RBI Notifications

Core Investment Companies: RBI working committee recommendations- a rational discussion

Fema / RBI - My routine visits to one of the biggest nationalized banks witnessed an interesting interaction between the bank’s Chief Manager and a messenger from a Gurugram court which involved a question to the bank whether it received money from one of the 63 accounts maintained by a defaulter builder with the said bank. It reminded me […]...

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Compilation of monthly Corporate Law updates of August 2019

Fema / RBI - Article contains update on Amendment to Companies Act, 2013 and its Rules, Amendment to SEBI Law, NCLT Order, Highlights of Consumer Protection Bill, Labour laws, E-commerce guidelines for Consumer Protection ICSI – Recognition to Company Secretaries to act as Arbitrator under the Arbitration and Conciliation (Amendment) Act, 2019, upda...

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Interest equalisation Scheme for pre and post-shipment export credit

Fema / RBI - What is Interest equalisation Scheme (IES): There are many benefits given to exporters, specially MSME sector exporters. One of the scheme is interest equalisation scheme (IES) or also known as interest subvention.  This scheme was introduced with effect from 1st April 2015. This is a rebate of interest provided on pre and post shipment...

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Legal Entity Identifier (LEI) Code Procedure

Fema / RBI - Requirement and procedure for obtaining Legal Entity Identifier (LEI) code: RBI vide its notification RBI/2017-18/82 DBR No BP.BC.92/21.04.048/2017-18 has mandated to obtain LEI code for the corporate borrowers having aggregate fund-based and non-fund based exposure of Rs. 5 crore and above from any bank. Further vide circular RBI/2016-17...

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RBI eases External Commercial Borrowings

Fema / RBI - India has always encouraged capital inflows as a part of the development policy. Deficient domestic capital and reduction in the current account compelled the government historically to go after foreign capital. Foreign capital is money obtained from foreign countries to make investment domestically. The major category is foreign investme...

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Trade War: Is it a prelude to deglobalisation?

Fema / RBI - The forex market is unique in several ways. A foreign currency is essentially a commodity outside its jurisdiction and therefore has attributes of an asset. But the exchange rate, the price of the foreign currency normalised to the home currency is an important macroeconomic variable that ought to be determined by economic fundamentals an...

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Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019

Fema / RBI - Date : Apr 03, 2019 RBI releases Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019 under section 45 W of the RBI Act, 1934 The Reserve Bank of India today released Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions 2019. Comments on the draft directions are invited from banks, market participants and oth...

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Governor’s Statement on Framework for Resolution of Stressed Assets

Fema / RBI - Reserve Bank of India will take necessary steps, including issuance of a revised circular, as may be necessary, for expeditious and effective resolution of stressed assets....

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Reflections on Current Policy Issues Facing Indian Economy

Fema / RBI - Indian economy has witnessed an accelerated pace of domestic reforms in recent years. These reforms include, inter alia, the flexible inflation-targeting monetary policy framework, the Insolvency and Bankruptcy Code (IBC), the Goods and Services Tax (GST) and steps for enhancing foreign investments by liberalising the FDI regime and under...

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India’s Investment Cycle: An Empirical Investigation

Fema / RBI - This study estimates the duration of the investment cycle and examines the determinants of investment activity in India. Using the National Bureau of Economic Research (NBER) dating procedure, the study finds that the real investment rate in India followed a three-year cycle during the period from 1950-51 to 2017-18...

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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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NEFT System to be available on 24×7 basis wef 16.12.2019

RBI/2019-20/111 DPSS (CO) RPPD No.1097/04.03.01/2019-20 - (06/12/2019) - It has been decided that the above facility shall be made available from December 16, 2019 with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019)....

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All about Fifth Bi-monthly Monetary Policy, 2019-20 of RBI

Press Release : 2019-2020/1350-1351 - (05/12/2019) - On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 5, 2019) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 5.15 per cent....

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RBI Guidelines for ‘on tap’ Licensing of Small Finance Banks in Private Sector

Press Release : 2019-2020/1356 - (05/12/2019) - Date : Dec 05, 2019 RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” The Reserve Bank of India today released on its website, “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”. Major changes from the earlier...

