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Indian Economy at a Crossroad: A view from Financial Stability Angle

he outbreak of COVID-19 pandemic is unambiguously the worst health and economic crisis in the last 100 years during peace time with unprecedented negative consequences for output, jobs and well-being. It has dented the existing world order, global value chains, labour and capital movements across globe and needless to say, the socio-econo...

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Posted Under: Fema / RBI |

Document Checklist for FDI approval

Checklist for documents to be submitted at concerned authorities for FDI approval S.No. Document 1. Certificate of Incorporation of the Investee & Investor Companies/Entities* (Investee company may be a proposed entity and may not be incorporated) 2. Memorandum of Association (MOA) of the Investee & Investor Companies/Entities* 3....

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Posted Under: Fema / RBI |

RBI extends FLA 2020 due date to 31st July 2020

Submission of annual return on FLA through the web-based FLAIR portal for financial year 2019-20 has been started. Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and they can file FLA return. However, the en...

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Posted Under: Fema / RBI |

Govt monitoring transmission of repo rate cut by Banking Sector

Government closely monitoring transmission of repo rate cut by the Banking Sector and recognise efforts of wealth creators in scripting India’s growth story : Finance Minister in a virtual meeting with PHD Chamber...

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Posted Under: Fema / RBI |

SC to soon decide on exigibility of interest on interest on deferred loans during moratorium

The Reserve Bank of India, in view of the Covid pandemic, realised the financial emergency and liquidity crunch in our economy due to lockdown, announced moratorium for all loans for a certain period. However, there is dispute about the chargeability of interest  by the Banks/ Financial Corporations on this extended period. The business ...

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Posted Under: Fema / RBI |

Highlights of RBI Governor’s announcements dated 22.05.2020

RBI extends the three-month moratorium The loan moratorium will be extended till August 31 2020. This makes it a six month moratorium Lending institutions are being permitted to restore the margins for working capital to the origin level by March 31, 2021...

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Posted Under: Fema / RBI |

11 Key Highlights of RBI Press Conference dt. 22.05.2020; Loan moratorium extended 31 August, 2020

RBI Governor Shaktikanta Das addressed the media at 10 am today post  Finance Minister gave details of the Rs 20 lakh crore economic relief package to help the economy recover from the coronavirus pandemic. Key Highlights: 1. Repo rate reduced by 40 bps to 4% 2. Private consumption impacted most by COVID-19 3. Food inflation […]...

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Posted Under: Fema / RBI |

Cash Withdrawal Facility at Point of Sale (PoS) Terminals- FAQs

Q.1 Which types of cards are allowed for withdrawing cash at PoS terminals? Ans. Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by banks in India. However, credit cards cannot be used under this facility. Cash can also be withdrawn at [&he...

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Posted Under: Fema / RBI |

COVID19 Regulatory Package – Asset Classification & Provisioning Clarification

VV.BP.No. 8124/21.04.048/2019-20 (06/05/2020)

We advise that as per the circular dated April 17, 2020 on asset classification and provisioning, in respect of all accounts classified as standard as on February 29, 2020, even if overdue, the moratorium period, wherever granted, shall be excluded by the lending institutions from the number of days past-due for the purpose of asset class...

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Posted Under: Fema / RBI |

Relax FEMA compliance due to COVID-19 pandemic: ICSI

ICSI made a representation to RBI GOvernor requesting Relaxation from compliance with provisions of Foreign Exchange Management Act, 1999 (FEMA) due to the COVID-19 pandemic. Text of the Same is as follows:- Institute of Company Secretaries of India ICSI:PFP: 2020 April 16, 2020 Shri Shaktikanta Das Governor Reserve Bank of India Central ...

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Posted Under: Fema / RBI |