RBI Notifications

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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What is Blockchain Technology?

Fema / RBI - A blockchain is a growing list of records, called blocks , which are linked using cryptography. Each block contains a cryptographics hash of the previous block a timestamp and transaction data. By design a block chain is resistant to modification of the data . It is an open distributed ledger that can record transaction between […]...

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Compendium of Company Law, SEBI, RBI, NCLT Changes in Feb 2019

Fema / RBI - Article Contains updates on Notifications/ Circulars issued by MCA, SEBI, RBI, BSE, NSE in February 2019 and on Recent Important NCLT Order. Updates includes updates on The Companies (Significant Beneficial Owners) Amendment Rules, 2019 – 8 February 2019, The Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 201...

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Full Fledged Money Changer (FFMC) Licence

Fema / RBI - Guidelines for issuance of FFMC Licence:- A. Eligibility: The guidelines for issue of new FFMC licence and renewal of FFMC licence,are given below: (a) The applicant has to be a company registered under the Companies Act,2013 or under any previous Companies Act. (b) The minimum Net Owned Funds (NOF) required for consideration as FFMC are ...

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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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USD/INR Update: Change in Call

Fema / RBI - The famous English economist John Maynard Keynes is known have to have retorted to a critic who pointed out that his predictions and policies changed all too often –I change my mind when the facts do. What do you do, sir?...

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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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Rollout of foreign exchange trading platform for retail participants– FX-Retail

RBI/2018-19/217 FMRD.FMD.16/02.03.225/2018-19 - (20/06/2019) - Reserve Bank of India Rollout of the foreign exchange trading platform for retail participants – FX-Retail RBI/2018-19/217 FMRD.FMD.16/02.03.225/2018-19 June 20, 2019 All Eligible Market Participants Dear Sir/Madam, Rollout of the foreign exchange trading platform for retail participants – FX-Re...

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Discontinuation of requirement of Paper to Follow (P2F) for State Govt Cheques

RBI/2018-19/216 DGBA.GBD.No. 3136/42.01.035/2018-2019 - (20/06/2019) - With a view to enhancing efficiency in cheque clearing, Reserve Bank has introduced Cheque Truncation System (CTS) for clearance of cheques, facilitating the presentation and payment of cheques without their physical movement. P2F has been discontinued for CG cheques with effect from February 2016....

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Changes in Rates of Agency Commission to Banks on Govt Transactions

RBI/2018-19/219 DGBA.GBD.No. 3144/31.02.007/2018-19 - (20/06/2019) - Since then, there has not only been an expansion in volume and value of government receipts and payments, and coverage of bank branches handling government transactions, but also significant movements towards adoption of technology and migration to electronic means of payments....

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Directions for Central Counterparties- Age limit increased for appointment of Directors

RBI/2018-2019/209 DPSS.CO.OD No.2565/06.08.005/2018-2019 - (12/06/2019) - In the Section A - Directions on Governance of domestic CCPs authorised to operate in India by the RBI, the upper age limit for appointment of Managing Director, Director, Nominee Director, Independent Director and Chairperson was stipulated as 65 years....

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RBI forms Committee to Review ATM charges and fees

Press Release: 2018-2019/2914 - (11/06/2019) - Reserve Bank of India Date : Jun 11, 2019 It was announced in the Part ‘B’ of the Second Bi-Monthly Monetary Policy for the year 2019-20 on June 6, 2019 that the Reserve Bank of India will constitute a Committee to Review the ATM Interchange Fee Structure with a view to give a fillip to the A...

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Recent Posts in "RBI Notifications"

Rollout of foreign exchange trading platform for retail participants– FX-Retail

RBI/2018-19/217 FMRD.FMD.16/02.03.225/2018-19 (20/06/2019)

Reserve Bank of India Rollout of the foreign exchange trading platform for retail participants – FX-Retail RBI/2018-19/217 FMRD.FMD.16/02.03.225/2018-19 June 20, 2019 All Eligible Market Participants Dear Sir/Madam, Rollout of the foreign exchange trading platform for retail participants – FX-Retail Please refer to the Statement on D...

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Discontinuation of requirement of Paper to Follow (P2F) for State Govt Cheques

RBI/2018-19/216 DGBA.GBD.No. 3136/42.01.035/2018-2019 (20/06/2019)

With a view to enhancing efficiency in cheque clearing, Reserve Bank has introduced Cheque Truncation System (CTS) for clearance of cheques, facilitating the presentation and payment of cheques without their physical movement. P2F has been discontinued for CG cheques with effect from February 2016....

Read More

Changes in Rates of Agency Commission to Banks on Govt Transactions

RBI/2018-19/219 DGBA.GBD.No. 3144/31.02.007/2018-19 (20/06/2019)

Since then, there has not only been an expansion in volume and value of government receipts and payments, and coverage of bank branches handling government transactions, but also significant movements towards adoption of technology and migration to electronic means of payments....

Read More

Directions for Central Counterparties- Age limit increased for appointment of Directors

RBI/2018-2019/209 DPSS.CO.OD No.2565/06.08.005/2018-2019 (12/06/2019)

In the Section A - Directions on Governance of domestic CCPs authorised to operate in India by the RBI, the upper age limit for appointment of Managing Director, Director, Nominee Director, Independent Director and Chairperson was stipulated as 65 years....

Read More

Legal Entity Identifier (LEI) Code Procedure

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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Posted Under: Fema / RBI |

RBI forms Committee to Review ATM charges and fees

Press Release: 2018-2019/2914 (11/06/2019)

Reserve Bank of India Date : Jun 11, 2019 It was announced in the Part ‘B’ of the Second Bi-Monthly Monetary Policy for the year 2019-20 on June 6, 2019 that the Reserve Bank of India will constitute a Committee to Review the ATM Interchange Fee Structure with a view to give a fillip to the ATM deployment […]...

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RBI waives NEFT & RTGS charges; Instruct banks to pass on benefit to Customers

RBI/2018-2019/208 DPSS (CO) RPPD No.2557/04.03.01/2018-19 (11/06/2019)

The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from July 1, 2019....

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RBI direction to banks on minimum facilities in BSBD Account

Notification No. RBI/2018-19/206 DBR.LEG.BC.No.47/09.07.005/2018-19 (10/06/2019)

Banks are now advised to offer the following basic minimum facilities in the BSBD Account, free of charge, without any requirement of minimum balance. i. The deposit of cash at bank branch as well as ATMs/CDMs ii. Receipt/ credit of money through any electronic channel or by means of deposit /collection of cheques drawn by Central/State G...

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RBI releases Prudential Framework for Resolution of Stressed Assets

Press Release: 2018-2019/2886 & Circular No. RBI/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19 (07/06/2019)

Accordingly, the Reserve Bank has today placed on its website the prudential framework for resolution of stressed assets by banks in the wake of the judgement of the Hon’ble Supreme Court of India....

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RBI reduces policy repo rate by 25 basis points wef June 06, 2019

RBI/2018-19/200 - REF.No.MPD.BC.387/07.01.279/2018-19, RBI/2018-19/199- DBR.No.Ret.BC.44/12.01.001/2018-19, RBI/2018-2019/198- FMOD.MAOG. No.133/01.18.001/2018-19 and RBI/2018-2019/197-FMOD.MAOG.No.132/01.01.001/2018-19 (06/06/2019)

RBI in its Second Bi-Monthly Monetary Policy, 2019-20 has decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect. Consequently, the reverse repo rate under the LAF stands adjusted to 5.50 per cent, and the marginal standing […]...

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