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 : Explore the comprehensive regulatory insights shared by Shri M. Rajeshwar Rao, Deputy Governor of the Reserve Bank of India, focus...
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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...
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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), ...
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Fema / RBI : The RBI has withdrawn several outdated circulars to streamline and simplify banking guidelines.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 ...
CIRCULAR RPCD. FID. BC.NO.06/12.01.001/2011-12, The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on SHG-Bank Linkage Programme. In order to enable the banks to have instructions at one place, a Master Circular incorporating the existing guidelines/instructions on the subject has been updated and enclosed. This Master Circular consolidates and updates the circulars issued by Reserve Bank on the subject up to June 30, 2011 as indicated in the Appendix.
DBOD No. CID.BC. 1/20.16.003/2011-12 Pursuant to the instructions of the Central Vigilance Commission for collection of information on wilful defaults of Rs.25 lakhs and above by RBI and dissemination to the reporting banks and FIs, a scheme was framed by RBI with effect from 1st April 1999 under which the banks and notified All India Financial Institutions were required to submit to RBI the details of the wilful defaulters. Wilful default broadly covered the following:
Sub: Master Circular on AML/CFT – Anti Money Laundering (AML) Standards/ Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under. 1. The Prevention of Money Laundering Act, 2002 (PMLA) was brought into force with effect from 1st July 2005. Necessary […]
Major Highlights- India’s external debt, as at end-March 2011, was placed at US $ 305.9 billion (17.3 per cent of GDP) recording an increase of US $ 44.9 billion or 17.2 per cent over the end-March 2010 level on account of significant increase in commercial borrowings, short-term trade credits, bilateral and multilateral borrowings.
MASTER CIRCULAR NO. 8/2011-12, DATED 1-7-2011 If any person contravenes any provision of FEMA, 1999, or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act, or contravenes any condition subject to which an authorization is issued by the Reserve Bank, he shall, upon adjudication, be liable to a penalty up to thrice the sum involved in such contravention where the amount is quantifiable or up to Rupees Two lakh, where the amount is not quantifiable and where the contravention is a continuing one, further penalty which may extend to Rupees Five thousand for every day after the first day during which the contravention continues (Section 13(1), Chapter IV of FEMA, 1999). In terms of rule 4 of the Foreign Exchange (Compounding Proceedings) Rules, 2000, the powers to compound the contraventions have been prescribed for compounding authorities with regard to the sum involved in such contravention and no contravention shall be compounded unless the amount involved in the contravention is quantifiable.
Import of Goods and Services into India is being allowed in terms of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999), read with Notification No. G.S.R. 381(E), dated May 3, 2000 viz. Foreign Exchange Management (Current Account Transactions) Rules, 2000 as amended from time to time. This Master Circular consolidates the existing instructions on the subject of ‘Import of Goods and Services’ at one place. The list of underlying circulars consolidated in this Master Circular is also furnished.
The acceptance of deposits by an Authorised Dealer/Authorised bank from persons resident outside India are regulated by the provisions of sub-sections (1) and (2) of section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification No. 5/2000 RB dated May 3, 2000, as amended from time to time.2. This Master Circular consolidates the existing instructions on the subject of ‘Non-Resident Ordinary Rupee (NRO) Account’ at one place. The list of underlying circulars/notifications consolidated in this Master Circular is furnished in the Appendix.
ORDER S.O.1492(E), DATED 1-7-2011 SECTION 50 OF THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010 – POWER TO EXEMPT IN CERTAIN CASES – ACT NOT TO APPLY TO ALL BODIES CONSTITUTED OR ESTABLISHED BY OR UNDER A CENTRAL ACT OR A STATE ACT REQUIRING TO HAVE THEIR ACCOUNTS COMPULSORILY AUDITED BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
MASTER CIRCULAR NO. 5/2011-12, This Master Circular consolidates the existing instructions on the subject of ‘Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses’ at one place. The list of underlying Circulars/notifications is set out in the Appendix. 2. This Master Circular is issued with a sunset clause. This circular will stand withdrawn on July 1, 2012 and be replaced by an updated Master Circular on the subject.
MASTER CIRCULAR NO. 4/2011-12, DATED 1-7-2011 Acquisition and transfer of immovable property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin is regulated in terms of sub-sections (3), (4) and (5) of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 21/2000-RB, dated May 3, 2000. The regulatory framework and instructions issued by the Reserve Bank in this regard have been compiled in this Master Circular. The list of underlying circulars/notifications is furnished in Appendix.2. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2012 and be replaced by an updated Master Circular on the subject.
