Fema / RBI - Page 476

RBI Circular on External Commercial Borrowings (ECB) Policy – Liberalisation

RBI/2008-09/460 A.P. (DIR Series) Circular No. 64 28/04/2009

As announced in Para 107 of the Annual Policy Statement 2009-10 and considering the continuing pressure on credit spreads in the international markets, it has been decided to extend the relaxation in all–in-cost ceilings, under the approval route, until December 31, 2009. This relaxation will be reviewed in December 2009....

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CAR won’t come down below minimum required despite high NPAs: RBI

CAPITAL adequacy ratio—the minimum amount of capital banks have to set aside while lending—of Indian banks would continue to remain higher than the minimum regulatory requirement of 9% even if sticky loans, or NPAs, were to more than double. Addressing a seminar at the the London Business School on Thursday, RBI deputy governor Rakesh...

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RBI proposed Payment of Interest on Savings Bank Account on a Daily Product Basis from 01.04.2010

RBI/2008-09/ 452 DBOD. No. Dir. BC.128/13.03. 00/2008-09 24/04/2009

At present, interest on savings bank accounts is calculated on the minimum balances held in the accounts during the period from the 10th day to the last day of each calendar month. Several banks have suggested that interest on savings bank accounts may be calculated either on the minimum balances in the deposit accounts during the period ...

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RBI to phase out high value clearing for Cheques drawn over 1 Lakh Rupees

High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be phased out. The Reserve Bank of India (RBI) has increased the minimum value for high value clearing to Rs 5 lakh from May. This will be increased further to Rs 10 […]...

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Banks allowed to open ATMs without Central Bank approval: RBI

The Reserve Bank on Tuesday allowed banks to open ATMs outside their branches without permission from the central bank. “It is proposed to allow scheduled commercial banks (SCBs) to set up offsite ATMs without prior approval,” the RBI said in its annual monetary policy. The RBI further said a group would be constituted to revi...

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RBI to withdraw NPA relaxation facility from 1st July 2009

The Reserve Bank of India (RBI) has informed banks that some of the modifications allowed to facilitate restructuring of non-performing assets(NPA) in view of the ongoing downturn in the Indian economy will be withdrawn from July 1 2009. “The circulars dated December 8, 2008, January 2, 2009 and February 4, 2009 for restructuring of acc...

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RBI cuts Repo & Reverse Repo rates by 25 basis points, loans to go cheaper

In a move that could bring further relief to the home, auto and corporate borrowers, the Reserve Bank today cut short-term lending (repo) and borrowing (reverse repo) rates by 25 basis points. In its annual credit policy for 2009-10, the RBI reduced the repo rate to 4.75 per cent and reverse repo to 3.25 per […]...

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RBI deal with the problem of black money being hidden in tax havens by continuously updating its regulations

The Reserve Bank on Tuesday said it would deal with the problem of black money being hidden in tax havens by continuously updating its regulations in line with the G-20 guidelines on strengthening transparency in cross-border movement of capital. “The Reserve Bank would continue to incorporate in its regulations latest international...

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Three more credit information companies get RBI nod to do business

Reserve Bank of India has allowed three more credit information companies to do business. The banking regulator has also permitted the only  existing local credit bureau Cibil (Credit Information Bureau India Ltd) to maintain credit histories of insurance and telecom customers. The three new entities include Equifax Credit Information Se...

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Foreign Direct Investment in India -Transfer of Shares / Preference Shares / Convertible Debentures by way of Sale – Modified Reporting Mechanism

RBI/2008-09/447, A. P. (DIR Series) Circular No.63 22/04/2009

Further, it may be noted that in terms of Regulation 2 of Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time, "preference shares" mean compulsorily and mandatorily convertible preference shares and "debenture" means compulsorily and mandatorily convertible debentures....

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Latest RBI / FEMA News

Check out all the latest news on RBI together with all the important RBI notifications, RBI circulars, RBI rates including top stories on FEMA Act and FEMA Regulations only at Taxguru.com

The RBI (Reserve Bank of India) is India’s Apex bank which governs the banking regulations in the country and controls all the monetary policies of the country. It began its operations 1st of April 1935 at the time of British Rule as per the provisions laid down in the Reserve Bank of India Act, 1934. After India’s independence on 15th August 1947, the Reserve Bank of India was nationalized on 1st January 1949.

Reserve Bank of India is an independent monetary authority that regulates banks and offers important financial services such as controlling inflation, maintaining foreign exchange reserves, and providing monetary policy report. It plays a significant role in developing strategies of the Indian Government.

The FEMA Act (Foreign Exchange Management Act) is an Act constituted by the Indian Parliament for consolidating and amending the law related to foreign exchange for facilitating the external trade and payments and also for encouraging orderly maintenance and development of foreign exchange market in the country. This act was passed in the year 1999 during the winter session which replaced the previous Foreign Exchange Regulation Act (FERA). The FEMA Regulations makes offenses with respect to foreign exchange civil offenses.This Act extends and is applicable for the entire nation. FEMA Act allowed a new regime for foreign exchange management that is consistent with the World Trade Organization’s emerging framework.

At Taxguru, we provide you with all the RBI latest news, RBI circulars, RBI notifications and all the updates with respect to FEMA Act and FEMA regulations. We keep you posted with all the latest updates on RBI rates and RBI rate charts. At Taxguru, our team ensures we publish all the latest RBI news. Bookmark us to get all the latest news on RBI and FEMA.

 

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