Fema / RBI

RBI Compliances under FEMA Regulations

In this article, i have explained important event based FEMA Compliances under FDI Norms by the Indian entities. All the reporting under FEMA Act, 1999 except specifically stated otherwise, is required to be done through the Single Master Form (SMF) available on the FIRMS platform at https://firms.rbi.org.in. For the purpose of reporting ...

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RBI Compliance in Case of Acquisition/ Transfer of Control of NBFC

Article discusses The procedure of acquisition/ transfer of control of NBFC, The requirement of prior approval of Reserve Bank for Acquisition/ Transfer of Control of NBFC, Application for prior approval for Acquisition/ Transfer of Control of NBFC and requirement of Prior Public Notice about change in control/ management of NBFC. Procedu...

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Foreign Companies- FDI, Name Rules, Notary, Apostillation & Consularisation

Foreign Companies- Few Important Aspects Including FDI, Rules on Names, Notary, Apostillation And Consularisation At the outset, the recent changes w.r.t. the running of business in India, it includes the start-ups are getting recognition, the MSMEs are getting their dues clear due to the stringent payment norms issued by Government of In...

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FAQ on Liberalised Remmitance Scheme

As a legal US resident, am I still subject to the LRS? Residential Status as per Income Tax Act As per the provisions of section 6 of Income Tax Act: A taxpayer would qualify as a resident of India if he satisfies one of the following 2 conditions: 1. Stay in India for a year […]...

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Insight Into Prevention of Money Laundering Act, 2002

The term Money Laundering means procedures adopted in legitimizing assets earned which may be not under the four corners of the law. The source of such ill-gotten wealth may be Corruption, Organized Crime, Narcotics Trade, prostitution arms trade etc....

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Steps taken for Prevention of Fraudulent Banking Practices

. Government has issued Framework for timely detection, reporting, investigation etc. relating to large value bank frauds to Public Sector Banks (PSBs) for systemic and comprehensive checking of legacy stock of their non-performing assets (NPAs), which provides, inter-alia, that—...

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CBI Searches At 187 Places in bank fraud cases of Rs. 7200 Crore

CBI has registered around 42 cases of bank frauds involving Rs. 7200 crore (approx.). The banks involved (including consortium members) are Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, SBI, Allahabad Bank, Canara Bank, Dena Bank, Punjab & Sind Bank, Punjab National Bank, Central Bank of India, Union Bank of India, IDBI Ba...

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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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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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Gujarat HC explains Limitation period to challenge possession under SARFAESI Act

Manglesh Champaklal Gandhi Vs Aditya Birla Finance Ltd. (Gujarat High Court) - Manglesh Champaklal Gandhi Vs Aditya Birla Finance Ltd. (Gujarat High Court) It is clear that on reading the provisions of Section 13(4) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 with Rule 8 of Security Interest (Enforcement) Rules, 2002,...

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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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Merchanting Trade Transactions (MTT) – Revised Guidelines

Circular No. RBI/2019-20/152 A.P. (DIR Series) Circular No. 20 - (23/01/2020) - Reserve Bank of India RBI/2019-20/152 A.P. (DIR Series) Circular No. 20 January 23, 2020 To All Category – I Authorised Dealer Banks Madam / Sir Merchanting Trade Transactions (MTT) – Revised Guidelines Attention of Authorised Dealer Category-I banks (AD banks) is invited to A.P. (DIR Series) C...

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VRR for Foreign Portfolio Investors investment in debt

Notification No. RBI/2019-20/151 A.P. (DIR Series) Circular No.19 - (23/01/2020) - Following changes are made to the Directions governing investment through the Voluntary Retention Route (VRR). a) The investment cap is increased to 1,50,000 crores from Rs. 75,000 crores. b) FPIs that have been allotted investment limits under VRR may, at their discretion, transfer their investment...

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Investment by Foreign Portfolio Investors (FPI) in Debt

Notification No. RBI/2019-20/150 A.P. (DIR Series) Circular No.18 - (23/01/2020) - In terms of paragraph 4(b) (i) of the Directions, short-term investments by an FPI shall not exceed 20% of the total investment of that FPI in either Central Government Securities (including Treasury Bills) or State Development Loans. This short-term investment limit is hereby increased from 20% to ...

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IBUs allowed to participate in exchange traded currency derivatives on Rupee

RBI/2019-20/147 DOR.IBD.BC.No.28/23.13.004/2019-20 - (21/01/2020) - The Task Force (TF) on Offshore Rupee Markets chaired by Smt. Usha Thorat had recommended introduction of non-deliverable Rupee Derivatives in IFSCs in a phased manner, starting with exchange traded currency derivatives (ETCD) to be followed by Over the Counter (OTC) derivatives at a later stage....

