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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Fema / RBI : The RBI has withdrawn several outdated circulars to streamline and simplify banking guidelines. Learn about the changes and their ...
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With inflation showing no signs of moderation, economists expect the Reserve Bank to hike key policy rates by at least 25 basis points in its annual monetary policy to be unveiled on May 3. The headline inflation (WPI) stood at 8.98 per cent for March, much above the RBI’s projection of 8 per cent, fuelling speculation that the central bank may go in for another hike in the repo (lending) and reverse repo (borrowing) rates.
It has now been decided that in order to reduce the cost to exporters (i.e. interest cost on overdue export bills), exporters with overdue export bills may also extinguish their overdue post shipment rupee export credit from their rupee resources. However, the corresponding GR form will remain outstanding and the amount will be shown outstanding in XOS statement. The exporter’s liability for realisation would continue till the export bill is realised. DBOD.Dir.BC.No. 85 /04.02.001/2010-11
The Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce & Industry, Government of India has vide Circular no. 1 of 2011 dated 31 March 2011 issued a consolidated Foreign Direct Investment (‘FDI’) Policy. This policy becomes effective from 1 April 2011 and shall subsume all the press notes, press releases, circulars and clarifications issued by the DIPP which were in force till 31 March 2011.
Bank customers may soon expect better services and fast-track redressal of their grievances as Reserve Bank of India (RBI) is likely to consider a fresh set of rules to improve the banks’ customer service practices. Almost a year after RBI put in motion a process to improve banks’ customer service practices, a high-profile panel set up by the central bank in this regard is likely to submit its recommendations later this month.
Cheque transactions worth over Rs 7.97 lakh crore were carried out in the country during February, 2011, a growth of over 2.5 per cent from the same month last year.Banks had cleared cheques worth over Rs 7.77 lakh crore in February 2010, as per the latest data from the Reserve Bank.
Driven by increase in prices of food and manufactured goods, inflation soared to 8.98 per cent in March raising fears of yet another hike in key policy rates by the Reserve Bank next month.Headline inflation, measured by movement in wholesale prices, at near 9 per cent in March was much above the RBI”s projection of 8 per cent. As a result, experts feel the central bank may take further steps to tame rate of price rise at its annual policy to be announced on May 3.
The Reserve Bank of India (RBI) today fixed the reference rate for the US dollar at Rs 44.52 per dollar and the euro at Rs 64.41 per euro, as against Rs 44.48 per dollar and Rs 64.42 per euro on April 13. In a press release issued by the RBI, the exchange rates for the pound and yen against the rupee were quoted at Rs 72.7167 per pound and Rs 53.48 per 100 yen, based on reference rates for the US dollar and cross-currency quotes at noon.
DPSS.CO.OSD. No. 2374/06.11.001/2010-2011 – In partial modification of the instructions contained therein, it is advised that the system audit may be conducted by a Certified Information Systems Auditor (CISA) and registered with Information Systems Audit and Control Association (ISACA) or by a holder of a Diploma in Information System Audit (DISA) qualification of the Institute of Chartered Accountants of India (ICAI).
The Reserve Bank has imposed penalties of Rs 9 lakh on three cooperative banks for violation of regulations and guidelines relating to anti-money laundering. Two of the banks, Ankola Urban Co-operative Bank and Kushtagi Pattana Sahakara Bank Niyanit, are based in Karnataka, while Salal Sarvoday Nagrik Sahakari Bank is a Gujarat-based lender, RBI said.
RBI launched its Industrial Outlook Survey for the April-June, 2011 period today. The survey gives an insight into the perception of non-financial public and private limited companies engaged in manufacturing activities about their performance and future prospects, a press release issued here stated. The assessment of business sentiments for the present quarter and expectations for the ensuing quarter are based on qualitative responses to 20 major parameters.
