RBI Notifications

Working Capital Constraints & Exports: Evidence from GST roll out

Fema / RBI - The implementation and refund delays under the new tax regime of Goods and Services Tax (GST) seem to have led to working capital constraints for firms, which in turn might have hurt their exports in October 2017. ...

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21 FAQs on Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

Fema / RBI - Articles answers 21 FAQs on Pradhan Mantri Garib Kalyan Deposit Scheme 2016 for declarant under Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016...

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Withdrawal of Notes of ₹ 500 & ₹ 1000- Things You must know

Fema / RBI - Salient features of the scheme of Withdrawal of Legal Tender Character from existing series of Bank Notes in the denominations of Rs. 500 and Rs. 1000...

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Forex Facilities including the Liberalised Remittance Scheme (LRS) for Residents – FAQs

Fema / RBI - I. Guidelines on Travel Related Matters. II. Liberalised Remittance Scheme (LRS) of USD 125,000 III. Guidelines for Financial Intermediaries offering special schemes, protection under the Scheme....

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Pre-2005 Series Banknotes – FAQ

Fema / RBI - We are giving below some of the Frequently asked question related to Pre-2005 Series Banknotes to make our readers better understand the issue of Pre-2005 Series Banknotes. 1. What are the pre-2005 series banknotes? The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of Rs. 10,  20,  50,  100, 500 and  ...

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Minutes of Monetary Policy Committee Meeting December 5-6, 2017

Fema / RBI - The eighth meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the amended Reserve Bank of India Act, 1934, was held on December 5 and 6, 2017 at the Reserve Bank of India, Mumbai....

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Main Features of Sovereign Gold Bond Scheme 2017-18 Series-III

Fema / RBI - Govt has decided to issue Sovereign Gold Bonds 2017-18 – Series-III. Applications for the bond will be accepted from October 09, 2017 to December 27, 2017. The Bonds will be issued on the succeeding Monday after each subscription period....

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Bank notes with writing or ink mark continue to be legal tender: RBI in RTI Reply

Fema / RBI - Bank notes with writing or ink mark on them continue to be legal tender, however, bank notes bearing religious or political messages will not be treated as eligible for exchange as per Note Refund Rules, 2009....

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Features of Sovereign Gold Bonds 2016 -17 – Series IV

Fema / RBI - Government of India, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17–Series IV. Applications for the bond will be accepted from February 27, 2017 to March 03, 2017....

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Old demonitised notes can be used to pay Govt Tax, Fees & Penalty

Fema / RBI - Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;...

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FEMA – Claim for interest in the nature of compensation for wrongful retention of money is not maintainable

Directorate Of Enforcement Vs. Subhash Muljimal Gandhi (Delhi High Court) - Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could have been awarded to the respondent on the seized Indian currency only. The learned Single Judge has however applying the said Rule also awarded interest on the seized fo...

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SC asks Ketan Ketan Parikh and Co to Deposit deposit 50 percent of penalty imposed for Fema violations

Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court of India) - Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai ...

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Section 45(1A) of the Prevention of Money Laundering Act, 2002 – Binod Kumar Versus State of Jharkhand & Others

Binod Kumar Vs State of Jharkhand & Others (Supreme Court of India) - Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to have been so earned is of unprecedented amounts. However...

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Foreign exchange –Contravention of provisions of Act–Liable to prosecution as well as penalty by adjudicating officer

Radheshyam Kejriwal Vs. State of West Bengal & ANR. (Supreme Court of India) - Foreign exchange --Contravention of provisions of Act--Liable to prosecution as well as penalty by adjudicating officer--Proceeding before adjudicating officer for acts considered offence--Exoneration in adjudication proceedings--No case for criminal proceedings thereafter on same facts--Foreign Exc...

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Appeal No.: Writ Petition Nos. 23110 & 23558 of 2009, dated: 26.03.2010

P. Giribabu Vs. Dy. Director of Enforcement (Madras High Court) - The relief sought for by the petitioner seeking permission to be accompanied by an advocate of his choice when he appears before the Enforcement Directorate in pursuance of the summons issued under section 37 of the Foreign Exchange Management Act, 1999 and recording of statement in the presence of ...

