Fema / RBI - Page 319

RBI cuts Repo & Reverse Repo rates by 25 basis points, loans to go cheaper

In a move that could bring further relief to the home, auto and corporate borrowers, the Reserve Bank today cut short-term lending (repo) and borrowing (reverse repo) rates by 25 basis points. In its annual credit policy for 2009-10, the RBI reduced the repo rate to 4.75 per cent and reverse repo to 3.25 per […]...

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RBI deal with the problem of black money being hidden in tax havens by continuously updating its regulations

The Reserve Bank on Tuesday said it would deal with the problem of black money being hidden in tax havens by continuously updating its regulations in line with the G-20 guidelines on strengthening transparency in cross-border movement of capital. “The Reserve Bank would continue to incorporate in its regulations latest international...

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Three more credit information companies get RBI nod to do business

Reserve Bank of India has allowed three more credit information companies to do business. The banking regulator has also permitted the only  existing local credit bureau Cibil (Credit Information Bureau India Ltd) to maintain credit histories of insurance and telecom customers. The three new entities include Equifax Credit Information Se...

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Foreign Direct Investment in India -Transfer of Shares / Preference Shares / Convertible Debentures by way of Sale – Modified Reporting Mechanism

RBI/2008-09/447, A. P. (DIR Series) Circular No.63 (22/04/2009)

Further, it may be noted that in terms of Regulation 2 of Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time, "preference shares" mean compulsorily and mandatorily convertible preference shares and "debenture" means compulsorily and mandatorily convertible debentures....

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RBI Issued Circular on Prudential Guidelines on Restructuring of Advance by Banks

DBOD No. BP. BC. 121 /21.04.132/ 2008-09 (09/04/2009)

In their published annual Balance Sheets for the year ending March 2009, in addition to the disclosures regarding restructured loans required in terms of paragraph 8 of the circular dated August 27, 2008 referred to above, banks should also disclose the amount and number of accounts in respect of which applications for restructuring are u...

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ICAI opposes RBI move to relax the provisioning norms for NPA

The Institute of Chartered Accountants of India, which frames accounting standards for the country, has opposed a proposal of the Reserve Bank of India to relax the provisioning norms for non-performing assets. According to the proposal, commercial banks need not classify a non-serviced loan under NPAs if the borrower has submitted an app...

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E&Y appointed by RBI to review performance of RBI General Managers

The Reserve Bank of India (RBI) has appointed global management and consultancy firm ERNST & YOUNG to review the performance of its 80 chief general managers. According to an RBI spokesperson, E&Y will design and facilitate a 360-degree evaluation of the senior functionaries and a give feedback to the central bank. * The 360-degre...

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FCCB Buyback deadline may be extended by six months

(10/03/2009)

Those exercising the option include Mahindra & Mahindra, Reliance Communications, Tulip Telecom, Moser Baer, Jubilant Organosys, Radico Khaitan, Hotel Leela, Pidilite Industries and Uflex. Together, these firms have bought back bonds worth $240 million (around Rs 1,200 crore) at a discount of 30 to 50 per cent on the face value....

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Acknowledgement of Nomination- Banking Companies (Nomination) Rules, 1985

RBI/2008-09/406 (DBOD.No.Leg. BC.114 /09.07.005/2008-09 (09/03/2009)

Banks are therefore advised to strictly comply with the provisions of Banking Regulation Act, 1949 and Banking Companies (Nomination) Rules, 1985 and devise a proper system of acknowledging the receipt of the duly completed form of nomination, cancellation and / or variation of the nomination. Such acknowledgement should be given to all t...

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RBI cut repo, reverse repo rate by 50 basis points each

Less than a week after third-quarter GDP estimates showed a lower-than-expected 5.3 per cent growth rate, the Reserve Bank of India on Wednesday surprised the market and sent fresh signals to banks to lower lending and deposit rates by pruning the repo rate and the reverse repo rate by 50 basis points each.  The repo […]...

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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.