Fema / RBI
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RBI Circular: Special Clearing Operations on March 30 & 31, 2024
RBI Circular: Currency Chests (CCs) operations on March 31, 2024
Responsibilities of RBI registered NBFCs with regard to submission & compliances
Lead Bank Responsibility Reassignment: Key Changes & Impacts
RBI Announces Special Measures for 2023-24 Government Transactions
Framework for Recognizing SROs for RBI Regulated Entities
All Agency Banks to Remain Open on March 31, 2024 (Sunday): RBI
Priority Sector Lending (PSL) mandated by RBI
Long Form Audit Report (LFAR) – Ready Reckoner, 2024 for Bank Audits
Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2024
Latest RBI / FEMA News
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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.
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