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 : Individuals who receive or transfer funds on behalf of others may face prosecution under various Indian laws. The article explains...
Fema / RBI : RBI has reiterated that software and ITES exporters must submit the annual survey based on the previous financial year. The guidel...
Fema / RBI : RBI requires mutual funds to report foreign liabilities and assets annually for compilation of Balance of Payments and Internation...
Fema / RBI : This article explains why FEMA does not explicitly prohibit round-tripping transactions and how regulators instead control them th...
Fema / RBI : Service exporters must file monthly EDF declarations from October 2026 under new FEMA regulations. Non-compliance may affect eBRC ...
Fema / RBI : RBI has clarified reporting requirements, valuation methods, submission procedures, and entity obligations under the Portfolio Inv...
Fema / RBI : The amendment redefines revenue reserves by excluding provisions for liabilities and depreciation. This ensures clearer classifica...
Fema / RBI : RBI revises the definition of revenue reserves to exclude provisions and liabilities. The change enhances transparency and consist...
Fema / RBI : The Reserve Bank of India has removed a key provision from capital adequacy norms to ensure consistency with updated investment ru...
Fema / RBI : RBI introduces annual IFR assessment instead of continuous compliance for RRBs. The change reduces operational burden while mainta...
Fema / RBI : The key issue was whether cash falls within the definition of property under the PBPT Act. The Tribunal ruled that cash is a tangi...
Fema / RBI : The case examined whether Indian assets could remain seized after foreign asset value was repatriated. The Tribunal ruled that onc...
Fema / RBI : The appellant claimed the disputed funds were received unknowingly and had attempted to return them. The Tribunal granted relief b...
Fema / RBI : The Tribunal held that bank accounts cannot remain frozen merely because the account holder is related to a suspect or under inves...
Fema / RBI : The Tribunal held that retention of seized assets can continue under Section 8(3) when a PMLA prosecution complaint is already pen...
Fema / RBI : RBI amended governance rules for Rural Co-operative Banks after observing that some directors were briefly resigning and returning...
Fema / RBI : RBI amended governance rules for Urban Co-operative Banks after finding directors briefly resigning and rejoining boards to bypass...
Fema / RBI : RBI issued revised draft directions to regulate recovery practices of banks, NBFCs, and other regulated entities. The framework pr...
Fema / RBI : RBI has released draft amendment directions for commercial and small finance banks to strengthen Pillar 3 disclosures under Basel ...
Fema / RBI : RBI has abolished the mandatory Investment Fluctuation Reserve requirement for commercial banks following changes in market risk a...
Availability of a unique customer identification code (UCIC) will help banks to identify a customer, track the facilities availed, monitor financial transactions in various accounts, improve risk profiling, take a holistic view of customer profile and smoothen banking operations for the customer. While some of the Indian banks have already developed UCIC, there is no unique number to identify a single customer across the organisation in many banks.
Reference is invited to paragraphs 98 and 99 (extracts enclosed) of the Monetary Policy Statement 2012-13 announced on April 17, 2012 on Implementation of KYC/AML Guidelines. RRBs/ StCBs/CCBs are aware that risk categorization of customers as also compilation and periodic updation of customer profiles and monitoring and closure of alerts in accounts by banks are extremely important for effective implementation of KYC/AML/CFT measures. It is, however, observed that there are laxities in effective implementation of the Reserve Bank’s guidelines in this area, leaving banks vulnerable to operational risk. Banks should, therefore, ensure compliance with the regulatory guidelines on KYC/AML/CFT both in letter and spirit.
The Civil Aviation sector includes Airports, Scheduled and Non-Scheduled domestic passenger airlines, Helicopter services/Seaplane services, Ground Handling Services, Maintenance and Repair organizations; Flying training institutes; and Technical training institutions.
Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited to paragraph 5 (c) of the the Notification dated June 4, 2003 on MTSS and the specific permission accorded to them under FEMA, 1999 by the Reserve Bank to undertake inward cross-border money transfer activities in India, through tie-up arrangements with Overseas Principals.
In view of the fact that The Madhavpura Mercantile Co-operative Bank Ltd, Ahmedabad (Gujarat) [the co-operative bank] had ceased to be solvent, all efforts to revive it in close consultation with the Government of India had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) passed an order cancelling the banking licence issued to the co-operative bank with effect from the close of business on June 04, 2012. The Central Registrar of Co-operative Societies, New Delhi (CRCS) has also been requested to issue an order for winding up the co-operative bank and appoint a liquidator.
Circular No. DGBA. CDD. No. H-7815 The Government of India has vide Notifications, as detailed below, notified revision in the interest rates on the deposits under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated June 30, 1975.
An application for compounding of a contravention under FEMA, 1999 may be submitted to the Compounding Authority (CA) on being advised of a contravention under FEMA, 1999, either through a memorandum or suo moto on being made or on becoming aware of the contravention. The format of the application is appended to the Foreign Exchange (Compounding Proceedings) Rules, 2000;
In terms of our Circular DBOD.No.Leg.BC.34/09.07.005/2008-09 datedAugust 22, 2008 detailed instructions have been given to banks on dealing with unclaimed deposits/inoperative accounts. They have been advised to find the whereabouts of the customers and their legal heirs. These instructions, inter alia, include i) annual review of accounts in which there are no operations, ii) operations in such accounts to be allowed after due diligence, and iii) no charge to be levied for activation of inoperative accounts, etc.
Since the Model Scheme has been in operation for quite some time, it was decided to evaluate it in terms of its efficacy and impact on the spread of Financial Literacy in the country. Accordingly, a study on the functioning of the FLCC has been conducted through a nationwide sample survey of 30 FLCCs spread across 16 States. The findings of the study indicate the limitations of the model scheme in scaling up the financial literacy efforts in the desired manner. Some of the findings of the study are given below:
Under the online Application Tracking System (ATS), customers can submit applications online and also track the status of an already filed / submitted application. The applicant would be required to login with email id and password as registered with the RBI website. In respect of those applications, being submitted physically at the counters of the Foreign Exchange Department, a valid email id is required to be indicated in the letter / application. An auto generated information will be sent to the email id given upon receipt of an application and also at the time of disposal of an application by the Department. Status of all letters / applications (other than statements and returns) requiring a reply from the Foreign Exchange Department can be tracked by accessing the ATS. ATS can easily be accessed on the homepage of RBI (www.rbi.org.in).
