RBI Circular Notification Press Release and Instructions issued by Reserve bank of India. News and Article on provisions, Rate changes, Policy changes and FAQ
Fema / RBI : Explore the potential impacts of RBI's proposed draft Import/Export framework on business operations and foreign trade in India....
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Fema / RBI : RBI new circular allows resident individuals to remit funds to IFSCs for all permissible LRS purposes, boosting financial services...
Fema / RBI : Explore NBFC Fair Practice Code under RBI Scale Based Regulations. Learn about guidelines, transparency, customer rights, and grie...
Fema / RBI : FLA return is annual return required to be submitted by following entities which have received FDI and/or made FDI abroad (i.e. ov...
Fema / RBI : Discover RBI's third global hackathon, 'HaRBInger 2024 - Innovation for Transformation,' aimed at enhancing India's financial land...
Fema / RBI : The ability for cardholders to determine their billing cycle signifies that credit cards are not merely tools for cashless transac...
Fema / RBI : Explore the comprehensive regulatory insights shared by Shri M. Rajeshwar Rao, Deputy Governor of the Reserve Bank of India, focus...
Fema / RBI : Explore how the Reserve Bank of India is fostering self-regulation through SROs, setting industry standards, and enhancing complia...
Fema / RBI : Explore FAQs on Credit Card Issuance, Activation, Usage, and Complaints. Understand rules, rights, and procedures in the Master Di...
Fema / RBI : RBI directs NBFCs to adhere to a Rs 20,000 cash loan disbursement limit, aiming to regulate cash transactions and enforce complian...
Fema / RBI : Lender Banks Required to Provide Audit Reports to Borrowers and Allow Representation Before Classifying Accounts as Fraud, Along w...
Fema / RBI : Lawyers empanelled by the banks to represent them in cases did not hold a civil post and thus the laws of reservation would not be...
Fema / RBI : Assessee-company was engaged in the business of providing unsecured short-term loans to its customers/borrowers in India via its D...
Fema / RBI : Delhi High Court granted the bail application in the extortion case concluding that merely because the petitioner has been alleged...
Fema / RBI : Discover the 2024 Master Directions from RBI detailing fraud risk management guidelines for NBFCs. Learn about governance, early w...
Fema / RBI : Explore RBI latest Master Directions on Fraud Risk Management in Urban Cooperative Banks (UCBs), State Cooperative Banks (StCBs), ...
Fema / RBI : Explore RBI's latest Master Directions on Fraud Risk Management for Banks & AIFIs. Learn about governance, early detection framewo...
Fema / RBI : The RBI has withdrawn several outdated circulars to streamline and simplify banking guidelines. Learn about the changes and their ...
Fema / RBI : Read about RBI's latest circular on Liberalised Remittance Scheme (LRS) allowing expanded remittances to IFSCs, implications, and ...
A.P. (DIR Series) Circular No. 96 Creation of charge on immovable / movable property and other financial assets. Reckoning bank guarantee issued on behalf of JV / WOS for computation of Financial Commitment. Issuance of personal guarantee by the direct / indirect individual promoters of the Indian Party. Financial Commitment without equity contribution to JV / WOS. Submission of Annual Performance Report. Compulsorily Convertible Preference Shares (CCPS).
Acquiring qualification shares of an overseas company for holding the post of a Director . Acquiring shares of a foreign company towards professional services rendered or in lieu of Director’s remuneration. Acquiring shares in a foreign company through ESOP Scheme.
The Act imposes restrictions on acceptance of foreign hospitality by certain specified persons. It mandates that no member of a Legislature or office-bearer of a political party or Judge or Government servant or employee of any corporation or any other body owned or controlled by the Government shall, while visiting any country or territory outside India, accept, except with the prior permission of the Central Government, any foreign hospitality. However, such permission would not be necessary for an emergent medical aid needed on account of sudden illness contracted during a visit outside India. The term ‘foreign hospitality’ is defined to mean any offer, not being a purely casual one, made in cash or kind by a foreign source for providing a person with the costs of travel to any foreign country or territory or with free boarding, lodging, transport or medical treatment.
A review of the guidelines is made in view of the creation of a new category of NBFCs viz; NBFC-MFIs and also rapid growth in NBFCs’ lending against gold jewellery. The revised guidelines issued under Section 45 L of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and of all the powers enabling it in this behalf, in supercession of the CC dated September 28, 2006, is enclosed in the annex. The Guidelines have also incorporated the instructions issued vide CC No. 95 dated May 24, 2007 on ‘Complaints about excessive interest charged by NBFCs’ and CC No. 139 dated April 24, 2009 on ‘Clarification regarding re-possession of vehicles financed by NBFCs’ for reference.
Certain queries were received from banks and we further clarify that for the various Forms (DA1, DA2 and DA3 for Bank Deposits, Forms SC1, SC2 and SC3 for Articles left in Safe Custody, Forms SL1, SL1A, SL2, SL3 and SL3A for Safety Lockers) prescribed under Banking Companies Nomination Rules, 1985 only Thumb-impressions(s) shall be attested by two witnesses. Signatures of the account holders need not be attested by witnesses.
Statistics as subject of collection and use of various kinds of statistics can be traced much earlier in India. Kautilya’s Arthasastra (321-296B.C.), one of the greatest treatise of economics, indicates a system of census and data collection relating to agriculture, population and other economic activities, covering villages and towns. In addition, the concept of cross-checking and validation by independent agents was very much part of the data collection system.
The Union Finance Minister Shri Pranab Mukherjee said that RBI is closely monitoring the current rupee situation and he is sure that RBI will do the needful, as required. The Finance Minister further said that he would like to add that despite global uncertainty, FII Investments have been in the positive territory in October (USD 634 million) and November as of yesterday (USD 213 million).
It is learnt from reliable sources that as a result of number of representation and hard efforts by ‘ICAI’ before various concerned authorities, Reserve Bank of India has agreed to decrease the proposed limit of 20 crores of advances to 6 crores for compulsory statutory bank branch audit, however branches having advances below 6 crores will be audited once in three years.
It is observed that NBFCs that are predominantly engaged in lending against the collateral of gold jewellery have recorded significant growth in recent years both in terms of size of their balance sheet and physical presence. This in turn, has led to their increased dependence on public funds including bank finance and non-convertible debentures issued to retail investors.
It has been decided that AD Category-I banks may allow repayment of such loans to NRE / Foreign Currency Non-Resident (Bank) [FCNR(B)] account of the lender concerned subject to the condition that the loan to the resident individual was extended by way of inward remittance in foreign exchange through normal banking channels or by debit to the NRE / FCNR(B) account of the lender and the lender is eligible to open NRE / FCNR(B) account within meaning of the Foreign Exchange Management (Deposit) Regulations, 2000 notified vide Notification No. FEMA 5/2000-RB dated May 3, 2000, as amended from time to time. Such credit shall be treated as an eligible credit to the NRE / FCNR(B) account in terms of Para 3(j) of Schedule-1 read with Para 5 of Scheule-2 of Notification No. FEMA 5/2000-RB, ibid.
