Fema / RBI : Discover the revised timelines and requirements outlined in the Master Direction – Reserve Bank of India (Filing of Supervisory ...
Fema / RBI : Master the latest RBI Directions on filing supervisory returns for NBFCs, ensuring compliance with updated reporting requirements ...
Fema / RBI : RBI's Master Directions 2024 mandates guidelines for issuing Commercial Papers and NCDs up to one year, focusing on eligibility, i...
Fema / RBI : Regulations for software export depend upon the medium used. Learn how the export of software through data communication links fro...
Fema / RBI : WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised a...
Fema / RBI : The eighth meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the amended Reserve Bank of India Act...
Fema / RBI : On a review, it has been decided to include the National Payments Corporation of India. (NPCI) and United Stock Exchange of India ...
Fema / RBI : WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised a...
Fema / RBI : The contentions of the RBI that the dispute is between the Petitioner and Respondents is not acceptable since the dispute arises o...
Fema / RBI : Explore the Reserve Bank of India's Master Direction for Margining Non-Centrally Cleared OTC Derivatives issued in 2024. Understan...
Fema / RBI : Explore the latest RBI circular (A.P. DIR Series Circular No. 04) on amendments to risk management and inter-bank dealings for aut...
Fema / RBI : Master Direction consolidates the existing regulatory guidelines issued to ARCs vide Master Circular on ARCs and Master Direction ...
Fema / RBI : Explore RBI's latest master circular on bank finance to Non-Banking Financial Companies (NBFCs) for comprehensive guidelines and r...
Fema / RBI : Explore the updated guidelines of the RBI's Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) for promoti...
This Master Circular consolidates the existing instructions on the subject of “Memorandum of Instructions governing money changing activities” at one place. The list of underlying circulars/ notifications is set out in Appendix. This Master Circular is being issued with a sunset clause. It will stand withdrawn on July 1, 2012 and would be replaced by an updated Master Circular on the subject.
Master Circular No.8 /2011-12 (Updated as on January 20, 2012)-. This Master Circular consolidates the existing instructions on the subject of Compounding of Contraventions under FEMA, 1999 at one place. The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999.
The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to banks on lending to Priority Sector. In order to enable the banks to have current instructions at one place, a Master Circular incorporating the existing guidelines/instructions/directives on the subject has been prepared and enclosed. This Master Circular consolidates all the circulars/mail box clarifications issued by Reserve Bank on the subject up to June 30, 2011 as indicated in the Appendix.
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications. A gist of circulars issued by the Bank to Securitisation Companies/Reconstruction Companies updated as on June 30, 2011 is reproduced below (Annexure). The detailed circulars have also been placed on the RBI web-site (http://www.rbi.org.in).
No NBFC shall open subsidiaries/joint ventures/representative office abroad or shall make investment in any foreign entities without obtaining prior approval in writing from the Reserve Bank of India. The application from the NBFC seeking No Objection would be considered subject to these directions.
The provisions of these directions shall apply to every Mortgage Guarantee Company which has been granted Certificate of Registration by the Reserve Bank of India.
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India had issued a Master Circular No. 148 on the captioned subject, which is now updated up to 30th June, 2011. It may be noted that the Master Circular consolidates and updates all the instructions contained in the notifications listed in the Appendix in so far they relate to the subject. The Master Circular has also been placed on the RBI web-site (http://www.rbi.org.in). A copy of the revised Master Circular is enclosed.
The Reserve Bank of India having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to give the directions set out below, hereby, in exercise of the powers conferred by sections 45J, 45K, 45L and 45MA of the Reserve Bank of India Act, 1934 (2 of 1934) and of all the powers enabling it in this behalf, and in supersession of the earlier directions contained in Notification No.DFC.114/DG(SPT)-98, dated January 2, 1998 gives to every non-banking financial company the directions hereinafter specified.
Foreign investment in India is governed by sub-section (3) of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. The regulatory framework and instructions issued by the Reserve Bank have been compiled in this Master Circular. The list of underlying circulars/notifications is furnished in Appendix. In addition to the above, this Master Circular also covers the area of ‘Investment in capital of partnership firms or proprietary concern’ which is regulated in terms of section 2(h) and section 47 of Foreign Exchange Management Act, 1999, read with Notification No. FEMA 24/2000-RB dated May 3, 2000.
The ‘Know Your Customer’ guidelines were issued in February 2005 revisiting the earlier guidelines issued in January 2004 in the context of the Recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering (AML) standards and on Combating Financing of Terrorism (CFT). These standards have become the international benchmark for framing Anti Money Laundering and combating financing of terrorism policies by the regulatory authorities. Compliance with these standards by the banks/financial institutions/NBFCs in the country have become necessary for international financial relationships.
