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Fema / RBI - RBI Governor’s statement dated May 5, 2021: Indian economy now, and its bright future RBI Governor in his statement dated May 5, 2021 has dealt with the performance of Indian economy for the financial year 2020-2021 mentioning its appreciable position at the end of the year gaining its original position of growth, flattening of infectio...
Read MoreFema / RBI - What is “External Commercial Borrowings (ECB) “External Commercial Borrowings (ECB)” means borrowing by an eligible resident entity from outside India in accordance with framework decided by the Reserve Bank of India in consultation with the Government of India: Eligible entities may raise External Commercial Borrowings (ECB) from o...
Read MoreFema / RBI - Summary of RBI measures proposed to be taken amid second wave of Covid-19 pandemic on May 05, 2021 The Reserve Bank of India (RBI) vide Governor’s Statement dated May 05, 2021 has announced certain measures proposed to be taken amid the second wave of Covid-19 pandemic. The details of the proposed measures have been summarised […...
Read MoreFema / RBI - In this era of globalization, Overseas Direct Investment (ODI) has become a buzzword. From the past few years, it has been observed that the trend of making investment in businesses overseas is increasing year by year. Many of the resident individuals and Indian Companies are investing / acquiring stake in the foreign entities. This artic...
Read MoreFema / RBI - Legal entity identifier (LEI) code is a unique identification code which is being issued to the entities which trade in financial markets. These Financial Markets may be stocks, bonds, futures, forex, etc. The transactions or the deals conducted in the markets by one entity will have connected to another entity by an LEI code. LEI codes a...
Read MoreFema / RBI - RBI releases on its website Norms for selection of branches of Public Sector Banks (PSBs) for Statutory Audit, Procedure for appointment of Statutory Branch Auditors, General guidelines applicable to appointment of Statutory Branch Auditors and Eligibility norms for the empanelment of audit firms to be appointed as Statutory Branch Audito...
Read MoreFema / RBI - Q.1 Which types of cards are allowed for withdrawing cash at PoS terminals? Ans. Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by banks in India. However, credit cards cannot be used under this facility. Cash can also be withdrawn at [&he...
Read MoreFema / RBI - We advise that as per the circular dated April 17, 2020 on asset classification and provisioning, in respect of all accounts classified as standard as on February 29, 2020, even if overdue, the moratorium period, wherever granted, shall be excluded by the lending institutions from the number of days past-due for the purpose of asset class...
Read MoreFema / RBI - In order to provide greater flexibility to the State Governments to tide over their cashflow mismatches, RBI, on a review, has decided to a. increase the number of days for which a State/ UT can be in overdraft continuously to 21 working days from the current stipulation of 14 working days....
Read MoreFema / 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...
Read MoreVelankani Information Systems Limited Vs Secretary, Ministry of Home Affairs (Karnataka High Court) - The contentions of the RBI that the dispute is between the Petitioner and Respondents is not acceptable since the dispute arises out of the implementation or not of a Circular issued by the RBI. RBI is therefore directed to monitor the implementation of the Circular, including verification of whethe...
Read MoreHarsh Nitin Gokhale Vs Reserve Bank of India & Ors (Supreme Court) - Harsh Nitin Gokhale Vs Reserve Bank of India & Ors (Supreme Court) In the present case, writ petition file seeking relief to exclude the time period of lockdown for calculating the limitation for presentation of cheque/demand draft within 3 months as per policy decision of RBI. Supreme Court sta...
Read MoreDirectorate 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...
Read MoreKetan 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 ...
Read MoreBinod 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...
Read MoreCircular No. RBI/2021-22/39 IDMD.CDD.No.45187/14.04.050/2021-22 - (14/05/2021) - Government of India has vide its Notification No F.No4.(4)-B (W&M)/2021 dated May 12, 2021 has announced the Sovereign Gold Bond Scheme 2020-21, Series I, II, III, IV, V and VI. Under the scheme there will be a distinct series (starting from Series I) for every tranche. The terms and conditions o...
Read MoreCircular No. RBI/2021-22/38 A.P.(DIR Series) Circular No. 04 - (12/05/2021) - Direct Investment by Residents in Joint Venture (JV)/Wholly Owned Subsidiary (WOS) Abroad”, as amended from time to time and Regulation 7 of the Notification FEMA 120/2004-RB, pertaining to provisions for an Indian Party (IP) making investment/ financial commitment in a...
Read MoreRBI/2021-22/37 DoR.DEA.REC.No.16/30.01.002/2021-22 - (11/05/2021) - The rate of interest has since been reviewed and it has been decided that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the Fund shall be 3 per cent simple interest per annum with effect from the date of this circula...
Read MoreCircular No. RBI/2021-22/35 DOR.AML.REC.No.15/14.01.001/2021-22 - (10/05/2021) - On a review, it has been decided to amend the MD on KYC to further leverage the Video based Customer Identification Process (V-CIP) and to simplify and rationalise the process of periodic updation of KYC....
Read MoreCicular No. RBI/2021-22/36 CO.DGBA.GBD.No.S77/42.01.033/2021-22 - (10/05/2021) - Existing guidelines on appointment of Scheduled Private Sector Banks as Agency Banks of RBI have been reviewed and the revised guidelines/framework for authorising Scheduled Private Sector Banks as agency banks of RBI for conduct of government business attracting agency commission...
Read MoreCircular No. RBI/2021-22/39 IDMD.CDD.No.45187/14.04.050/2021-22 - 14/05/2021
Circular No. RBI/2021-22/38 A.P.(DIR Series) Circular No. 04 - 12/05/2021
RBI/2021-22/37 DoR.DEA.REC.No.16/30.01.002/2021-22 - 11/05/2021
Circular No. RBI/2021-22/35 DOR.AML.REC.No.15/14.01.001/2021-22 - 10/05/2021
Cicular No. RBI/2021-22/36 CO.DGBA.GBD.No.S77/42.01.033/2021-22 - 10/05/2021
Circular No. RBI/2021-22/33 DoR.RET.REC.14/12.07.150/2021-22 - 06/05/2021
Circular No. RBI/2021-22/32 DOR.STR.REC.12/21.04.048/2021-22 - 05/05/2021
