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How to Register NBFC

Non-Banking Financial Companies (NBFCs) have been making important contributions to India’s economy. However, the Reserve Bank of India (RBI) still controls the working of all NBFCs under the framework of RBI Act, 1934 and directions issued by it from time to time. ...

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Posted Under: Fema / RBI |

Cryptocurrency and its future in India…

The latest technological novelty that raised the curiosity of the whole world, last year is virtual currency or cryptocurrency. The most popular one amongst these is Bitcoin. Bitcoin which operates like a wallet has gained significantly in last 1 year. The value of 1 bitcoin has increased from $1000 last year to around $8000 this year wit...

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Posted Under: Fema / RBI |

Legal Entity Identifier for corporate borrowers

RBI has mandated ALL BANKS to make it mandatory for corporate borrowers having aggregate fund-based and non-fund based exposure of Rs. 5 crore and above from any bank to obtain Legal Entity Identifier (LEI) registration and capture the same in the Central Repository of Information on Large Credits (CRILC). ...

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Posted Under: Fema / RBI |

Non-Residents and their Bank Accounts (A Brief)

Introduction: Non-resident Indians are a section of people whose roots belong to India and who have migrated from India. The Indian Government is aware of the importance of Indian Diaspora in the form of NRIs/POIs which is spread all across the world and which despite being away from India is making significant contribution to the [&helli...

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Posted Under: Fema / RBI |

Sovereign Gold Bond Scheme: FAQs

(Updated as on April 13, 2018) In this article we have compiled  36 frequently asked question on the Sovereign Gold Bond scheme. Sovereign Gold Bond are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed […...

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Posted Under: Fema / RBI |

Due-diligence of NBFC (Non Banking Financial Company).

NBFC remains for a non-banking financial company registered under section 45-I of Reserve Bank of India Act, 1934. This is an essential piece of financial service Industry in the nation, creating and deploying fund for infrastructure to micro and small-medium sized industries in India. Its a somewhere part of the alternative source of fun...

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Posted Under: Fema / RBI |

Central Bank Watch: Hawkish but hike not yet

In the February meeting, the RBI had revised its inflation forecast for the fourth quarter (2017-18) to 5.1% from 4.3%-4.7% earlier. Inflation print is now expected to be lower than the RBI’s estimate in Q4 (so far the average has been 4.8%)....

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Posted Under: Fema / RBI |

Money Laundering; The Many Colours of Money

The word money laundering, although not very common even 30 years back has become a household phenomenon. Every scientific invention or technology has been used as a boon or a curse since time immemorial. Little did Oppenheimer know that Manhattan Project would turn out to be the forefather of the most destructive force the world shivers ...

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Posted Under: Fema / RBI |

Big Bank PNB Fraud gave Birth to NFRA

It seems like it was the need of an hour to constitute National Financial Reporting Authority. Section 132 of Companies Act, 2013 deals with the constitution of NFRA. On Thursday March 1, 2018, the cabinet approved its constitution as announced by Union Finance Minister Arun Jaitley in a press meet. But the question here is, […]...

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Posted Under: Fema / RBI |

PNB Appoints BDO for forensic Audit of 5 Nirav Modi group companies

PNB Bank had initiated the process of assigning Forensic Audit in the accounts of Nirav Modi Group and bids were invited from major audit firms. Bid from M/s BDO India LLP was Ll and after negotiations with them, M/s BDO India LLP has been appointed as Forensic Auditor for 5 group companies of Nirav Modi on 27.02.18...

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Posted Under: Fema / RBI |
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