RBI Notifications

How to file RBI Form FC-GPR

Fema / RBI - Every company having foreign investment (FDI), is required to report Reserve Bank Of India. Below two conditions need to be looked in to in case of FDI . 1. Foreign investment must be in compliant to FDI policy. 2. Securities issued must be in accordance with the Foreign Exchange Management. As announced  in the First Bi-monthly [&helli...

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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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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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Reporting of Large Exposures to CRILC – UCBs

RBI/2019-20/144 DoS.OSMOS.No.4633/33.05.018/2019-20 - (16/01/2020) - The reporting frequency of the CRILC– UCBs return is quarterly to start with. The banks need to submit the data on large exposures within 30 days from the end of the quarter through XBRL reporting platform of RBI. Banks may put in place appropriate systems to be in readiness to submit the return o...

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RBI further Enhances Security of Card Transactions

RBI/2019-20/142 DPSS.CO.PD No.1343/02.14.003/2019-20 - (15/01/2020) - Over the years, the volume and value of transactions made through cards have increased manifold. To improve user convenience and increase the security of card transactions, it has been decided as under:...

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Framework to levy Penalty on authorised payment system operators / banks

RBI/2019-20/140 DPSS.CO.OD.No.1328/06.08.005/2019-20 - (10/01/2020) - Framework for imposing monetary penalty on authorised payment system operators / banks under the Payment and Settlement Systems Act, 2007 – Existing framework vis-à-vis the Revised framework...

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Processing of e-mandate in UPI for recurring transactions

RBI/2019-20/139 DPSS.CO.PD No.1324/02.23.001/2019-20 - (10/01/2020) - On a review of the developments since this facilitation, it has been decided to extend the above instructions to cover UPI transactions as well. All the instructions / conditions outlined in the circular under reference would apply, mutatis mutandis, while processing e-mandate in UPI. This is also i...

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Amendment to Master Direction on KYC due to PML Rules /introduction of V-CIP

Notification No. RBI/2019-20/138 DOR.AML.BC.No.27/14.01.001/2019-20 - (09/01/2020) - The process of V-CIP has been specified in Section 18 in terms of which, REs may undertake live V-CIP, to be carried out by an official of the RE, for establishment of an account based relationship with an individual customer, after obtaining his informed consent and shall adhere to the following st...

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Recent Posts in "RBI Notifications"

Reporting of Large Exposures to CRILC – UCBs

RBI/2019-20/144 DoS.OSMOS.No.4633/33.05.018/2019-20 (16/01/2020)

The reporting frequency of the CRILC– UCBs return is quarterly to start with. The banks need to submit the data on large exposures within 30 days from the end of the quarter through XBRL reporting platform of RBI. Banks may put in place appropriate systems to be in readiness to submit the return on a more frequent periodicity....

Read More

RBI further Enhances Security of Card Transactions

RBI/2019-20/142 DPSS.CO.PD No.1343/02.14.003/2019-20 (15/01/2020)

Over the years, the volume and value of transactions made through cards have increased manifold. To improve user convenience and increase the security of card transactions, it has been decided as under:...

Read More

Framework to levy Penalty on authorised payment system operators / banks

RBI/2019-20/140 DPSS.CO.OD.No.1328/06.08.005/2019-20 (10/01/2020)

Framework for imposing monetary penalty on authorised payment system operators / banks under the Payment and Settlement Systems Act, 2007 – Existing framework vis-à-vis the Revised framework...

Read More

Processing of e-mandate in UPI for recurring transactions

RBI/2019-20/139 DPSS.CO.PD No.1324/02.23.001/2019-20 (10/01/2020)

On a review of the developments since this facilitation, it has been decided to extend the above instructions to cover UPI transactions as well. All the instructions / conditions outlined in the circular under reference would apply, mutatis mutandis, while processing e-mandate in UPI. This is also in line with the measures proposed for fu...

Read More

Amendment to Master Direction on KYC due to PML Rules /introduction of V-CIP

Notification No. RBI/2019-20/138 DOR.AML.BC.No.27/14.01.001/2019-20 (09/01/2020)

The process of V-CIP has been specified in Section 18 in terms of which, REs may undertake live V-CIP, to be carried out by an official of the RE, for establishment of an account based relationship with an individual customer, after obtaining his informed consent and shall adhere to the following stipulations:...

Read More

How to file RBI Form FC-GPR

Every company having foreign investment (FDI), is required to report Reserve Bank Of India. Below two conditions need to be looked in to in case of FDI . 1. Foreign investment must be in compliant to FDI policy. 2. Securities issued must be in accordance with the Foreign Exchange Management. As announced  in the First Bi-monthly [&helli...

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Posted Under: Fema / RBI |

Banks to undertake user & Inter-Bank transactions beyond onshore market hours

RBI/2019-20/136 A.P. (DIR Series) Circular No. 15 (06/01/2020)

Authorised dealers may undertake customer (persons resident in India and persons resident outside India) and inter-bank transactions beyond onshore market hours. Transactions with persons resident outside India, through their foreign branches and subsidiaries may also be undertaken beyond onshore market hours....

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Revised Supervisory Action Framework for Primary (Urban) Co-operative Banks

Notification No. RBI/2019-20/135 DOR (PCB).BPD. Cir No. 9/12.05.001/2019-20 (06/01/2020)

The revised SAF envisages initiation of corrective action by the UCB and/or supervisory action by the Reserve Bank on breach of the specified thresholds (triggers) in respect of the specified financial parameters/indicators. The actions mentioned in the following paragraphs may be taken on breach of the specified thresholds....

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Launch of Mobile Aided Note Identifier (MANI) by RBI

Press Release No. 2019-2020/1570-RBI (01/01/2020)

Reserve Bank of India Date : Jan 01, 2020 RBI Governor today launched the “Mobile Aided Note Identifier (MANI)”, a mobile application for aiding visually impaired persons to identify the denomination of Indian Banknotes. Indian banknotes contain several features which enable the visually impaired (colour blind, partially sighted and ...

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Reporting of OTC Currency Derivative transactions to trade repository

Notification No. RBI/2019-20/132 FMRD.FMID No.23/02.05.002/2019-20 (01/01/2020)

It has now been decided that all client transactions in currency derivatives, including those with notional amount of below USD 1 mn, shall now be reported to the TR, with effect from January 06, 2020....

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