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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Know Your Customer (KYC) Master Direction, 2016

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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Sovereign Gold Bond Scheme 2018 -19-Series-I- Issue Price, Features

Press Release: 2017-2018/2737, - (13/04/2018) - Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bond, 2018-19-Series-I. Applications for the bond will be accepted from April 16-20, 2018. ...

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Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines

RBI/2017-18/164 IDMD.CDD.No.2652/14.04.050/2017-18 - (13/04/2018) - Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines-Application forms from investors will be received at branches during normal banking hours from April 16, 2018 to April 20, 2018....

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All about Sovereign Gold Bond Scheme 2018-19 Series I

RBI/2017-18/163 IDMD.CDD.No.2651/14.04.050/2017-18 - (13/04/2018) - The Bonds under All about Sovereign Gold Bond Scheme 2018-19 Series I may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual. ...

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Interest rate on Small Savings Schemes for 01.04.2018 to 30.06.2018

RBI/2017-18/160 DGBA.GBD. 2573/15.02.005/2017-18 - (12/04/2018) - Interest rates on Small Savings Schemes for first quarter of financial year 2018-19 starting 1st April , 2018 shall remain unchanged from those notified for fourth quarter of FY 2017-18...

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Recent Posts in "RBI Notifications"

Know Your Customer (KYC) Master Direction, 2016

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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Sovereign Gold Bond Scheme 2018 -19-Series-I- Issue Price, Features

Press Release: 2017-2018/2737, (13/04/2018)

Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bond, 2018-19-Series-I. Applications for the bond will be accepted from April 16-20, 2018. ...

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Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines

RBI/2017-18/164 IDMD.CDD.No.2652/14.04.050/2017-18 (13/04/2018)

Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines-Application forms from investors will be received at branches during normal banking hours from April 16, 2018 to April 20, 2018....

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All about Sovereign Gold Bond Scheme 2018-19 Series I

RBI/2017-18/163 IDMD.CDD.No.2651/14.04.050/2017-18 (13/04/2018)

The Bonds under All about Sovereign Gold Bond Scheme 2018-19 Series I may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual. ...

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Interest rate on Small Savings Schemes for 01.04.2018 to 30.06.2018

RBI/2017-18/160 DGBA.GBD. 2573/15.02.005/2017-18 (12/04/2018)

Interest rates on Small Savings Schemes for first quarter of financial year 2018-19 starting 1st April , 2018 shall remain unchanged from those notified for fourth quarter of FY 2017-18...

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LRS for Resident Individuals – daily reporting of transactions

RBI/2017-18/161 A.P. (DIR Series) Circular No. 23 (12/04/2018)

In order to improve monitoring and also to ensure compliance with the LRS limits, it has been decided to put in place a daily reporting system by AD banks of transactions undertaken by individuals under LRS, which will be accessible to all the other ADs....

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RBI imposes monetary penalty on IDBI Bank Limited

Press Release: 2017-2018/2706 (11/04/2018)

The Reserve Bank of India (RBI) has imposed, through an order dated April 09, 2018, a monetary penalty of ₹ 30 million on IDBI Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms. ...

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RBI prohibits dealing in Virtual Currencies by regulated entities

RBI/2017-18/154 DBR.No.BP.BC.104 /08.13.102/2017-18 (06/04/2018)

Entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges deali...

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Cash Management Logistic- Banks to prescribe Minimum Standards

RBI/2017-18/152 DCM (Plg) No.3563/10.25.07/2017-18 (06/04/2018)

In view of the increasing reliance of the banks on outsourced service providers and their sub-contractors in cash management logistics, certain minimum standards will be prescribed for the service provider / sub-contractors who are engaged by the banks for this purpose....

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RBI Action Points to Enhance Effectiveness of Lead District Managers

RBI/2017-2018/156 FIDD.CO.LBS.BC.No.20/02.01.001/2017-18 (06/04/2018)

i. In view of the critical role played by LDMs, it may be ensured that officials posted as LDMs possess requisite leadership skills. ii. Apart from the provision of a separate office space, technical infrastructure like computers, printer, data connectivity, etc. which are basic necessities for LDMs to discharge their core responsibilitie...

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