Fema / RBI - Page 20

Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks – Spreading of MTM losses and creation of Investment Fluctuation Reserve (IFR)

RBI/2017-18/147 DBR.No.BP.BC.102/21.04.048/2017-18 (02/04/2018)

Please refer to Master Circular DBR.No.BP.BC.6/21.04.141/2015-16 dated July 1, 2015 on the captioned subject. Banks are required to mark to market (MTM) the individual scrips in Available for Sale (AFS) at quarterly/more frequent intervals and Held for Trading (HFT) at monthly/more frequent intervals and provide for net depreciation, if a...

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ICICI Bank’s clarification on RBI penalty

Press Release: 2017-2018/2593 (29/03/2018)

RBI has imposed a penalty on the Bank for continued sale of government securities classified as HTM. ICICI Bank had continued with the sales from HTM category for a few weeks during the quarter ended March 31, 2017, due to a genuine misunderstanding on the timing of the applicability of RBI's direction in this matter....

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Special clearing across the country on March 31, 2018: RBI

RBI/2017-18/145 DPSS.CO.CHD.No./2707/03.01.03/2017-18 (28/03/2018)

With a view to facilitate accounting of all the Government transactions for the current financial year (2017-18) by March 31, 2018, it has been decided to conduct special clearing at all clearing houses across the country on March 31, 2018...

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Bank to remain open till 8 PM on 31.03.2018 for tax payments

RBI/2017-18/144 DGBA.GBD.No.2388/42.01.029/2017-18 (27/03/2018)

All agency banks should keep the counters of their designated branches conducting government banking open for government transactions up to 8.00 p.m. on March 31, 2018. All electronic transactions, including RTGS and NEFT, will continue till midnight on March 31, 2018....

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Linking of SWIFT to Core Banking System to avoid misuse

Linking of SWIFT to the Core Banking System Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para75), a Steering Committee on Fintech related issues was constituted to consider various issues relating to development of Fintech space in India with a view to make Fintech re...

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Fulfilled obligations under PML Rules: RBI to NBFCs

Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE’s) including Non-Banking Financial Companies (NBFC’s) to verify identity of clients, maintain records and furnish information to FIU-IND...

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Reporting and Accounting of Central Government Transactions of March 2018

RBI/2017-18/142 DGBA.GBD.No.2324/42.01.029/2017-18 (19/03/2018)

Government of India has decided that the date of closure of residual transactions for the month of March 2018 be fixed as April 10, 2018 for the Financial Year 2017-18. ...

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CBI Arrests Kolkata Based Private Company directors in Bank fraud case

The Central Bureau of Investigation has today arrested two Directors of Kolkata based private company in an on-going investigation of a bank fraud case to the tune of Rs.515.15 crore(approx)....

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Report of RBI Working Group on Fin Tech an& Digital Banking Companies

Ecosystem for Fin Tech Companies The Reserve Bank of India (RBI) had set up an inter-regulatory Working Group (WG) to look into and report on the granular aspects of Fin Tech and its implications so as to review and reorient appropriately the regulatory framework and respond to the dynamics of the rapidly evolving Fin Tech […]...

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Banking Regulatory Powers Should Be Ownership Neutral

I speak today to highlight some fundamental fissures that exist in the regulation of banks, in particular, public sector banks (PSBs). It has been slightly over a month since the latest fraud in the Indian banking sector broke news....

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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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