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...
Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector, where “infrastructure” is as defined under the extant guidelines on External Commercial Borrowings (ECB), to import capital goods by availing of short term credit (including buyers’ / suppliers’ credit) in the nature of ‘bridge finance’, under the approval route, subject to the following conditions:-
As per extant guidelines, repayment of existing Rupee loans is not a permissible end-use for ECB. Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector,
RBI liberalises Forex Facilities for Individuals- 1. NRIs can be Joint Holders in Resident’s SB/EEFC/RFC Accounts 2. Residents can be Joint Holders in NRE/FCNR Accounts 3. Residents can gift Shares/Debentures upto USD 50,000 Value 4. Resident Indian can open NRE / FCNR (B) account with their Resident close relative 5. Sale Proceeds of FDIs can be credited to NRE/FCNR (B) Account 6. Gifts to NRIs can be credited to NRO Accounts in Rupees 7. Loans to NRI Close Relatives can be given in Rupees 8. Residents can repay the loans given to NRI Close Relatives 9. Residents can bear Medical Expenses of NRIs
The role of the Ombudsmen adjudicating financial consumer disputes is onerous and the recent upheavals in the market place have only heightened the consumers’ expectations. The existence of a legal framework is a must for consumer protection. The Ombudsmen, by definition, deal with individual grievances about which the common person is agitated. They cannot substitute effective legal and regulatory systems. Expecting them to bring about systemic improvements of a sustainable nature by resorting to class action may be to expect too much from the schemes. The Ombudsman Schemes achieve two important objectives viz., timely disposal of grievances and continuing the relationship between the financial service provider and the consumer. While the courts of law decide cases in finality, many a times bringing contractual relations to an end, the decisions or awards passed by Ombudsmen generally do not have such implications.
NBFCs are required to file various returns related to deposit acceptance, Prudential Norms, Capital Market exposure, etc. A few of these returns are as under: Returns to be submitted by deposit taking NBFCs NBS-1 Annual Returns on deposits in First Schedule,NBS-2 Half-yearly returns on Prudential Norms, NBS-3 Quarterly returns on Liquid Assets, NBS-6 Monthly returns on exposure to capital market by deposit taking NBFCs with total assets of Rs. 100 crore and above.
As you are aware, in its endeavor to ensure that the payment systems operated in the country are safe, secure, sound and efficient, RBI has been taking proactive measures to contain the incidence of frauds in these systems. One such measure has been the move to secure Card Not Present (CNP) transactions, making it mandatory for banks to put in place additional authentication/validation for all on-line/ IVR/MOTO/recurring transactions etc. based on information not available on the credit/debit /prepaid cards.
As you may be aware section 25 of the Payment and Settlement Systems Act, 2007 accords the same rights and remedies to the payee (beneficiary) against dishonour of electronic funds transfer instructions for insufficiency of funds in the account of the payer (remitter), as are available to the payee under section 138 of the Negotiable Instruments Act, 1881.
With a view to strengthening the risk management framework, as also to facilitate wider access to payment systems, the Reserve Bank of India had constituted a Working Group to review of the existing access criteria guidelines. It may also be recalled that in the Second Quarter Review of Monetary policy 2010-11 (November 2, 2010- para 97 ), it was decided:
Attention of all the Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to A.P.(DIR Series) Circular No.66 dated May 20, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies.
Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from time to time. Non-compliance with the guidelines would attract penal provisions of the Acts concerned or Rules made there under.
