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...
Destination banks may also explore the possibility of using the Unique Transaction Reference (UTR) number to link / retrieve the original message received by them, based on which additional information can be provided as a service initiative when customers make requests online or through call centres.
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 (including put through date) for e-payment as applicable for Private Sector Banks may also be made applicable for the Public Sector Banks.
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 norms specified under para 11.2 of our above circular.
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.
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.
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 percent of net worth and direct investment ceiling of 20 percent of net worth, till they are listed. After listing, the exposure in excess of the original investment (i.e. prior to listing) would form part of the Capital Market Exposure.
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 report on the non-resident investor, to the Regional Office of the Reserve Bank in whose jurisdiction the Registered Office of the company operates, within 30 days of receipt of the amount of consideration. Further, the Indian company is required to issue the FDI instruments to the non-resident investor within 180 days of the receipt of the inward remittance and report the same in Form FC-GPR, to the Regional Office concerned of the Reserve Bank, within 30 days from the date of issue of shares.
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 delay in adhering to this requirement, the originators / customers should be informed of the delay / possible delay and the reasons for the same.”
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
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 Government Authority/Department. Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of bank account.
