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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In terms of sub-section 4 of Section (6) of FEMA, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India. (b) an investor can retain and reinvest the income earned on investments made under the Liberalised Remittance Scheme.
On a review, it has been decided that AD banks in India may be permitted to accept FCNR (B) deposits in any permitted currency. It may be noted that ‘Permitted currency’ for this purpose would mean a foreign currency which is freely convertible as defined in terms of Regulation 2(v) of FEMA 14/2000-RB dated May 3, 2000, as amended from time to time.
Reserve Bank of India having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of powers conferred under Sections 45 U (a) and 45 V of the RBI Act, 1934 has issued notification specifying Credit Default Swap as a derivative for the purposes of Chapter IIID of the said Act.
In my considered opinion, systemic risks in the global markets can be best identified and measured by looking at some select key parameters which, between them, indicate the extent of asset bubbles and the corresponding under-pricing of risks. In other words, it is not so much high volatility, which is the ‘effect’, that should be a cause for concern as persistent and excessively low volatility, which is the ‘cause’, and was the hallmark of the pre-crisis period. In particular, it is very instructive to look at the readings on parameters such as (i) TED Spread (3M LIBOR – 3M Treasury Bill), (ii) 3M LIBOR – 3M OIS, (iii) 3M LIBOR – Effective Fed Funds Rate, (iv) VIX Index and (v) CDX Crossover index. Pre-crisis these were about 48 bps, 12 bps, 27 bps, 24% and 154, respectively.
Please refer to Para 1.1.3 of our circular RPCD.No.RRB.BC.20/03.05.33/2007-08 dated August 22, 2007 on lending to priority sector in terms of which working capital and term loans for financing production and investment requirements for agriculture and allied activities are treated as direct finance to agriculture under priority sector.
A reference is invited to paragraph 5 of our RPCD.CO.RCB.AML.BC. No.63/07.40.00/ 2010-11 dated April 26, 2011, wherein it was stipulated that when bank relies exclusively on the Aadhaar letter as complete KYC document for opening of an account, such an account would be subject to all conditions and limitations applicable to ‘Small accounts’ as detailed in the Government notification referred to above. After further consultations with Government, it has now been decided to accept the letter issued by the UIDAI as described above as an officially valid document for opening bank accounts without the limitations applicable to ‘Small accounts’ as prescribed in paragraph 5 of our circular under reference.
India’s inflation rate continued to remain close to worrisome double-digit levels bolstering speculation that the Reserve Bank of India (RBI), despite a slowing economy, may increase interest rates yet again to cool prices when it presents the quarterly policy review later this month. So, expect your EMIs on loans to go up all over again.
We advise that the name of Rabobank International (Coöperatieve Centrale Raiffeisen – Boerenleenbank B.A.)” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DBOD.IBD.No.948/23.03.027/ 2011-12 dated July 18, 2011, published in the Gazette of India (Part III – Section 4) dated July 30, 2011.
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P.(DIR Series) Circular No. 17 dated November 16, 2010, in terms of which AD Category – I banks have been permitted to offer the facility of repatriation of export related remittances by entering into standing arrangements with Online Payment Gateway Service Providers (OPGSPs), subject to the conditions stipulated therein.
Export-Import Bank of India (Exim Bank) has concluded an Agreement dated April 21, 2011 with the Government of the Republic of Senegal, making available to the latter, a Line of Credit (LOC) of USD 27.50 million (USD twenty seven million and five hundred thousand) for financing eligible goods, services, machinery and equipment including consultancy services from India for the purpose of financing rural electrification project in Senegal.
