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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...
Read MoreFema / 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...
Read MoreFema / 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....
Read MoreFema / 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 ...
Read MoreFema / RBI - What is KYC? Why is it required? Response: KYC means 'Know Your Customer'. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically u...
Read MoreFema / 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....
Read MoreFema / 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....
Read MoreFema / 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;...
Read MoreFema / RBI - Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date....
Read MoreFema / RBI - Date : Jul 26, 2016 “Criticism of the central bank using arguments unsupported by evidence is widespread. The Bank of England was criticized for laying out the economic costs of Brexit, the ECB has been criticized for doing too much to restore health to troubled peripheral economy financial sectors, and the Fed is under fire […]...
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 MoreRadheshyam 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...
Read MoreP. 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 ...
Read MoreRBI/2017-18/ 64 A.P. (DIR Series) Circular No. 05 - (22/09/2017) - Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB dated May 3, 2000, as amended from time to ...
Read MoreRBI/2017-18/63 FMRD.FMID No. 3/02.05.002/2017-18 - (21/09/2017) - Attention of Authorized Dealer Category– I (AD Category-I) banks is invited to circular no. FMD. MSRG. No. 75/02.05.002/2012-13 dated March 13, 2013 on the captioned subject wherein a threshold of USD 1 million, and equivalent thereof in other currencies, was stipulated for reporting FCY- INR and ...
Read MoreRBI/2017-18/65- A.P. (DIR Series) Circular No. 06 - (22/09/2017) - Consequently, reporting requirement in terms of paragraph 8 (additional email reporting of RDB transactions for onward reporting to depositories) of A.P. (DIR Series) Circular No. 60 dated April 13, 2016 has been dispensed with. However, it should be noted that the reporting of RDBs will continue as...
Read MorePress Release: 2017-2018/685 - (10/09/2017) - RBI actually uses sophisticated Currency Verification & Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs. These machines are way superior to the note counting machines. ...
Read MoreNO. 30 OF 2017 - (25/08/2017) - Power of Central Government to authorise Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process. `35AA. The Central Government may, by order, authorise the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency ...
Read MoreRBI/2017-18/ 64 A.P. (DIR Series) Circular No. 05 - (22/09/2017) -
RBI/2017-18/63 FMRD.FMID No. 3/02.05.002/2017-18 - (21/09/2017) -
RBI/2017-18/65- A.P. (DIR Series) Circular No. 06 - (22/09/2017) -
Press Release: 2017-2018/685 - (10/09/2017) -
NO. 30 OF 2017 - (25/08/2017) -
Press Release : 2017-2018/545 - (25/08/2017) -
Notification No. S.O.2740 (E) - (23/08/2017) -
Press Release: 2017-2018/481 - (18/08/2017) -
Notification No. BBR.CID. No. 786/20.16.050/2017-18 - (11/08/2017) -
