RBI Notifications

Will RBI take a U-turn on its stand on Bitcoins?

Fema / RBI - Yes, we all agree that change is an inevitable part of life but the block chain technology is the disruptive change which shall be witnessed by almost every sector. One of the examples of block chain technology is crypto-currencies. Please do understand that there is a difference between crypto-currencies being banned in India and crypto-...

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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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RBI Cautions about Fictitious Emails

Fema / RBI - Reserve Bank of India has been periodically reiterating about the activities of unscrupulous elements using the name of RBI and defrauding the common public. These elements use fake letter heads of RBI, send emails impersonating as employees of RBI and lure people with fictitious offers / lottery winnings / remittance of cheap funds in fo...

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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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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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Loans to Cost more as RBI hikes key rate for second time in two months

Press Release: 2018-2019/278 & 279 - (01/08/2018) - On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5 per cent. Consequently, the reverse repo rate ...

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Cautionary advice on Rice pulling Scam

Press Release : 2018-2019/270 - (31/07/2018) - It has been brought to the notice of the Reserve Bank of India that some unscrupulous persons are marketing a device termed Rice Puller made up of copper/iridium, that is claimed to possess magical properties of attracting grains of rice towards it. ...

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Short Sale (Reserve Bank) Directions, 2018

FMRD.DIRD.06/CGM (TRS)-2018 - (25/07/2018) - These Directions shall be called the Short Sale (Reserve Bank) Directions, 2018 and shall supersede all directions/guidelines issued on the subject, as listed under Annex I. These Directions shall come into force with effect from July 26, 2018....

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RBI to Issue New Design ₹ 100 Denomination Banknote

Press Release: 2018-2019/174 - (19/07/2018) - Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. ...

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Know Your Customer (KYC) Master Direction, 2016- Updated till July 12, 2018

RBI/DBR/2015-16/18 DBR.AML.BC.No.81/14.01.001/2015-16 - (20/04/2018) - In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Regulated Entities (REs) are required to follow certain customer identification procedures while undertaking a transaction either by establishing an acc...

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Recent Posts in "RBI Notifications"

Loans to Cost more as RBI hikes key rate for second time in two months

Press Release: 2018-2019/278 & 279 (01/08/2018)

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5 per cent. Consequently, the reverse repo rate under the LAF stands adjusted to 6.25 pe...

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Cautionary advice on Rice pulling Scam

Press Release : 2018-2019/270 (31/07/2018)

It has been brought to the notice of the Reserve Bank of India that some unscrupulous persons are marketing a device termed Rice Puller made up of copper/iridium, that is claimed to possess magical properties of attracting grains of rice towards it. ...

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Short Sale (Reserve Bank) Directions, 2018

FMRD.DIRD.06/CGM (TRS)-2018 (25/07/2018)

These Directions shall be called the Short Sale (Reserve Bank) Directions, 2018 and shall supersede all directions/guidelines issued on the subject, as listed under Annex I. These Directions shall come into force with effect from July 26, 2018....

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RBI to Issue New Design ₹ 100 Denomination Banknote

Press Release: 2018-2019/174 (19/07/2018)

Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. ...

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Know Your Customer (KYC) Master Direction, 2016- Updated till July 12, 2018

RBI/DBR/2015-16/18 DBR.AML.BC.No.81/14.01.001/2015-16 (20/04/2018)

In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Regulated Entities (REs) are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account based relationship or otherwise and...

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Incorporate Name of Purchaser on the Face of Demand Draft: RBI

RBI/2018-19/14 DBR.AML.BC.No.210/14.01.001/2018-19 (12/07/2018)

the name of the purchaser shall be incorporated on the face of the demand draft, pay order, banker’s cheques, etc., by the issuing bank. These instructions shall take effect for such instruments issued on or after September 15, 2018....

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Relaxation in Spreading of MTM losses to Co-operative banks

RBI/2018-19/12 DCBR.BPD.(PCB/RCB)Cir.No.1/16.20.000/2018-19 (06/07/2018)

Please refer to circular UBD.No.BPD.PCB.Cir.12/09.29.00/2003-04 dated September 04, 2003 on ‘Guidelines for Investment Fluctuation Reserve’ issued to Primary (Urban) Cooperative Banks (UCBs), and circular RPCD.No.RF.BC.17/A.4-92/93 dated September 04, 1992 on ‘Investment Portfolio of Banks - Transactions in Securities’ and subsequ...

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RBI Master Circular- Credit Facilities to Minority Communities

RBI/2018-19/8 FIDD.GSSD.BC.No.01/09.10.01/2018-19 (02/07/2018)

Please refer to our Master Circular FIDD.GSSD.BC.No.01/09.10.01/2016-17 dated July 01, 2016 (Updated as on September 29, 2016), consolidating the instructions / guidelines / directives issued to banks till that date relating to Credit Facilities to Minority Communities....

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Changes in Reference Rate Computation and Dissemination Mechanism

Press Release : 2018-2019/35 (04/07/2018)

Presently, the Reserve Bank of India (RBI) compiles and publishes on a daily basis the Reference Rate for Spot USD/INR and exchange rate of other major currencies. As announced in the Sixth Bi-monthly policy statement for the year 2017-18, Financial Benchmarks India Private Limited (FBIL) will assume, i.e., take over from RBI...

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RBI Master Circular Kisan Credit Card (KCC) Scheme

RBI/2018-19/10 FIDD.CO.FSD.BC.No.6/05.05.010/2018-19 (04/07/2018)

The Kisan Credit Card scheme aims at providing adequate and timely credit support from the banking system under a single window with flexible and simplified procedure to the farmers for their cultivation and other needs as indicated below:...

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