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Fema / RBI : RBI has withdrawn the requirement for prior approval of tie-ups between AD banks and non-bank remittance platforms. The new framew...
Fema / RBI : The issue was fragmented regulations on NRI debt investments. RBI consolidated and updated directions to streamline compliance und...
Fema / RBI : The direction requires entities to obtain LEI codes for participating in RBI-regulated financial markets. Non-compliance results i...
SEBI : The regulator has consolidated all operative circulars under the LODR framework into a single master reference. The update simplif...
Fema / RBI : The RBI has released the Master Direction for Rupee IRDs effective March 2026, setting rules for OTC and exchange-traded derivativ...
Custodian banks have expressed operational difficulties in complying with the requirement of incorporating a clause in the agreement with their clients which gives them an inalienable right over the securities to be received as payout in any settlement before November 1, 2010. Accordingly, it has been decided to grant an additional period of two months i.e. upto December 31, 2010, to the custodian banks to fulfil this requirement.
Please refer to RBI/2010-11/147 A.P. (DIR Series) Circular No. 05 dated July 30, 2010 containing guidelines on Trading of Currency Options on Recognised Stock / New Exchanges issued by Foreign Exchange Department (copy enclosed). In this connection, we advise as under.
Please find enclosed circular DBOD No. BP .BC .44 / 21.04.141 / 2010-11 dated September 29, 2010 on the above subject. In this connection, it is advised that the above guidelines issued to banks, shall mutatis mutandis apply to the select All-India Financial Institutions.
Complaints about incomplete details about the remitter (or beneficiary) and / or the source of credit (or debit) in the pass books / pass sheets / account statements, as also lack of uniformity across banks in providing even such minimal information are rising. A very generic mention as ‘NEFT’ or ‘NECS’ does not help customers in identifying the source of credits, particularly where multiple credits are afforded to their accounts through these products. The Procedural Guidelines on NEFT / NECS / ECS and various circulars issued from time to time clearly highlight the minimum information that should be provided to customers.
In this regard, it is clarified that the mandate shall apply to all transactions using cards issued in India, for payments on merchant site where no outflow of foreign exchange is contemplated. The linkage to an overseas website/payment gateway cannot be the basis for permitting relaxations from implementing the mandate.
It is accordingly advised that amount raised by issue of infrastructure bonds by Infrastructure Finance Companies, as specified in the notification issued from time to time by the Central Government under Section 80CCF of the Income Tax Act, 1961, shall not be treated as ‘public deposit’ within the meaning of paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.
The collecting banks should, however, be aware that in the event of a claim by the true owner of the cheque, the rights of the true owner of the cheque are not in any manner affected by this circular and banks will have to establish that they acted in good faith and without negligence while collecting the cheque in question.
Banks are hereby advised to put in place appropriate systems and procedures to ensure compliance with the above prescriptions. The guidelines are issued under the powers vested with Reserve Bank of India under Section 10(2) of the Payment & Settlement Systems Act, 2007 and would come into effect from January 1, 2011. The instructions would be reviewed and suitable changes will be effected, if necessary, based on operational experience and general feedback.
In continuation of our letter DBOD.No.FID.FIC.5 /01.02.00/2008-09 dated February 26, 2009 on the captioned subject, please find enclosed Circular DBOD No.BP.No. 49/ 21.04.132/2010-11 dated October 7, 2010 on `Prudential Guidelines on Restructuring of Advances by Banks’ issued to scheduled commercial banks. In this connection, it is advised that these guidelines, shall apply mutatis mutandis to the select All-India Financial Institutions (AIFIs).
It has been brought to our notice by the Secretary, Government of India, Ministry of Minority Affairs that banks are not opening ‘no-frills’ accounts in favour of students from minority communities who wish to avail of the scholarships being awarded by the Ministry through the State/UT Governments. This is causing hardship to the applicants for scholarship schemes of the Government and is inviting criticism.
