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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An Indian party will now be allowed to open, hold and maintain Foreign Currency Account (FCA) abroad for the purpose of overseas direct investments subject to the following terms and conditions: The Indian party is eligible for overseas direct investments in terms of Regulation 6 (Regulation 7, if applicable) of Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time. The host country Regulations stipulate that the investments into the country is required to be routed through a designated account.
Attention of all Authorised Persons, who are authorised to issue foreign currency pre-paid cards to resident Indians visiting outside India, is invited to Para B(5) of the A. P. (DIR Series) Circular No. 46 dated June 14, 2005, in terms of which the use of such cards is limited to permissible current account transactions and subject to the prescribed limits under the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time.
Banks from today will stop honouring cheques and drafts if they are not presented within three months of the date of issue as against six months earlier. The decision to reduce the validity of cheques, bank drafts and other instruments to three months announced by the Reserve Bank of India (RBI) earlier will come into effect from today.
On a review of the conditions in the global financial markets, it has been decided to continue with the enhanced all-in-cost ceiling for ECB and trade credit for a further period of six months as under:
Reserve Bank of India (RBI) has decided to permit non-bank entities to setup, own and operate ATMs. The draft guidelines on deployment of White Label ATMs were placed on RBI website for public comments till March 6, 2012.
The Reserve Bank of India’s guidelines inter-alia require that lenders should release all securities on receiving payment of loan or realization of loan. In Banking Codes and Standards Board of India’s (BCSBI’s) Code of Bank’s Commitment to Customers, one of the commitment by banks is to return all the securities/ documents/ title deeds to mortgaged property within 15 days of the repayment of all dues agreed to or contracted.
RBI has also stated that provisions of Prevention of Money Laundering Act (PMLA) and Rules do not support account portability between banks as records pertaining to identity of a client has to be maintained by the bank establishing relationship with the customer for a period of 10 years from the date of cessation of the transactions between the client and the bank.
Reserve Bank of India (RBI) has informed that as on 31st December, 2011, a total amount of around Rs. 2481.39 crores in 11249844 accounts is lying as unclsimed deposits with the Scheduled Commercial Bank (SCBs). The bank group-wise details are as under:-
At present, banks generally make two types of provisions viz., general provisions on standard assets and specific provisions on non-performing assets (NPAs). Since the level of NPAs varies through the economic cycle, the resultant level of specific provisions also behaves cyclically. Consequently, lower provisioning during upturns, and higher provisioning during downturns have procyclical effect on the real economy.
Considering the developments in the global financial markets and the fact that domestic importers were experiencing difficulties in raising trade credit within the existing all-in-cost ceiling, the all-in-cost ceiling for trade credit was enhanced to 6 months Libor + 350 bps with effect from No vember 15, 2011 and was subject to review on March 31, 2012. On a review, it has been decided to continue with the enhanced all-in-cost ceiling for Trade Credits for a further period of six months as under:
