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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Remittance facilities for Non-Residents /Persons of Indian Origin /Foreign Nationals are being governed by sub-section (1) and (2) of section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification No.13/2000-RB and FEMA Notification No. 21/2000-RB dated May 3, 2000, as amended from time to time.
The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999. 2. This Master Circular consolidates the existing instructions on the subject of Compounding of Contraventions under FEMA, 1999 at one place. The list of underlying circulars / notifications, consolidated in this Master Circular, is furnished in the Appendix.
This Master Circular consolidates the existing instructions on the subject of Memorandum of Instructions governing money changing activities at one place. The list of underlying circulars/notifications is set out in Appendix. 2. This Master Circular is being issued with a sunset clause. It will stand withdrawn on July 1, 2013 and would be replaced by an updated Master Circular on the subject.
Please refer to our circulars DBOD No. BC.39/12.01.001/95 dated April 05, 1995 and DBOD No. BC.50/12.01.001/2000-01 dated November 07, 2000 on the captioned subject, advising banks that in order to determine the rupee equivalent liability under FCNR (B) Scheme for the purpose of Cash Reserve Ratio (CRR), the FEDAI indicative rate for all the four major currencies (viz US dollar, GBP, Japanese Yen, and DM/Euro) on relevant reporting Friday which is available at 12.00 noon on any working day may be used.
In exercise of the powers conferred by sub-section (1) of section 43 of the Prevention of Money-laundering Act, 2002 (15 of 2003) and in consultation with the Chief Justice of the High Court of Delhi, the Central Government hereby makes the following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 841(E), dated the 1st June, 2006, namely:-
In exercise of the powers conferred by sub-section (1) of section 43 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation with the Chief Justice of the High Court of Jharkhand, hereby designates the Court of Special Judge-I, CBI (ACB), Ranchi, being a Court of Session, as the Special Court to try offences punishable under section 4 of the said Act in respect of all cases connected with the offences alleged to have been committed by Shri Anosh Ekka.
The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India has been updating/notifying the FDI policy through issue of Consolidated FDI Policy Circular. Accordingly, Government has notified the latest FDI policy changes vide FDI Policy Circular 1 of 2012 dated April 10, 2012 and the same is available at Government website www.dipp.gov.in. In order to bring uniformity in the sectoral classification position for FDI as notified under the Consolidated FDI Policy Circular with the FEMA Regulation, the revised position on Annex A and Annex B of Schedule 1 to Notification No. FEMA 20/2000-RB dated 3rd May 2000, has been suitably revised and is enclosed.
The Merchant Discount Rate (MDR) for debit and credit cards has hitherto been similar in India. The debit card is a secured product with the card usage being linked to the availability of funds in the accounts of the customers. Credit cards, on the other hand, are a part of the unsecured credit product portfolio of the issuers. The credit card usage is linked to the credit limit sanctioned by the issuer and carries with it an element of credit risk. Thus given the different nature of the two products, there is no rationale for having a similar MDR for debit and credit cards. Further, it is observed that debit cards are mostly being used for withdrawal of cash at ATMs.
In a Working Paper published by the Reserve Bank of India has argued that the guidance given by Basel Committee on Banking Supervision (BCBS) is not appropriate for India. The finding is based on the analysis of annual banking data for the last 60 years since 1950-51. The authors have also showcased an alternative capital buffer guidance reflecting, among other things, the current status of economic development and the underlying banking business model in India. Using the annual data since 1990-91, the authors have empirically verified the performance of the alternative buffer guidance vis-à-vis the BCBS guidance. The salient findings of the research are:
Monetary policy transmission is a process through which monetary policy decisions affect the economy in general and the price level in particular. It is a complex process, wherein the transmission of policy actions to market interest rates and further to real sector may proceed through several channels. Therefore, monetary policy transmission mechanism is still considered to be a “black box”. In this context, this paper, using SVAR models on quarterly data for 1996-97:1 to 2011-12:1, examines the relative importance of various transmission channels of monetary policy to output growth and inflation in India.
