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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On submission of the proof of current address, the account would be treated as a normal NRO account, and will be operated in terms of instructions contained in RBI’s Master Circular on Non-Resident Ordinary Rupee (NRO) Account No. RBI/2013-14/2 Master Circular No.2/2013-14 dated July 1, 2013 issued by our Foreign Exchange Department, Central Office and the provisions of Schedule 3 of FEMA Notification 5/2000 RB dated May 3, 2000may also be kept in view.
On a review of the policy, it has been decided to enhance the ceiling on loans to individuals for carrying out repairs / additions / alterations to their dwelling units to ` 2 lakh in rural and semi-urban areas and ` 5 lakh in urban areas.
In view of the prevailing market conditions, it has further been decided that AD Category I banks, at their option, can enter into a swap transaction with RBI in respect of the borrowings raised after the date of this circular.
any person resident in India may take outside India or having gone out of India on a temporary visit, may bring into India (other than to and from Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.10,000 per person.
The swap facility will be available to the scheduled commercial banks (excluding RRBs) for fresh FCNR(B) deposits mobilized in any permitted currency (as specified in the RBI Master Circular on Interest Rates on FCNR (B) Deposits dated July 1, 2013) for the tenor of minimum three years.
The issue of acquisition of shares under the FDI Scheme by a non-resident on a recognised stock exchange has been reviewed and as a further measure of liberalization, it has been decided that a non resident including a Non Resident Indian may acquire shares of a listed Indian company on the stock exchange through a registered broker under FDI scheme provided that:
In order to provide operational flexibility and ease the procedures, it has been decided to permit AD Category –I bank to issue bank guarantee, without prior approval of the Reserve Bank, on behalf of a non-resident acquiring shares or convertible debentures of an Indian company through open offers/ delisting/exit offers, provided :
It may be noted that the Reserve Bank of India had announced the revised guidelines for overseas direct investment by Indian parties on August 14, 2013. This measure had been taken in the context of current macro-economic situation. It was not the intention of the Reserve Bank of India to restrict bona-fide and genuine overseas direct investment transactions by Indian companies.
On a review of the evolving market conditions and with a view to providing operational flexibility to exporters and importers to hedge their foreign exchange risk, it has now been decided to: (a) allow exporters to cancel and rebook forward contracts to the extent of 50 percent of the contracts booked in a financial year for hedging their contracted export exposures, and
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P. (DIR Series) Circular No. 24 dated August 14, 2013. In this connection, Reserve Bank has been receiving queries from the various stakeholders and Authorised Dealer banks. All such queries have been collated and are given at the annex together with the answers/ clarifications.