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RBI forms committee to measure effectiveness of bank audit in fraud mitigation

Press Release : 2017-2018/2249 - (20/02/2018) - Central Board of Directors of RBI, to look into the reasons for high divergence observed in asset classification and provisioning by banks vis-à-vis the RBI’s supervisory assessment, and the steps needed to prevent it; factors leading to an increasing incidence of frauds in banks and the measures...

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No instructed PNB to meet its commitments under LOU: RBI

Press Release: 2017-2018/2233 - (16/02/2018) - There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given a...

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Banks branches must accept coins tendered for exchange or for deposit in Accounts: RBI

RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 - (15/02/2018) - Reserve Bank continues to receive complaints about non-acceptance of coins by bank branches. Such denial of service has reportedly, in turn, led to refusal on the part of shopkeepers and small traders, etc., to accept coins as payment for goods sold and services rendered causing inconvenience to the...

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RBI notifies Revised Framework for Resolution of Stressed Assets

RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 - (12/02/2018) - The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time....

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Levy of Penal Interest – Delayed Reporting

RBI/2017-18/130 DCM (CC) No. 2885/03.35.01/2017-18 - (09/02/2018) - Presently, penal interest is levied for all cases where the bank has enjoyed ineligible credit in its current account with the RBI on account of wrong / delayed / non-reporting of transactions i.e. the currency chest had reported a net deposit. ...

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Recent Posts in "RBI Notifications"

RBI forms committee to measure effectiveness of bank audit in fraud mitigation

Press Release : 2017-2018/2249 (20/02/2018)

Central Board of Directors of RBI, to look into the reasons for high divergence observed in asset classification and provisioning by banks vis-à-vis the RBI’s supervisory assessment, and the steps needed to prevent it; factors leading to an increasing incidence of frauds in banks and the measures (including IT interventions) needed to ...

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No instructed PNB to meet its commitments under LOU: RBI

Press Release: 2017-2018/2233 (16/02/2018)

There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given any such instructions....

Read More

Banks branches must accept coins tendered for exchange or for deposit in Accounts: RBI

RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 (15/02/2018)

Reserve Bank continues to receive complaints about non-acceptance of coins by bank branches. Such denial of service has reportedly, in turn, led to refusal on the part of shopkeepers and small traders, etc., to accept coins as payment for goods sold and services rendered causing inconvenience to the public at large. ...

Read More

Working Capital Constraints & Exports: Evidence from GST roll out

The implementation and refund delays under the new tax regime of Goods and Services Tax (GST) seem to have led to working capital constraints for firms, which in turn might have hurt their exports in October 2017. ...

Read More
Posted Under: Fema / RBI |

RBI notifies Revised Framework for Resolution of Stressed Assets

RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 (12/02/2018)

The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time....

Read More

Levy of Penal Interest – Delayed Reporting

RBI/2017-18/130 DCM (CC) No. 2885/03.35.01/2017-18 (09/02/2018)

Presently, penal interest is levied for all cases where the bank has enjoyed ineligible credit in its current account with the RBI on account of wrong / delayed / non-reporting of transactions i.e. the currency chest had reported a net deposit. ...

Read More

RBI Cautions about Fake Websites in its Name

Press Release: 2017-2018/2166 (08/02/2018)

It has come to the notice of the Reserve Bank of India that a fake website of the Reserve Bank of India has been created with the URL www.indiareserveban.org by some unknown person(s). ...

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Relief for MSME Borrowers registered under GST

It has been represented to us that formalisation of business through registration under GST had adversely impacted the cash flows of the smaller entities during the transition phase with consequent difficulties in meeting their repayment obligations to banks and NBFCs. ...

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Amendment to 7.75% Savings (Taxable) Bonds 2018 Scheme

Notification No S.O. (E) (08/01/2018)

Interest on 7.75% Savings (Taxable) Bonds 2018 will be taxable under the Income Tax Act, 1961 as applicable according to the relevant tax status of the Bond holders....

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RBI Introduces ₹ 10 banknote in Mahatma Gandhi (New) Series

Press Release: 2017-2018/1848 (05/01/2017)

The Reserve Bank of India will shortly issue Rs. 10 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Sun Temple, Konark on the reverse, depicting the country's cultural heritage. The base colour of the note is Chocolate Br...

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