (Debt Instruments) Regulations, 2019. They shall come into force from the date of their publication in the Official Gazette....

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Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019

Notification No. FEMA. 395/2019-RB / G.S.R . 795(E) - (17/10/2019) - a) These regulations may be called the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019. b) They shall come into force from the date of their publication in the Official Gazette....

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Debt and non-debt instruments notified under FEMA 1999

Notification No. S.O. 3722(E) - (16/10/2019) - Central Government notifies instruments which can be considered as debt and non-debt instruments under Foreign Exchange Management Act, 1999....

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RBI enhances withdrawal limit for PMCB depositors to Rs. 40,000

Press Release : 2019-2020/942 - (14/10/2019) - The Reserve Bank of India, after reviewing the bank’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to Rs. 40,000/- (Rupees Forty Thousand only), inclusive of Rs. 25,000 allowed earlier. With the above relaxation, about 77% of the ...

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Recent Posts in "Fema / RBI"

Serious lapses in processing recent DICGC claims – Open letter to RBI

You might have read a lot on PMC bank debacle (including some of my articles on PMC Bank and DICGC) in the last couple of days. The communication to Governor RBI (I termed it as ‘an open letter’) write up and commentary will speak of the reality, the current state of affairs. The risk of losing […]...

Read More
Posted Under: Fema / RBI |

On-tap Authorisation of Payment Systems – Authorisation Criteria for non-bank PSOs

Press Release : 2019-2020/953 (15/10/2019)

Reserve Bank of India had on January 21, 2019 released a policy paper on Authorisation of New Retail Payment Systems on its website and invited public comments there on. Comments / Feedback were received from individuals, public and private entities, institutions and industry associations....

Read More

Foreign Exchange Management (Debt Instruments) Regulations, 2019

Notification No. FEMA 396/2019-RB/G.S.R . 796(E) (17/10/2019)

(1) These Regulations may be called the Foreign Exchange Management (Debt Instruments) Regulations, 2019. They shall come into force from the date of their publication in the Official Gazette....

Read More

Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019

Notification No. FEMA. 395/2019-RB / G.S.R . 795(E) (17/10/2019)

a) These regulations may be called the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019. b) They shall come into force from the date of their publication in the Official Gazette....

Read More

Debt and non-debt instruments notified under FEMA 1999

Notification No. S.O. 3722(E) (16/10/2019)

Central Government notifies instruments which can be considered as debt and non-debt instruments under Foreign Exchange Management Act, 1999....

Read More

Key provisions of RBI circular dated 26.03.2019 related to ECB

Key provisions of latest RBI/FED/2018-19/15 – FED Master Direction No.5/2018-19 dated March 26, 2019 in relation to External Commercial Borrowing 1. Meaning of ECB ♠ Generally External Commercial Borrowings (ECB) refer to commercial loan availed by eligible resident entities from non-resident lenders i.e. from foreign sources. ♠...

Read More
Posted Under: Fema / RBI |

Resolution of stressed assets- Analysis of latest RBI circular

Key provisions of latest RBI Circular No. RBI/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19 dated June 07, 2019 in relation to Resolution of stressed assets. 1. Identification and reporting of stress Lenders shall recognize incipient stress in loan accounts classifying such assets as special mention accounts (SMA) as following: SMA Sub-ca...

Read More
Posted Under: Fema / RBI |

RBI enhances withdrawal limit for PMCB depositors to Rs. 40,000

Press Release : 2019-2020/942 (14/10/2019)

The Reserve Bank of India, after reviewing the bank’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to Rs. 40,000/- (Rupees Forty Thousand only), inclusive of Rs. 25,000 allowed earlier. With the above relaxation, about 77% of the depositors of the bank will be able to w...

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RBI clarifies on Lending by banks to InvITs

RBI/2019-20/83 DBR.No.BP.BC.20/08.12.014/2019-20 (14/10/2019)

Banks and other stakeholders have been seeking clarity on provision of credit facilities to InvITs. The matter has been examined and it has been decided that banks may be permitted to lend to InvITs subject to the following conditions:...

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Revision in Proforma & Reporting of Bank / Branch details under CISBI

RBI/2019-20/81 DCBR.BPD.(PCB/RCB).Cir.No.04/07.01.000/2019-20 (11/10/2019)

Consistent with the needs of branch licencing and financial inclusion policies as well as the need for requisite coverage of additional dimensions / features, a new reporting system, viz., Central Information System for Banking Infrastructure (CISBI) (https://cisbi.rbi.org.in), has been web-deployed to replace the legacy MOF system....

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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.  

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