RBI Circular Notification Press Release and Instructions issued by Reserve bank of India. News and Article on provisions, Rate changes, Policy changes and FAQ
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NOTIFICATION No. FEMA.360/2015-RB-In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB, dated 3rd May, 2000) namely:-
The Reserve Bank of India has today denied having issued a communication circulating on social media alerting members of public that banks will not accept currency notes with scribbling on them from January 1, 2016. The Reserve Bank has reiterated that all currency notes issued by it are legal tender and banks and members can […]
Legal Objective of the Act: To regulate the acceptance and utilisation of FC/donations or foreign hospitality by certain individuals or associations or companies; and To prohibit acceptance and qutilisation of FC/donations or foreign hospitality for any activities detrimental to the national interest and matters connected thereto. It Applies to whole of India including (also applies […]
Long time back an eminent Chinese philosopher, Lao Tse Tung said, ‘Even a march of civilization starts with a single step’. The introduction of Indian Depository Receipts (IDR) in the global arena is that little first step towards a new era of Indian capital market. Needless to say, it is no more theory, but a blatant fact that in near future, India is going to be an economic super power.
Reserve Bank of India (RBI) through its Master Circular dated 1.12.2015 (available on its website www.rbi.org.in) has issued consolidated instructions/guidelines on credit card, debit cards/pre-paid card operations of banks. The said instructions contain detailed terms under which a debit card may be issued, inter-alia, advising banks as under:
The Government of India has announced the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit to eligible exporters. The scheme is effective from April 1, 2015. The details of the scheme are enclosed.
Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India,change / prescribe for the automatic as well as the approval route of FCCBs, any provision or proviso for issuance of FCCBs.
Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, prescribe for the automatic route, any provision or proviso regarding various parameters listed in paragraphs 1 to 3 above of this Schedule or any other parameter as prescribed by the Reserve Bank and also prescribe the date from which any or all of the existing proviso will cease to exist, in respect of borrowings from overseas, whether in foreign currency or Indian Rupees, such as addition / deletion of borrowers eligible to raise such borrowings, overseas lenders / investors, purposes of such borrowings, change in amount, maturity and all-incost, norms regarding security, pre-payment, parking of ECB proceeds, reporting and drawal of loan, refinancing, debt servicing, etc.
As sufficient time has passed since the extant ECB framework was operationalised, a need was felt to undertake a review based on the experience gained in administering the ECB regime and the current financing ecosystem which, inter alia, allows issuance of Indian Rupee (INR) denominated bonds overseas by a wide set of borrowers.
With the establishment of Free Trade Warehousing Zones / SEZ Unit warehouses, imported goods can be stored therein, for re-export / re-selling purposes for which Customs Authorities issue Ex-Bond Bill of Entry. AD banks are advised to consider the Bill of Entry issued by Customs Authorities named as Ex-Bond Bill of Entry or by any other similar nomenclature, as evidence for physical import of goods.