RBI Circular Notification Press Release and Instructions issued by Reserve bank of India. News and Article on provisions, Rate changes, Policy changes and FAQ
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Government decides to bring the provisions of amended RBI Act regarding constitution of MPC into force on 27th June, 2016 so that statutory basis of MPC is made effective; Rules governing the procedure for Selection of Members of Monetary Policy Committee and Terms and Conditions of their Appointment and factors constituting failure to meet inflation target under the MPC Framework notified on 27th June, 2016.
In exercise of the powers conferred by section 45ZN of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby notifies the following as factors that constitute failure to achieve the inflation target, namely:—
The Government of India has reviewed the extant FDI policy on various sectors and made following amendments in the Consolidated FDI Policy Circular of 2016 issued on June 07, 2016 (FDI Policy).
Banks shall however, continue to obtain and keep on their records a certificate from statutory auditors and an external legal opinion in terms of paragraphs 2.5 and 3.1(v) of Annex 16 of the Master Circular on Basel III Capital Regulations dated July 1, 2015.
In this article, author attempts to highlight the basic concept of foreign currency translation and its impact on financial statement as per FASB 52. Please note this article is for giving the overview of its basic concept and it is not the exhaustive view for taking any opinion.
In respect of related entities which operate under severe long term restrictions which significantly impair their ability to transfer funds to the parent, the AIFIs shall disclose separately the book value of the amounts due from such related entities and the net amounts recoverable from them. The AIFIs shall also consider making appropriate provisions for the shortfall.
As announced in the Bi-Monthly Monetary Policy Statement on April 7, 2015, in order to encourage participation in the Over the Counter (OTC) currency options market and improve its liquidity, it has been decided to permit resident exporters and importers of goods and services to write (sell) standalone plain vanilla European call and put option contracts against their contracted exposure, i.e. covered call and covered put respectively
In line with the Government of India’s startup initiative, it has been decided that an Indian startup, having an overseas subsidiary, may open a foreign currency account with a bank outside India for the purpose of crediting to the account the foreign exchange earnings out of exports/sales made by the said startup or its overseas subsidiary.
The recommendations that remain to be implemented relate to reporting of information concerning (i) investment of banks and All India Financial Institutions (AIFIs) in Commercial Papers (CPs) – Recommendation No.8.6, and (ii) Unhedged Foreign Currency Exposures (UFCE) of borrowers of banks and AIFIs – Recommendation No.8.14.
The reconciliations required by paragraph 9 above shall be given in sufficient detail to understand the material adjustments to the Balance Sheet and Statement of Profit and Loss, thereby explaining how the transition from the existing financial reporting to Ind ASs affected the reported Balance Sheet and financial performance. The detail shall be such as to enable the Reserve Bank to understand the significant adjustments to equity that will impact regulatory capital. The Reserve Bank does not require the proforma Ind AS financial statements to be audited and understands that this information, while being a fair estimate of the impact to opening equity, is subject to change.
