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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Certain queries were received from banks and we further clarify that for the various Forms (DA1, DA2 and DA3 for Bank Deposits, Forms SC1, SC2 and SC3 for Articles left in Safe Custody, Forms SL1, SL1A, SL2, SL3 and SL3A for Safety Lockers) prescribed under Banking Companies Nomination Rules, 1985 only Thumb-impressions(s) shall be attested by two witnesses. Signatures of the account holders need not be attested by witnesses.
Statistics as subject of collection and use of various kinds of statistics can be traced much earlier in India. Kautilya’s Arthasastra (321-296B.C.), one of the greatest treatise of economics, indicates a system of census and data collection relating to agriculture, population and other economic activities, covering villages and towns. In addition, the concept of cross-checking and validation by independent agents was very much part of the data collection system.
The Union Finance Minister Shri Pranab Mukherjee said that RBI is closely monitoring the current rupee situation and he is sure that RBI will do the needful, as required. The Finance Minister further said that he would like to add that despite global uncertainty, FII Investments have been in the positive territory in October (USD 634 million) and November as of yesterday (USD 213 million).
It is learnt from reliable sources that as a result of number of representation and hard efforts by ‘ICAI’ before various concerned authorities, Reserve Bank of India has agreed to decrease the proposed limit of 20 crores of advances to 6 crores for compulsory statutory bank branch audit, however branches having advances below 6 crores will be audited once in three years.
It is observed that NBFCs that are predominantly engaged in lending against the collateral of gold jewellery have recorded significant growth in recent years both in terms of size of their balance sheet and physical presence. This in turn, has led to their increased dependence on public funds including bank finance and non-convertible debentures issued to retail investors.
It has been decided that AD Category-I banks may allow repayment of such loans to NRE / Foreign Currency Non-Resident (Bank) [FCNR(B)] account of the lender concerned subject to the condition that the loan to the resident individual was extended by way of inward remittance in foreign exchange through normal banking channels or by debit to the NRE / FCNR(B) account of the lender and the lender is eligible to open NRE / FCNR(B) account within meaning of the Foreign Exchange Management (Deposit) Regulations, 2000 notified vide Notification No. FEMA 5/2000-RB dated May 3, 2000, as amended from time to time. Such credit shall be treated as an eligible credit to the NRE / FCNR(B) account in terms of Para 3(j) of Schedule-1 read with Para 5 of Scheule-2 of Notification No. FEMA 5/2000-RB, ibid.
With a view to facilitating accounting of all the Government transactions of the current financial year (2011-12) by March 31, 2012, the National Clearing Cells functioning under the Regional Offices of Reserve Bank of India have been advised to conduct Special Clearings with same day return clearing in the evening / night of March 31, 2012. They have also been advised to ensure that the Clearing Houses under their jurisdiction conduct these clearings, keeping in view the operational convenience at the local centres, so that instruments relating to Government revenue received from members of the public are realised and the proceeds are credited to Government account by March 31, 2012.
As the participation of MSME-DI would be useful in discussing issues concerning the MSMEs which would eventually help in increasing credit flow to the MSME sector, you are advised to invite the concerned Director of MSME-DI to attend the District Consultative Committee (DCC) meetings as invitee in those districts where MSME clusters are located. You may advise the respective Lead District Managers accordingly. The list of offices of MSME-DI received from the Ministry of MSME with their jurisdiction of State & districts is enclosed for your guidance.
A new category of NBFCs namely ‘Non Banking Financial Company-Micro Finance Institutions’ (NBFC-MFIs) was introduced vide DNBS.CC.PD.No.250/03.10.01/2011-12 dated December 02, 2011, which also contained guidelines on asset classification and provisioning norms to be adhered to by the MFIs with effect from April 01, 2012. Taking into account the difficulties faced by MFI sector and the representation received by the Bank from them, it has been decided to defer the implementation of asset classification and provisioning norms for NBFC-MFIs to April 01, 2013.
With a view to facilitating accounting of all Government transactions of the current financial year (2011-12) by March 31, 2012 and meeting the probable rush of tax-payers towards the end of the year, it has been decided in consultation with the Controller General of Accounts, Government of India that all Regional Offices of Reserve Bank of India (RBI) and branches of Agency banks conducting Government business will suitably extend the banking hours to conduct Government business by keeping their counters open for the purpose on March 30 and 31, 2012 to facilitate receipt of Government revenue from members of public even at late hours.
