Fema / RBI - Page 357

RBI circular on Marketing/distribution of mutual fund/insurance etc., products by banks

RBI/2009-10/225, DBOD.No.FSD.BC. 60/24.01.001/2009-10 (16/11/2009)

banks have been advised that they need not obtain prior approval of the RBI for engaging in insurance agency business or referral arrangement without any risk participation, subject to the conditions stipulated in Annex 4 of the Master Circular. Banks have also been permitted, vide paragraph 17 of the above circular, to offer purely refe...

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RBI circular on combating Financing of Terrorism – Obligation of Banks under PMLA, 2002

RBI/2009-10/224 UBD. CO. BPD. PCB.Cir. No. 23/ 12.05.001/2009-10 (16/11/2009)

Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act, 2002 – Urban Co-operative Banks....

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Anti-money laundering Act: RBI tightens KYC norms for politically Exposed Person

DNBS(PD). CC 163/03.10.042/ 2009- 10 (13/11/2009)

WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised all NBFCs to maintain records of clients for a period of 10 years from the date of transaction. The NBFCs will have keep records of the Identity of the Clients, both domestic or international, which will permit ...

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RBI circular on embossing of bank / branch name on locker keys

Please refer to Paragraph 5 of our circular RPCD.CO.RF.BC. No.95/ 07.38.01/2006- 07 dated May 18, 2007, wherein banks were advised to ensure that the identification code of the bank / branch is embossed on all the locker keys with a view to facilitate Authorities in identifying the ownership of the locker keys....

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Prevention of Money laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder

RBI/2009-10/ 220, DNBS(PD). CC 164/03.10.042/ 2009- 10 (13/11/2009)

The Prevention of Money Laundering (Amendment) Act, 2009 (No. 21 of 2009) has come into force with effect from June 01, 2009 as notified by the Government. In terms of Sub-Section 2(a) of Section 12 of The Prevention of Money Laundering (Amendment) Act, 2009 (PMLA, 2009), the records referred to in clause (a) of Sub-Section (1) of Section...

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RBI issued draft guidelines on Over the Counter (OTC) Forex Derivatives, Hedging and Freight Risk overseas

The Reserve Bank of India has, today, placed on its website the draft guidelines on OTC Foreign Exchange Derivatives and Hedging Commodity Price Risk and Freight Risk overseas (Annex) for public comments. ...

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RBI circular on provisioning Requirement for Standard Assets (05.11.2009)

In view of large increase in credit to the Commercial Real Estate (CRE) sector over the last one year and the extent of restructured advances in this sector, it would be prudent to build cushion against likely non-performing assets (NPAs). Accordingly, it has now been decided to increase the provisioning requirement for advances to the C...

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RBI circular on frequent dishonour of cheques

RBI/2009-10/213 DBOD.No.Leg. BC.59 /09.07.005/2009- 10 (09/11/2009)

In this connection, it may be mentioned that frequent dishonour of cheques of value of less than Rs. 1 crore is also a matter of concern and banks need to take appropriate action in those accounts where such dishonour of cheques occur....

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Restrictions on outbound remittance of royalties and lumpsum fee for transfer of technology to be relaxed

(08/11/2009)

Under the existing regulatory norms, remittances made by Indian residents to a foreign collaborator are permissible without any prior regulatory approvals to the extent of a lumpsum fee of USD 2 million and royalty payment of 5% on domestic sales and 8% on exports. However, payments in excess of the specified caps would require a prior ap...

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RBI Circular on Combating Financing of Terrorism – Unlawful Activities (Prevention) Act, 1967 – Obligation of banks

RBI/2009-10/206 RPCD.CO RRB.No. 39 /03.05.33(E)/2009-10 (05/11/2009)

In paragraph 5 (b) of the above circular,it has been advised to RRBs that as and when lists of individuals and entities, approved by Security Council Committee established pursuant to various United Nations' Security Council Resolutions (UNSCRs), are received from Government of India, the Reserve Bank circulates these to all banks and fin...

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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.