Fema / RBI - Page 310

RBI appointed Dr. Subir Gokarn as Deputy Governor

Dr. Subir Vithal Gokarn has today taken over as the Deputy Governor of the Reserve Bank of India.Dr. Gokarn has been appointed Deputy Governor for three years from the date of his taking over. He will be the fourth Deputy Governor, the other three being Smt. Shyamala Gopinath, Smt. Usha Thorat and Dr. K.C. Chakrabarty. As Deputy Governor...

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Sorting / Processing of Notes – Installation of Note Sorting Machines

With the sheer increase in the number of physical bank notes in circulation and the increase in the number of counterfeit notes detected/seized in recent period it is apparent that steps have to be taken by all stakeholders to address the issue regarding sorting of banknotes and detection of counterfeit notes. Ensuring detection of counte...

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RBI guideline on Fair Practice Code for Lenders and EMI calculation methods

Reserve Bank of India (RBI) has issued guidelines on ‘Fair Practice Code for Lenders’ which are required to be framed by Banks/Financial Institutions/ Non Banking Financial Companies (NBFCs) duly adopted by their respective Boards. These guidelines which are revised periodically, inter-alia, stipulate that loan application forms in re...

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RBI Directions for opening and operation of Accounts and settlement of payments for electronic payment transactions involving intermediaries

RBI/2009-10/ 231, DPSS.CO.PD.No. 1102 /02.14.08/ 2009-10 (24/11/2009)

The use of Electronic/Online Payment modes for payments to merchants for goods and services like bill payments, online shopping etc. has been gaining popularity in the country. With a view to safeguard the interests of the customers and to ensure that the payments made by them using Electronic/Online Payment modes are duly accounted for b...

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RBI Circular on Up-gradation of RTGS System to Windows 2008

RBI/2009-10/230- DIT (CO) Circular No. 5 /09.63.08/2009-10 (23/11/2009)

. In order to facilitate the upgradation, we enclose Hardware and Software specifications for Server and Client machines. It may be noted that hardware specifications mentioned are the minimum requirements. However, you may decide the size of the hardware based on your specific needs. As regards Hardware Security Module (HSM), we are in ...

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RBI asked bank and financial institutions to report suspicious deals within 7 days

The Reserve Bank of India has asked all banks and financial institutions to furnish a suspicious transaction report to the Financial Intelligence Unit-India within seven days of such a transaction, said a notification from the central bank on Thursday. "The report must be furnished within seven days of arriving at a conclusion that a tran...

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RBI advisory asked banks to limit their mutual fund (MF) exposure

The Reserve Bank of India (RBI) advisory to banks for limiting their mutual fund (MF) exposure has prodded the lenders to put in place a detailed investment norm. While large banks were capping their MF exposure at 20 per cent of total investment, smaller banks were limiting such investments to Rs 1,000 crore, executives at public sector ...

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Combating Financing of Terrorism – Unlawful Activities (Prevention) Act, 1967 – Obligation of banks – Urban Co-operative Banks

Please refer to our circulars UBD.CO.BPD. (PCB) No. 32/09.39.000/2007-08 dated February 25, 2008 on Know Your Customer (KYC) Norms/ Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism and UBD.CO. BPD. (PCB) No. 1/12.05.001/2008-09 dated July 02, 2008 on Prevention of Money Laundering Act, 2002 –Obligation of banks ...

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RBI Circular on Money changing activities–Suspicious Transaction Reporting Format, Prevention of Money-Laundering Act

RBI/ 2009-10/227, A.P. (DIR Series) Circular No.15/A.P. (FL/RL Series) Circular No.02 (19/11/2009)

Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money-Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009- Money changing activities–Suspicious Transaction Reporting Format ...

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RBI may soon issue new Norms on NPA

The Reserve Bank said it will soon come out with norms for banks to augment the capital requirements that the lenders have to keep aside against bad assets. “We will be issuing the circular (provisioning against NPAs) so you can then see details on that,” RBI deputy governor Usha Thorat told....

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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.