Fema / RBI - Page 324

Clarificatory guidelines on downstream investment by Indian Companies.

12(22)/2007-FC (25/02/2009)

The Guidelines for calculation of total foreign investment, both direct and indirect in an Indian company, at every stage of investment, including downstream investment, have been detailed in Press Note 2 of 2009 which enables determination of total foreign investment in any/all Indian Companies....

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Exim Bank's Line of Credit of USD 20 million to the Government of the Republic of Niger

RBI/2008-09/390, A. P. (DIR Series) Circular No. 53 (19/02/2009)

I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the Line of Credit from Exim Bank's office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or log on to www. eximbankindia.in....

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Effect of retraction of statement of confession

Vinod Solanki Vs. UOI (Supreme Court of India) (15/02/2009)

With a view to arrive at a finding as regards the voluntary nature of statement or otherwise of a confession which has since been retracted, the Court must bear in mind the attending circumstances which would include the time of retraction, the nature thereof, the manner in which such retraction has been made and other relevant factors. L...

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Foreign investment in Print Media dealing with news and current affairs

Press Note No. 1 (2009) (14/02/2009)

Publication of facsimile edition of foreign newspaper would also be subject to the Guidelines for publication of newspapers and periodicals dealing with news and current affairs and publication of facsimile edition of foreign newspapers issued by Ministry of Information & Broadcasting on 31.3.2006, as amended from time to time....

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Guidelines for transfer of ownership or control of Indian companies in sectors with caps from resident Indian citizens to non-resident entities

Press Note No 3 (2009 Series) (13/02/2009)

It is clarified that these guidelines will not apply for sectors/activities where there are no foreign investment caps, that is, 100% foreign investment is permitted under the automatic route....

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Guidelines for calculation of total foreign investment i.e. direct and indirect foreign investment in Indian companies.

Press Note No 2 (2009 Series) (13/02/2009)

Provided that, in case of a combination of all or any of the entities mentioned in Sub-Clauses (i) and (ii) of clause above, each of the parties shall have entered into a legally binding agreement to act as a single unit in managing the matters of the applicant company....

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Guidelines for transfer of ownership or control of Indian companies in sectors with caps from resident Indian citizens to non-resident entities.

Press Note No. 3 (2009 Series) (13/02/2009)

These guidelines will issue in modification of paragraph 2(e) of Press Note 4 of 2006 and will be effective from the date of issue of this Press Note. FDI policy announced vide Annex to Press Note 7(2008) dated 16th June 2008 stands amplified to the above extent....

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Banks required to obtain regular certification by a professional in respect of Lending under Consortium Arrangement / Multiple Banking Arrangements

RBI/2008-2009/379 DBOD.No. BP.BC.110/08.12.001/2008-09 (10/02/2009)

As regards rotation of Auditors, for the sake of operational convenience, it is suggested they may be changed once every 5 years instead of every 3 years.vi. In order to avoid concentration, group companies may have different Statutory/Internal Auditors in case group turnover exceeds Rs.100 crores....

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RBI sets prepaid card limit at Rs 50,000

Reserve Bank of India (RBI) made it clear that the maximum value of any prepaid payment instrument, where specific limits have not been prescribed, should not exceed Rs 50,000. The central bank has also laid down certain exceptions in KYC requirements available only in cases wherein semi-closed system payment instruments up to Rs 1,000 ma...

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Posted Under: Fema / RBI |

RBI – Extension of service window for RTGS transactions

RBI/2008-09/ 362 -DPSS (CO) RTGS No. 1288/04.04.002/2008-2009 (28/01/2009)

Please refer to our previous circular DPSS (CO) No. 2118 / 04.04.002 / 2007 - 2008 dated June 25, 2008 on the captioned subject. On a review of RTGS timings, the RTGS Standing Committee has decided to extend RTGS timings for customer transactions on Saturdays from 12:00 noon to 12:30 hours and for inter-bank transactions from 14.00 to 14....

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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.