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Embargo lifted on grant of Government Business to Private Banks

The Government has lifted the embargo on private sector banks (only a few were permitted earlier) for the conduct of Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc....

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Posted Under: Fema / RBI |

FCRA Charter For Chartered Accountants

Charter For The Chartered Accountants Since the Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) is dealing with national security, associations are required to exercise extreme care and caution in utilising foreign contribution. 2. Chartered Accountants (CAs) examine and audit all relevant books of accounts and Bills and vouchers...

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Posted Under: Fema / RBI |

FDI Limit in Insurance Sector Increased from 49% to 74%

Release ID: 1693902 (01/02/2021)

Smt. Nirmala Sitharaman announced that the Government will amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards....

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Posted Under: Fema / RBI |

Charter for Associations Applying for Prior Permission/Registration under FCRA, 2010

CHARTER FOR ASSOCIATIONS APPLYING FOR GRANT OF PRIOR PERMISSION /REGISTRATION UNDER THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010. ♣ With a view to streamlining the procedures and ensuring effective enforcement and compliance, the Foreign Contribution (Regulation) Act, 2010 has been further amended on 28th September, 2020. Accordingly...

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Posted Under: Fema / RBI |

Charter for Associations Registration Under FCRA

CHARTER FOR ASSOCIATIONS WHO HAVE BEEN GRANTED PRIOR PERMISSION OR REGISTRATION UNDER FCRA. ♣ Registration and Prior Permission is granted for a definite cultural, economic, educational, religious or social programme under sections 11 and 12 of the FCRA, An association is granted registration for five years. The Prior permission is gran...

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Posted Under: Fema / RBI |

FCRA Charter for the Banks

FCRA CHARTER FOR THE BANKS The Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) assigns a very crucial role to banks. All foreign contributions (FCs) received from any ‘foreign source’ (FS) must be necessarily received only in a bank account and must be routed and spent only through bank accounts. Therefore, the compet...

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Posted Under: Fema / RBI |

Norms for empanelment of Statutory Branch Auditors in PSB

RBI releases on its website Norms for selection of branches of Public Sector Banks (PSBs) for Statutory Audit, Procedure for appointment of Statutory Branch Auditors, General guidelines applicable to appointment of Statutory Branch Auditors and Eligibility norms for the empanelment of audit firms to be appointed as Statutory Branch Audito...

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Posted Under: Fema / RBI |

FDI inflow increased by 11% from USD 42.06 billion to US$ 46.82 billion

Foreign Direct Investment has played an important role in this process of Globalization and is a major driver of economic growth and a source of non-debt finance for the economic development of India. It has been the endeavour of the Government to put in place an enabling and investor friendly FDI policy....

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Posted Under: Fema / RBI |

RBI Committee Recommends Conversion of Large NBFCs into Banks & Entry of Corporates

In a series of recommended proposals, an internal working group (IWG) of the Indian Central Bank (Reserve bank of India) has suggested increasing the existing cap on stake owned by corporate houses in the bank. This will facilitate the guarded entry of corporates into the banking system. The committee also suggested conversion of giant NB...

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Posted Under: Fema / RBI |

Cabinet approves Amalgamation Scheme of Lakshmi Vilas Bank with DBS Bank

Union Cabinet has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). On 17.11.2020, to protect depositors' interest and in the interest of financial and banking stability, on RBI's application under section 45 of the Banking Regulation Act, 1949, LVB had been under mora...

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Posted Under: Fema / RBI |