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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CA Kamal Garg The term ‘compounding’ has not been defined either in the Foreign Exchange Management Act, 1999 or the rules issued there under. However, inference can be drawn from the definition given in the Companies Act, 1956. It defines ‘compounding’ as: ‘Any offence punishable under the Act (whether committed by the company or any […]
The permission to offer varying rates of interest for deposits of the same maturity shall apply to single Rupee term deposits of Rs. 1 crore and above. Banks may therefore offer same rate of interest or differential rates of interest for deposits of Rs. 1 crore and above of the same maturity. For deposits below Rs. 1 crore of the same maturity, the same rate will apply. Rupee term deposits shall include domestic term deposits as well as term deposits under NRO and NRE accounts.
The Central Government, with a view to bringing privately held stock of gold in circulation, reduce the country’s reliance on import of gold and providing its owners with some income apart from freeing them from the problems of storage, movement and security of gold in their possession, had notified Gold Deposit Scheme, 1999 on 14th September, 1999.
The banks which have not issued long-term bonds (minimum maturity of 5 years) to the extent of their exposure to the infrastructure sector (minimum residual maturity of 5 years) could utilize the room available to issue more Long Term bonds which would help release resources for extending long-term fixed rate loan products.
Keeping in view the operational difficulties faced by the account holders and the Authorized Dealer banks, as a measure of rationalization, it has been decided to dispense with the stipulation made in A.P. (DIR Series) Circular No. 124 dated May 10, 2012, that EEFC account holders henceforth will be permitted to access the forex market for purchasing foreign exchange only after utilizing fully the available balances in the EEFC accounts.
Claims for re-imbursement of subvention amount may be submitted to the Chief General Manager-in-Charge, Urban Banks Department, Reserve Bank of India, Central Office, Garment House, Worli, Mumbai 400 018 on a quarterly basis starting from quarter ended June 30, 2013 in the format as per Annex III.
Rule 9(1A) of the Prevention of Money Laundering Rules, 2005 requires that every banking company, and financial institution, as the case may be, shall identify the beneficial owner and take all reasonable steps to verify his identity.
As per the extant guidelines, Indian companies in the manufacturing and infrastructure sector (as defined under the extant ECB policy), which are consistent foreign exchange earners, are allowed to avail of ECBs for repayment of outstanding Rupee loan(s) availed of from the domestic banking system and / or for fresh Rupee capital expenditure.
During the compounding process, on a number of occasions, it has been brought to our notice by the applicants that the contraventions of the provisions of FEMA by corporates and individuals are due to the acts of omission and commission of the Authorised Dealers and some of the applicants have also produced documentary evidence in support of their claim. Such contraventions being dealt with by the Reserve Bank mainly relate to:
In the latest Basel accord (Basel III), Basel Committee introduced two new liquidity ratios in addition to the increase in existing ratios, to reduce the vulnerability of banks to unfavorable situation like 2008 crisis. By introducing these new ratios, the Basel Committee intends to fortify banks against adverse and distressed situations, abolish mismatches between assets and liabilities and push more sound and reliable sources of funding such as long term funding.
