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Addressing the Need-gaps: Why Neo Banks? Today, customer expectations and behaviors have changed dramatically. Banks haven’t. Simply put, the global banking sector has fallen short in keeping up with customer needs. ...
Read MoreReserve Bank of India vide its statutory powers vested has issued the above directions which are applicable to all scheduled commercial banks (excluding Regional Rural Banks), Small finance banks, Payments banks and Credit card issuing NBFCs. They are reproduced from their website as under for those who intend referring to these complex t...
Read MoreSetting up a project office in India is most preferred mode by a Foreign Company for executing contracts in India, awarded to it by Indian Companies. Establishment of Project Office is regulated by Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business)...
Read MoreAs per Para 2.1, the compliance function is expected to ensure compliance to all applicable statutory provisions, apart from other rules, regulations and code of conducts. As different groups/departments in the banks are responsible to ensure compliance to different statutory requirements, what would be the exact expectations from the com...
Read MoreTHE IDEA OF BAD BANK BY WAY OF ASSET RECONSTRUCTION COMPANY (ARC) Governor of Reserve Bank of India Shaktikanta Das during the question-and-answer session at the 39th Palkhivala Memorial Lecture said, ‘If there is a proposal to set up a bad bank, the RBI will look at it’. The Union Budget presented on 1st February […]...
Read MoreIndia has attracted total FDI inflow of US$ 67.54 billion during April to December 2020. It is the highest ever for the first ninth months of a financial year and 22% higher as compared to the first ninth months of 2019-20 (US$ 55.14 billion)....
Read MoreThe Government has lifted the embargo on private sector banks (only a few were permitted earlier) for the conduct of Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc....
Read MoreCharter For The Chartered Accountants Since the Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) is dealing with national security, associations are required to exercise extreme care and caution in utilising foreign contribution. 2. Chartered Accountants (CAs) examine and audit all relevant books of accounts and Bills and vouchers...
Read MoreSmt. Nirmala Sitharaman announced that the Government will amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards....
Read MoreCHARTER FOR ASSOCIATIONS APPLYING FOR GRANT OF PRIOR PERMISSION /REGISTRATION UNDER THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010. ♣ With a view to streamlining the procedures and ensuring effective enforcement and compliance, the Foreign Contribution (Regulation) Act, 2010 has been further amended on 28th September, 2020. Accordingly...
Read MoreAmitabha Dasgupta Vs United Bank of India & Ors. (Supreme Court Of India) - Amitabha Dasgupta Vs United Bank of India & Ors. (Supreme Court Of India) Hon’ble SC held atht irrespective of the value of the articles placed inside the locker, the bank is under a separate obligation to ensure that proper procedures are followed while allotting and operating the...
Read MoreR. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court) - R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court) From a reading of Section 2(u) of the PML Act which defines the expression “proceeds of crime”, it is limpid that the profit derived or obtained must be a result of a criminal activity which relates to a schedule...
Read MoreOPTO Circuit India Ltd. Vs Axis Bank & Ors. (Supreme Court) - Since freezing of bank account due to initiation of proceedings under PMLA has been done without due compliance of law, it was necessary to direct to defreeze the respective accounts and clear the cheques issued by assessee, drawn in favour of the Competent Authority towards the ITDS, PF, ESI, Profe...
Read MoreL. Sivaramakrishnan Vs Deputy Director (Madras High Court) - L. Sivaramakrishnan Vs Deputy Director (Madras High Court) In this Even the C.B.I. has not found that Sivaramakrishnan benefitted financially from the criminal activity of fudging records. Of course, these findings of the C.B.I. are not binding on the Enforcement Directorate, but, this Court cannot...
Read MoreCentral Bureau of Investigation Vs Keshav Sharma @ Shahid (Delhi High Court) - Central Bureau of Investigation Vs Keshav Sharma @ Shahid (Special Court, Delhi) Accused Keshav Sharma impersonated as Ashok Jain s/o Sh. P.C. Jain and representing himself to be proprietor of M/s Creative Traders at plot No.9, Main Patparganj Road, opened account with Central bank of India, Parliam...
Read MorePress Release: 2020-2021/1176 - (01/03/2021) - The Financial Action Task Force (FATF), vide public document ‘High-Risk Jurisdictions subject to a Call for Action’ dated February 25, 2021, has called on its members and other jurisdictions to refer to the statement on these jurisdictions adopted in February 2020....
Read MoreRBI/2020-21/105 A.P. (DIR Series) Circular No. 12 - (26/02/2021) - Currently, FPI investments in corporate bonds are subject to a minimum residual maturity requirement, short-term investment limit (paragraph 4 (b)(ii)) and the investor limit (paragraph 4(f)(i)) in terms of the Directions....
Read MorePress Release: 2020-2021/1161 - (26/02/021) - Date : Feb 26, 2021 Reserve Bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020 and invited applications from desirous entities. Given the process involved for complying with the framework prescriptions, a timeline of six months...
Read MorePress Release: 2020-2021/1159 - (26/02/2021) - Today, the Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI. First published in 1937, the RCF adopted a theme-based approach from 1998-99. After a hiatus between 2014 and 2019, the Report has been revived with this release....
Read MoreRBI/2020-21/104 DOR.No.CRE.BC.45/21.01.003/2020-21 - (24/02/2021) - Exposures that are exempt from Large Exposures Framework (LEF) - Exposures to foreign sovereigns or their central banks that are: i. subject to a 0% risk weight under Table 2 of paragraph 5.3.1 of the Master Circular – Basel III Capital Regulations dated July 1, 2015, as modified vide circular dat...
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Press Release: 2020-2021/1176 - (01/03/2021) -
RBI/2020-21/105 A.P. (DIR Series) Circular No. 12 - (26/02/2021) -
Press Release: 2020-2021/1161 - (26/02/021) -
Press Release: 2020-2021/1159 - (26/02/2021) -
RBI/2020-21/104 DOR.No.CRE.BC.45/21.01.003/2020-21 - (24/02/2021) -
Amitabha Dasgupta Vs United Bank of India & Ors. (Supreme Court Of India) -
