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 RBI's November 2024 Inflation Survey findings based on 6,091 responses from 19 cities, highlighting perceptions on price t...
Fema / RBI : Key RBI monetary policy updates for December 2024: unchanged repo rate, reduced CRR, higher FCNR(B) deposit rates, collateral-free...
Fema / RBI : Discover the RBI's journey from 1935 to its current role in shaping India's financial landscape with historic milestones and key a...
Fema / RBI : RBI mandates prior approval for changes in control, shareholding, and management of NBFCs. Non-compliance could result in severe p...
Fema / RBI : RBI advises NBFCs to adopt compliance-first culture, risk management, and ethical practices, warning against aggressive growth and...
Fema / RBI : The Indian Rupee has depreciated against the US Dollar over the past decade. The government explains causes, trade impacts, and RB...
Fema / RBI : The Indian government takes measures to regulate digital lending platforms and protect citizens from exploitation by unauthorized ...
Fema / RBI : Government addresses freezing of mule accounts used for cybercrime laundering, exploring digital innovations to detect and prevent...
Fema / RBI : The government’s actions on gold price regulation, import duty reduction, RBI purchases, and support for consumers amid a 40% in...
Fema / RBI : Government clarifies no policy for writing off loans of willful defaulters. Banks handle write-offs as per RBI guidelines, retaini...
Fema / RBI : Present appeal has been filed by the appellant mainly contesting that whether the Tribunal was right in holding that there has bee...
Fema / RBI : Delhi High Court held that petitioner is duly entitled for the grant of duty drawback since the export proceeds have been realised...
Fema / RBI : Delhi High Court sets aside RBI's cancellation of NBFC registration for failure to meet Rs. 200 Lakh NOF, directs fresh review of ...
Fema / RBI : RBI directs NBFCs to adhere to a Rs 20,000 cash loan disbursement limit, aiming to regulate cash transactions and enforce complian...
Fema / RBI : Lender Banks Required to Provide Audit Reports to Borrowers and Allow Representation Before Classifying Accounts as Fraud, Along w...
Fema / RBI : RBI announces new measures on liquidity, financial inclusion, AI, and payment systems, including CRR reduction and FX-Retail platf...
Fema / RBI : RBI's statement discusses India's economic growth, inflation trends, and monetary policy stance for 2024-2025 amid global economic...
Fema / RBI : RBI maintains the repo rate at 6.50%, focusing on inflation control and growth support in its December 2024 policy statement....
Fema / RBI : RBI raises the limit for collateral-free agricultural loans to ₹2 lakh, effective January 1, 2025, to address inflation and risi...
Fema / RBI : RBI reduces Cash Reserve Ratio by 50 basis points, effective December 14 and 28, 2024, as part of liquidity management measures....
It was further clarified to banks that ‘being satisfied’ means that the bank must be able to satisfy the competent authorities that due diligence was observed based on the risk profile of the customer in compliance with the extant guidelines in place. An indicative list of the nature and type of documents/ information that may be relied upon for customer identification was also given in the Annex-II to the aforesaid circular. It has been brought to our notice that Annex-II, which was clearly termed as an indicative list, is being treated by some banks as an exhaustive list as a result of which a section of public is being denied access to banking services. Banks are, therefore, advised to take a review of their extant internal instructions in this regard.
It has been brought to our notice that the quality of data reported under EASIEST continues to be poor. Approximately, 45% of the challans do not bear any assessee code. It may please be noted that indication of assessee code and location code in the G.A.R.7 challan by the tax payer has since been made mandatory. Banks are, therefore, advised that no payment of Central Excise & Service Tax should be accepted by bank branches unless the assessee code of the tax-payer is quoted on the G.A.R.7 challan. At the time of acceptance of the challans, the authorised bank branches should, therefore, ensure that the 15 digit/character valid assessee code is quoted by the tax-payer in the challan.
The Reserve Bank of India (RBI) has clarified that a company in the structure of Hindu undivided family (HUF) cannot access public deposits if it is in the business of finance and on-lending. It can only access funds from relatives and family members. However, companies of such structures can access public deposits (inter-corporate deposits) as defined under the company law if their operation is other than financing.
The Reserve Bank of India has issued a circular dated 14 December 2007, laying down the directions for issuance of shares under Foreign Direct Investments and refund of advance remittances. With effect from November 29, 2007, equity instruments should be issued or advance remittances should be refunded within 180 days of receiving the money.
While under the duty draw back scheme, exporters are refunded the customs duties and excise duties paid on inputs, like raw materials, and intermediates after the products are exported, the DEPB scheme, seeks to neutralise the incidence of customs duty on the import content of the export product by way of grant of duty credit against the export product. The DEPB scheme has found disfavour with the World Trade Organization as it is non-transparent and transferable.
(i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2007. (ii) These Regulations shall be deemed to have come into effect from the dates specified in these Regulations.
Exchange Earner’s Foreign Currency (EEFC) Account- Liberalisation -1. Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Regulation 4 of Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000 notified vide Notification No.FEMA.10/2000- RB dated 3rd May, 2000 and as amended from time to time, in terms of which a person resident in India is permitted to open and maintain with an authorized dealer in India a Foreign Currency Account known as Exchange Earner’s Foreign Currency (EEFC) Account subject to the terms and conditions of the Exchange Earner’s Foreign Currency Account Scheme specified in the Schedule to the above mentioned Notification.
It is clarified that Domestic Venture Capital Funds registered with SEBI, have been permitted to invest in equity and equity-linked instruments only of off-shore Venture Capital Undertakings. Accordingly, Domestic Venture Capital Funds registered with SEBI, desirous of making investments in off-shore Venture Capital Undertakings may approach SEBI for prior approval.
It has been decided to enhance the existing limit of USD 100,000 per financial year to USD 200,000 per financial year (April – March) with immediate effect. Accordingly, AD Category – I banks may now allow remittance up to USD 200,000, per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both.
Reserve Bank of India Governor Dr Y Venugopal Reddy on Tuesday presented the First Quarter Review of Annual Statement on Monetary Policy for the Year 2007-08 on Tuesday. Dr Reddy kept the interest rates unchanged, but hiked the Cash Reserve Ration by 50 basis points to 7.0 percent.
