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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Fema / RBI : The Reserve Bank of India has removed a key provision from capital adequacy norms to ensure consistency with updated investment ru...
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Fema / RBI : Bombay HC permitted withdrawal of wilful defaulter orders and directed fresh proceedings after disclosure of relevant material, pe...
Fema / RBI : Calcutta HC permitted the borrower to file a fresh RBI Ombudsman complaint in the prescribed format and directed its consideration...
Fema / RBI : Calcutta HC directed completion of liquidation of 32 banking companies within six months with periodic reporting to RBI....
Fema / RBI : The Karnataka High Court upheld the Appellate Tribunal's finding that the respondents satisfied the definition of person resident ...
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Fema / RBI : RBI amends Local Area Bank Directions on SNFA income recognition, reversal of unrealised income and accounting treatment, effectiv...
Fema / RBI : RBI amends RRB income recognition norms for SNFAs, prescribing treatment of unrealised income and realised receipts from October 1...
Fema / RBI : RBI amends income recognition norms for SNFAs, requiring reversal of unrealised income and prescribing accounting treatment from O...
Attention of Authorised Dealer Category – I banks is invited to Notification No. FEMA 22/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000 as amended from time to time, in terms of which a person resident outside India requires prior approval of the Reserve Bank for establishing Branch (BO)/ Liaison Offices (LO) in India.
banks have been permitted to make advance remittance without any limit and without bank guarantee or standby letter of Credit, by an importer (other than Public Sector Company or Department / Undertaking of the Government of India /State Governments) , for import of rough diamonds into India from eight mining companies, subject to certain conditions.
Shri Anand Sharma, Union Minister of Commerce and Industry, has released the first draft consolidation of all the aspects of FDI Policy and FDI Framework, here today, and also launched the same in the Department of Industrial Policy & Promotion’s website (http://dipp./nic.in). Briefing the media on the occasion, Shri Sharma said that such consolidation would ensure the availability of all information on FDI policy at one place, and is expected to lead to: simplification of the policy; greater clarity of understanding of foreign investment rules among foreign investors and sectoral regulators, as also predictability of policy and added that having a single policy platform would also ease the regulatory burden for Government.
Transaction limit: In amendment of provisions of paragraph 8.1 of the above guidelines, banks are now permitted to offer this service to their customers subject to a daily cap of Rs 50,000/- per customer for both funds transfer and transactions involving purchase of goods/services. Presently, such transactions are subject to separate caps of Rs 5000/- and Rs 10000/ -respectively.
In partial modification of paragraph 3 (ii) thereof, it is advised that apart from the documents mentioned therein, any certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities may also be considered for verification of the proof of name, address and activity of the Proprietary concern.
Government of India vide their letter F.No.1/14/2004-BOA dated November 21, 2008 had advised all the public sector banks (PSBs) to follow the Road Map for implementation of autonomy in the matter of appointment of statutory auditors. As per the Road Map, RBI will forward to the PSBs a list of eligible audit firms containing the names of firms equal to twice the number of vacancies identified for the year 2009-10.
As regards the settlement mechanism for the IRF contracts, it has been decided that all entities having short (sold) position in the IRF contracts and required to deliver securities on the appointed date will move these securities from their respective Subsidiary General Ledger/Constituents ‘ Subsidiary General Ledger (SGL/CSGL) accounts with the RBI to a special “Settlement” SGL account of the respective Clearing Corporations of the Exchanges [Exchange Clearing House (ECH) / Exchange Clearing Corporation (ECC)] authorised to deal in IRF.
The use of Automated Teller Machines (ATMs) has been increasing in the country. We have been receiving complaints from members of the public that at many ATM locations the telephone numbers of help desk/ contact persons are not displayed causing difficulties in lodging complaints. Customers using other bank ATMs are also unclear as to the bank with whom complaints on account of failed ATM transactions are to be lodged. The matter has been examined by the Reserve Bank of India and it has been decided that the following information should be displayed prominently at the ATM locations:
On a review of RTGS timings and the volume of business handled by RTGS on Saturdays, the RTGS Standing Committee has decided to extend RTGS timings for customer and inter-bank transactions on Saturdays. Accordingly, the revised time window for customer and interbank transactions in RTGS would be as follows:
Please refer to our Circular RPCD.SP.BC.No 117/09.03.01/2008-09 dated June 30, 2009 advising the banks to complete implementation of the Self Employment Scheme for Rehabilitation of Manual Scavengers (SRMS) by September 30, 2009. The implementing agencies have been requested to complete implementation of the scheme by September 30, 2009.
