RBI master circulars - Page 30

Permissible period for remittance of e-payments into Government account by Public Sector Banks

RBI/2010-11/229 DGBA.GAD.No.H. 2444 /42.01.011/2010-11 08/10/2010

In this context, we advise that a Committee was constituted by the Controller General of Accounts, Ministry of Finance, Government of India, to review the permissible period for transfer of funds to Government account in case of e-payment and other related issues. The Committee recommended that the remittance norm of T+1 working day (incl...

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Prudential Guidelines on Restructuring of Advances by Banks

RBI/2010-11/228, DBOD.BP.No. 49/21.04.132/2010-11 07/10/2010

However, in case the promoters fail to bring in their balance share of sacrifice within the extended time limit of one year, the asset classification benefits derived by banks in terms of para 14.2.2 of the above circular will cease to accrue and the banks will have to revert to classifying such accounts as per the asset classification no...

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RBI circular on Bank loans for financing promoter’s contribution

DBOD.No.BP.BC.42 /21.04.141/2010-11 27/09/2010

In this connection, we advise that the above mentioned restriction on grant of bank advances for financing promoters’ contribution towards equity capital would also extend to bank finance to activities related to such acquisitions like payment of non compete fee, etc....

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Dispute Resolution Mechanism under the Payment and Settlement Systems Act, 2007

RBI/2010-11/213, DPSS.CO.CHD.No.654/ 03.01.03/2010-2011 24/09/2010

In case of disputes where the Reserve Bank of India is an involved party, the dispute shall be referred to the Central Government which may authorise an officer not below the rank of Joint Secretary for settlement of the dispute and the decision of such officer shall be final and binding on all parties....

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Items excluded from Capital Market Exposure

On a review, it has been decided to include the National Payments Corporation of India. (NPCI) and United Stock Exchange of India Ltd.(USEIL) as part of institutions forming crucial financial infrastructure. Accordingly, banks’ investments in NPCI and USEIL will also be excluded from the aggregate Capital Market Exposure ceiling of 40 p...

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Posted Under: Fema / RBI |

RBI circular on Reporting under Foreign Direct Investment (FDI) Scheme

RBI/2010-11/199, A.P. (DIR Series) Circular No. 13 14/09/2010

In terms of para 9 of Schedule 1 to the Notification, Indian companies are required to report, the details of the amount of consideration received for issue of FDI instruments, viz. equity shares, fully and mandatorily convertible preference shares and debentures under the FDI scheme, in the Advance Reporting Format along with the KYC rep...

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Uniformity in penal interest payable by banks for delays in credit / return of NEFT / NECS / ECS transactions

RBI/2010-11/188, DPSS (CO) EPPD No. 477/ 04.03.01/2010-11 01/09/2010

During the NEFT operating hours, originating banks should endeavour to put through the requests for NEFT transactions received by them, either online or across the counters, preferably in the next available batch but, in any case, not exceeding two hours from the time of receipt of the requests. In the likelihood of any delay / possible d...

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Dishonour/Return of Cheques – Need to Mention the 'Date of Return' in the Cheque Return Memo

RBI/2010-11/188 DPSS (CO) EPPD No. 477/ 04.03.01/2010-11 01/09/2010

As you are aware, the 'Cheque Return Memo' that should accompany a cheque dishonoured / returned for any reason is a critical document, more so in case recourse to legal action is necessitated. The procedure for handling dishonoured cheques including...

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Banks can accept IEC (Importer Exporter Code) issued to the proprietary concern as an identity document for opening of bank account

RBI/2010 -11/187 DBOD. AML.BC. No. 38 /14.01.001/2010-11 31/08/2010

In this connection, it is clarified that in addition to the documents listed in paragraph 2(i) of our circular referred to above for opening a bank account in the name of a proprietary concern, banks may also accept any registration/licensing document issued in the name of the proprietary concern by the Central Government or State Governm...

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RBI decides to Liberalise ECB Policy for entities in Hotels, Hospitals and Software sector

RBI/2010-11/167 A.P. (DIR Series) Circular No.08 12/08/2010

The Reserve Bank on Thursday said it will consider allowing corporates in hotel, hospital and software sectors to raise overseas debts beyond $ 100 million, the stipulate limit now. "...it has now been decided to consider applications from the corporates in the hotel, hospital and software sectorsto avail of ECB beyond $ 100 million under...

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