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Amendment to Public Provident Fund Scheme, 1968 (PPF, 1968) We forward herewith a copy of Government of India Notifications G.S.R. (E) & S.O.(E) dated November 25, 2011, on the captioned subject, the contents of which are self-explicit. 2. In this regard, we advise that the contents of the Notifications may be brought to the notice of the branches of your bank operating the PPF, 1968 and may also be displayed on the notice boards of your branches for the information of the PPF, 1968 subscribers.
Thank you for inviting me to share my thoughts at the Annual CII CFO Summit. In recent weeks, the macroeconomic environment has become particularly turbulent. Global conditions have contributed to a significant rebalancing of portfolios as a result of rapidly changing risk perceptions and appetites. This has led to increased instability and volatility in financial markets, particularly currency markets. On the domestic front, growth is decelerating while inflation remains high, with upside pressures persisting from the sharp depreciation in the rupee. While overall macroeconomic conditions may cause concern, we need to take an integrated and forward-looking view of positive and negative indicators and future risks while thinking about appropriate policy responses. This is what I propose to do during the course of this talk.
The Reserve Bank of India on Friday directed primary urban cooperative banks not to make payments on cheques and other financial instruments that are over three months old, with effect from April next year. RBI directs that with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker’s cheques bearing that date or any subsequent date if they are presented beyond the period of three months from the date of such instrument, the Reserve Bank (RBI) said in a circular to all primary urban cooperative banks.
As indicated in the Second Quarter Review of Monetary Policy in November 2010, a Sub-Committee of the Central Board of the Reserve Bank (Chairman: Shri Y. H. Malegam) was constituted to study issues and concerns in the MFI sector. The Committee submitted its report in January 2011. In the Monetary Policy Statement 2011-12, it was announced that the broad framework of regulations recommended by the Committee has been accepted by the Bank.
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 39 dated November 01, 2011, wherein the Rupee value of the special currency basket was indicated as Rs.69.09329 effective from September 20, 2011. AD Category-I banks are advised that a further revision has taken place on October 20, 2011 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.71.668914 with effect from October 25, 2011.
The Reserve Bank of India having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to give the directions set out below, hereby, in exercise of the powers conferred by sections 45JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (2 of 1934), and of all the powers enabling it in this behalf, hereby gives the Directions hereinafter specified.
In exercise of the powers conferred by Sections 45JA of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, and in partial modification of Notification No. DNBS. 193 dated DG (VL)-2007 dated February 22, 2007, the Reserve Bank hereby notifies as follows, namely.
In paragraph 3A, the following sentence may be added as sub clause No. (IV)- “Based on the criteria set forth by the Bank in the Notification viz; Non-Banking Financial Company- Micro Finance Institutions (Reserve Bank) Directions, 2011 dated December 02, 2011 for classification of NBFCs as NBFC-MFIs, whether the non-banking financial company has been correctly classified as NBFC-MFI as defined in the said Directions with reference to the business carried on by it during the applicable financial year
Please refer to the guidelines on Credit Default Swaps on corporate bonds issued vide Circular IDMD.PCD.No. 5053 / 14.03.04 / 2010-11 dated May 23, 2011. As indicated in paragraph 3.5 of the circular, market participants will have to follow the capital adequacy guidelines for CDS issued by their respective regulators. Accordingly, guidelines on capital adequacy and exposure norms to standalone Primary Dealers (PDs) undertaking CDS transactions are enclosed as Annex.
he Reserve Bank of India today released a working paper – 19th in the series – titled ‘QE-II and FII inflows into India – Is there a connection?’ Working Paper series of the Reserve Bank of India was introduced in April this year to provide a platform to the Reserve Bank Staff for presenting their research studies as well as to receive feedback from informed researchers. Papers published under ‘Working Papers’ Series are quick analytical research papers on issues and challenges of contemporary relevance to the Reserve Bank. Unlike Occasional Papers, another research publication of the Reserve Bank which are published with specific periodicity, the Working Papers are published, as and when ready and only in digitised form. Views presented in Working Papers are the views of the author and do not represent the views of the Reserve Bank of India. The recent Global Financial Crisis (GFC) caused decline in output in many countries around the world. In response to the GFC, expansionary fiscal and accommodative monetary policies were followed. Faced with near zero interest rates, a few developed economies undertook large scale purchase of government securities to support the economy. Between November 2008 and March 2010, the US Fed purchased a large amount of assets to prop-up the US economy.