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NBFCs can pool gold jewellery from different branches for Auction

RBI/2019-20/148 DOR.NBFC (PD).CC.No.108/03.10.001/2019-20 - (21/01/2020) - On a review, it has been decided that NBFCs can pool gold jewellery from different branches in a district and auction it at any location within the district, subject to meeting the following conditions:...

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Recent Posts in "Fema / RBI"

RBI Compliances under FEMA Regulations

In this article, i have explained important event based FEMA Compliances under FDI Norms by the Indian entities. All the reporting under FEMA Act, 1999 except specifically stated otherwise, is required to be done through the Single Master Form (SMF) available on the FIRMS platform at https://firms.rbi.org.in. For the purpose of reporting ...

Read More
Posted Under: Fema / RBI |

RBI Compliance in Case of Acquisition/ Transfer of Control of NBFC

Article discusses The procedure of acquisition/ transfer of control of NBFC, The requirement of prior approval of Reserve Bank for Acquisition/ Transfer of Control of NBFC, Application for prior approval for Acquisition/ Transfer of Control of NBFC and requirement of Prior Public Notice about change in control/ management of NBFC. Procedu...

Read More
Posted Under: Fema / RBI |

Merchanting Trade Transactions (MTT) – Revised Guidelines

Circular No. RBI/2019-20/152 A.P. (DIR Series) Circular No. 20 (23/01/2020)

Reserve Bank of India RBI/2019-20/152 A.P. (DIR Series) Circular No. 20 January 23, 2020 To All Category – I Authorised Dealer Banks Madam / Sir Merchanting Trade Transactions (MTT) – Revised Guidelines Attention of Authorised Dealer Category-I banks (AD banks) is invited to A.P. (DIR Series) Circular No.115 dated March 28, 2014 con...

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Foreign Companies- FDI, Name Rules, Notary, Apostillation & Consularisation

Foreign Companies- Few Important Aspects Including FDI, Rules on Names, Notary, Apostillation And Consularisation At the outset, the recent changes w.r.t. the running of business in India, it includes the start-ups are getting recognition, the MSMEs are getting their dues clear due to the stringent payment norms issued by Government of In...

Read More
Posted Under: Fema / RBI |

FAQ on Liberalised Remmitance Scheme

As a legal US resident, am I still subject to the LRS? Residential Status as per Income Tax Act As per the provisions of section 6 of Income Tax Act: A taxpayer would qualify as a resident of India if he satisfies one of the following 2 conditions: 1. Stay in India for a year […]...

Read More
Posted Under: Fema / RBI |

VRR for Foreign Portfolio Investors investment in debt

Notification No. RBI/2019-20/151 A.P. (DIR Series) Circular No.19 (23/01/2020)

Following changes are made to the Directions governing investment through the Voluntary Retention Route (VRR). a) The investment cap is increased to 1,50,000 crores from Rs. 75,000 crores. b) FPIs that have been allotted investment limits under VRR may, at their discretion, transfer their investments made under the General Investment Limi...

Read More

Investment by Foreign Portfolio Investors (FPI) in Debt

Notification No. RBI/2019-20/150 A.P. (DIR Series) Circular No.18 (23/01/2020)

In terms of paragraph 4(b) (i) of the Directions, short-term investments by an FPI shall not exceed 20% of the total investment of that FPI in either Central Government Securities (including Treasury Bills) or State Development Loans. This short-term investment limit is hereby increased from 20% to 30%....

Read More

Insight Into Prevention of Money Laundering Act, 2002

The term Money Laundering means procedures adopted in legitimizing assets earned which may be not under the four corners of the law. The source of such ill-gotten wealth may be Corruption, Organized Crime, Narcotics Trade, prostitution arms trade etc....

Read More
Posted Under: Fema / RBI |

IBUs allowed to participate in exchange traded currency derivatives on Rupee

RBI/2019-20/147 DOR.IBD.BC.No.28/23.13.004/2019-20 (21/01/2020)

The Task Force (TF) on Offshore Rupee Markets chaired by Smt. Usha Thorat had recommended introduction of non-deliverable Rupee Derivatives in IFSCs in a phased manner, starting with exchange traded currency derivatives (ETCD) to be followed by Over the Counter (OTC) derivatives at a later stage....

Read More

NBFCs can pool gold jewellery from different branches for Auction

RBI/2019-20/148 DOR.NBFC (PD).CC.No.108/03.10.001/2019-20 (21/01/2020)

On a review, it has been decided that NBFCs can pool gold jewellery from different branches in a district and auction it at any location within the district, subject to meeting the following conditions:...

Read More

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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