Fema / RBI - Page 30

The Great Jewel Scam. Is It System Failure?

The great jewel scam that is rocking the nation has opened up a Pandora Box on how the banks have become soft target for unscrupulous scam creators in connivance with the bank officials. It is apparent from the modus operandi of the operations that it is a systematic, well conceived and planned loot of the Indian Banking system....

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What is the Nirav Modi scandal?

It is textbook banking fraud. Let’s start with a brief overview of how trade in diamonds is settled. Rough diamonds are very expensive, easy to transport, and cutting – polishing them adds little value to the final product. This makes rough diamonds an excellent tool for round-tripping funds into India via fake invoices. Diamon...

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OBC warns Concurrent Auditors to duly Verify all Outward SWIFT messages

HO/I&C/Circular letter No./41/2017-18 (19/02/2018)

It is reiterated that all Concurrent Auditors are required to:- To cross verify that all outbound SWIFT messages vis-a-vis their corresponding entries are reflecting in. To ensure & confirm that second checking has been done by the Branch official who are not associated with SWIFT messages....

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Musings on the new NPA rules of RBI

The new Non Performing Assets (NPA) Rules of RBI announced recently seems to be  apparently to make the books of the Banks reflect the actual underlying asset quality but in the short term the NPA provisioning in the short term would get bad ,if not worse, in the short term. (Assuming that there are no […]...

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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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No instructed PNB to meet its commitments under LOU: RBI

Press Release: 2017-2018/2233 (16/02/2018)

There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given any such instructions....

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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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Banks branches must accept coins tendered for exchange or for deposit in Accounts: RBI

RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 (15/02/2018)

Reserve Bank continues to receive complaints about non-acceptance of coins by bank branches. Such denial of service has reportedly, in turn, led to refusal on the part of shopkeepers and small traders, etc., to accept coins as payment for goods sold and services rendered causing inconvenience to the public at large. ...

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RBI notifies Revised Framework for Resolution of Stressed Assets

RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 (12/02/2018)

The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time....

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Levy of Penal Interest – Delayed Reporting

RBI/2017-18/130 DCM (CC) No. 2885/03.35.01/2017-18 (09/02/2018)

Presently, penal interest is levied for all cases where the bank has enjoyed ineligible credit in its current account with the RBI on account of wrong / delayed / non-reporting of transactions i.e. the currency chest had reported a net deposit. ...

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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.