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Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 – Amendment

RBI/2019-20/107 FMRD.DIRD.21/14.03.038/2019-20 - (28/11/2019) - These Directions shall be called as the Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 and shall supersede all other directions issued on the subject and covered by these regulations....

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Master Circular – Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM)

RBI/2019-20/105 FIDD.GSSD.CO.BC.No.15/09.01.01/2019-20 - (26/11/2019) - Master Circular - Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)- DAY-NRLM is the flagship program of Govt. of India for promoting poverty reduction through building strong institutions of the poor, particularly women, and enabling these institutions to access a range of ...

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Recent Posts in "RBI Notifications"

NEFT System to be available on 24×7 basis wef 16.12.2019

RBI/2019-20/111 DPSS (CO) RPPD No.1097/04.03.01/2019-20 (06/12/2019)

It has been decided that the above facility shall be made available from December 16, 2019 with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019)....

Read More

All about Fifth Bi-monthly Monetary Policy, 2019-20 of RBI

Press Release : 2019-2020/1350-1351 (05/12/2019)

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 5, 2019) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 5.15 per cent....

Read More

RBI Guidelines for ‘on tap’ Licensing of Small Finance Banks in Private Sector

Press Release : 2019-2020/1356 (05/12/2019)

Date : Dec 05, 2019 RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” The Reserve Bank of India today released on its website, “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”. Major changes from the earlier Guidelines on Small Finance Banks date...

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Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 – Amendment

RBI/2019-20/107 FMRD.DIRD.21/14.03.038/2019-20 (28/11/2019)

These Directions shall be called as the Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 and shall supersede all other directions issued on the subject and covered by these regulations....

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Master Circular – Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM)

RBI/2019-20/105 FIDD.GSSD.CO.BC.No.15/09.01.01/2019-20 (26/11/2019)

Master Circular - Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)- DAY-NRLM is the flagship program of Govt. of India for promoting poverty reduction through building strong institutions of the poor, particularly women, and enabling these institutions to access a range of financial services and livelihood servic...

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Core Investment Companies: RBI working committee recommendations- a rational discussion

My routine visits to one of the biggest nationalized banks witnessed an interesting interaction between the bank’s Chief Manager and a messenger from a Gurugram court which involved a question to the bank whether it received money from one of the 63 accounts maintained by a defaulter builder with the said bank. It reminded me […]...

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Posted Under: Fema / RBI |

RBI relaxes provisions for operation/Opening of SNRR Account

RBI/2019-20/102 A.P. (DIR Series) Circular No. 09 (22/11/2019)

With a view to promote the usage of INR products by persons resident outside India, it has been decided, in consultation with the Government of India, to expand the scope of SNRR Account by permitting person resident outside India to open such account for:...

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Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality

RBI/2019-20/103 A.P. (DIR Series) Circular No. 10 (22/11/2019)

For the lot/ lots cleared at the center/s which are duly notified under Customs Act, 1962 / specified by the Central Board of Indirect Taxes & Customs, Department of Revenue, Ministry of Finance, Government of India for the above purpose, Bill of Entry shall be filed by the buyer. AD bank may permit such import payments after being satisf...

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RBI superseded DHFL Board, May Initiate Resolution Process under IBC

Press Release: 2019-2020/1230-RBI (20/11/2019)

Reserve Bank superseded the Board of Directors of DHFL owing to governance concerns and defaults by DHFL in meeting various payment obligations. Shri R. Subramaniakumar, ex-MD and CEO of Indian Overseas Bank has been appointed as the Administrator under Section 45-IE (2) of the Act....

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RBI withdraws exemption granted to Housing Finance NBFCs

Notification No. DOR. 047/CGM (MM)-2019 (19/11/2019)

RBI withdraws the notification granting exemption to Non-Banking Financial Companies which are Housing Finance Institutions as defined in clause (d) of section 2 of the National Housing Bank Act, 1987 (Act 53 of 1987) from the provisions of Chapter IIIB of the Act, except its application to section 45-IA of the Act. RESERVE BANK OF [&hell...

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