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RBI Booklet on Modus Operandi of Financial Fraudsters

There has been a sizable surge in usage of digital modes of payment during the recent years. This has not only led to improved customer convenience, but also contributed to achievement of national objective of financial inclusion to a great extent....

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Posted Under: Fema / RBI |

Comprehensive measures taken to curb incidence of frauds in Banks

Ministry of Finance Comprehensive measures taken to curb incidence of frauds in Banks Posted On: 27 JUL 2021 As per the information received from RBI, the number of cases of frauds of Rs 500 crore and above reported by Public Sector Banks/ Indian Banks (Except Foreign Banks) / Select Financial Institutions are 79 cases in […]...

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Posted Under: Fema / RBI |

Positive Pay System – RBI pleads ignorance about compliance by Banks in India

RBI pleads ignorance about compliance of ‘Positive Pay System for Cheque Truncation System’ by all banks as per its own directive issued under Section 10(2) read with Section 18 of Payment and Settlement Systems Act, 2007 – The reply furnished by the Reserve Bank of India concerning an application filed under Section 6 of the [&...

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Posted Under: Fema / RBI |

Drastic changes in FCRA & rules relating to Charitable Trusts/NGOs causing undue hardship

Mumbai BJP Professional Cell has written a letter to Shri Amit Shah Ji and requested to lookint0 Drastic changes made in FCRA and related rules relating to Charitable and Religious Trusts (Trusts/NGOs) are  not proper and causing undue hardship to NGOs. Mumbai BJP Professional Cell Dated- 29th May, 2021 To, Shri Amit Shah Ji, Honorable [...

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Posted Under: Fema / RBI | ,

Representation to RBI on Appointment of Statutory Central Auditors

Representation to the Reserve Bank of India on Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) RBI/2021-22/25 – Ref. No. DoS. CO.ARG/SEC.01/08.91.001/2021-22 Dated April 27, 2021 About us Bombay Chartered Accountants’ So...

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Posted Under: Fema / RBI |

Suresh Prabhu requests FM for positive policy for MSME & small business

BJP MP Suresh Prabhu has Wrote a letter to Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs regarding concerns of the MSMEs faced due to the second wave of Covid-19 pandemic and requested a positive policy response to enable the small business to tide over the crisis caused by the pandemic and protect […]...

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Posted Under: Fema / RBI |

FCRA registration certificates validity extended up to 30.09.2021

Extension of Validity of Registration Certificates issued under The Foreign Contribution (Regulation) Act, (FCRA) 2010 Expiring/Expired during period between 29.09.2020 and 30.09.2021 The Ministry of Home Affairs (MHA) has extended the validity of registration certificates issued under the Foreign Contribution (Regulation) Act, 2010 which...

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Posted Under: Fema / RBI |

Time period of realisation of Export Proceeds under FEMA

A. P. (DIR SERIES 2019-20) Circular No. 27 (20/20/0401)

FEMA UPDATE > Temporary relaxation in time period of realisation of Export Proceeds- – The Government of India as well as the Reserve Bank has been receiving representations from Exporters Trade bodies to extend the period of realisation of export proceeds in view of the outbreak of pandemic COVID- 19. – It has, therefore, ...

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Posted Under: Fema / RBI |

Writ filed against Not allowing erstwhile Allahabad bank auditors to continue

Chartered Accountants Association filed writ against Indian Bank  for not allotting Statutory Audit for Financial Year 2020-21 to erstwhile Allahabad bank auditors. RBI is been made respondent to the writ....

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Necessity of a new Press Note replacing Press Note No. 2 of FDI Policy 2016/2018

We invoke your kind and immediate attention towards FDI in e-commerce section of Press Note No. 2 of FDI Policy 2016/2018, the stipulations of which foreign entities like Amazon and Flipkart are hell bent on ruthless destroying the Indian retail sector with their deep pockets and expensive lobby if legal experts who will stop at nothing b...

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Posted Under: Fema / RBI |