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Fema / RBI : The RBI has withdrawn several outdated circulars to streamline and simplify banking guidelines.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 ...
Fema / RBI : Read about RBI's latest circular on Liberalised Remittance Scheme (LRS) allowing expanded remittances to IFSCs, implications, and ...
The Department of Industrial Policy and Promotion (DIPP) has unveiled a Consolidated FDI Policy on 1 April 2010 which consolidates all the prior policies / regulations on Foreign direct investments (FDI) as per Foreign Exchange Control Regulations and Press Notes /Press Releases / Clarifications issued by DIPP, into a single document and thereby reflects the current ‘policy framework’ on FDI.
Many non-banking finance companies (NBFCs) have made investment in overseas ventures without the regulatory clearance by Reserve Bank of India (RBI). A Statement with the details of the NBFCs, registered with Securities and Exchange Board of India (SEBI), which have made investments in overseas Joint Ventures/ Wholly Owned Subsidiaries without approval of the Reserve Bank of India (RBI) during the last three years and action taken is attached as Annex -I. Similar Statement in respect of other NBFCs is at Annex-II.
The Reserve Bank on Wednesday suggested lowering the foreign investment limit in new private sector banks to below 50 per cent from 74 per cent currently, in order to strengthen the local banks.
Hitherto, Indian corporates in the services sectors viz., hotels, hospitals and software were allowed to avail ECB upto USD 100 million per financial year under the automatic route for permissible end-uses. ECB beyond USD 100 million was arguably not permissible even under the approval route.
The Reserve Bank of India does not have any estimate of alleged illegal gold transactions going on in the country, according an RTI reply. The application addressed to the Finance Ministry was transferred to the Bankers’ Bank for a reply on the issue of illegal gold transactions, ‘hawala’ trade and blackmoney stashed away in banks abroad, but the RBI said it had no information on these issue.
The Reserve Bank on Thursday said it will consider allowing corporates in hotel, hospital and software sectors to raise overseas debts beyond $ 100 million, the stipulate limit now. “…it has now been decided to consider applications from the corporates in the hotel, hospital and software sectorsto avail of ECB beyond $ 100 million under the approval route, for foreign currency or rupee capital expenditure for permissible end-uses,” RBI said in a notification.
The Bank had announced in the Annual Policy 2010-2011 that companies which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and also do not carry on any other financial activity, i.e., Core Investment Companies,
In terms of Reserve Bank of India (RBI) Master Circular dated July 1, 2010 on Customer Service, banks have been advised that they should exercise due care and necessary precautions for the protection of the lockers provided to the customer.
The Reserve Bank of India released on its website today, the Discussion Paper on ‘Entry of New Banks in the Private Sector’. The paper seeks views/comments of banks, non-banking financial institutions, industrial houses, other institutions and the public at large.
In terms of ‘Repo in Corporate Debt Securities (Reserve Bank) Directions, 2010’ dated January 08, 2010 issued by Internal Debt Management Department (IDMD) of RBI, NBFCs registered with RBI (other than Govt companies as defined in Section 617 of the Companies Act, 1956) are eligible to participate in repo transactions in corporate debt securities. IDMD has also issued revised guidelines on uniform accounting for repo / reverse repo transactions on March 23, 2010.
