RBI Notifications

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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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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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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Commercial Papers not comes within the purview of deposits

RBI/2019-20/44 A.P. (DIR Series) Circular No. 06 - (16/08/2019) - We advise that Sub-regulation (3) of Regulation 6 of the above Regulations, in terms of which a Company may accept deposits through issue of Commercial Paper (CP), has been reviewed vis-à-vis other Statutes/Regulations – notably Section 45 U(b) of RBI Act, 1934 describing CP as one of the Money M...

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Deposits under Gold Monetisation Scheme, 2015 shall be made at CPTC

Notification No. RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 - (16/08/2019) - Gold Monetisation Scheme, 2015- All deposits under the scheme shall be made at the Collection and Purity Testing Centre (CPTC) except in cases as prescribed by RBI. Reserve Bank of India RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 August 16, 2019 All Scheduled Commercial Banks (excluding Regio...

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Transactions which will not form part of Free ATM transactions: RBI

RBI/2019-20/41 DPSS.CO.PD No. 377/02.10.002/2019-20 - (14/08/2019) - It is hereby clarified that transactions which fail on account of technical reasons like hardware, software, communication issues; non-availability of currency notes in the ATM; and other declines ascribable directly / wholly to the bank / service provider; invalid PIN / validations; etc., shall not...

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Enabling Framework for Regulatory Sandbox

Press Release: 2019-2020/417 - (13/08/2019) - The Reserve Bank of India today placed on its website the final ‘Enabling Framework for Regulatory Sandbox’. Further details in respect of the cohorts and the window for submission of applications shall be announced later....

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Priority Sector Lending – Lending by banks to NBFCs for On-Lending

RBI/2019-20/39 FIDD.CO.Plan.BC.7/04.09.01/2019-20 - (13/08/2019) - In order to boost credit to the needy segment of borrowers, it has been decided that bank credit to registered NBFCs (other than MFIs) for on-lending will be eligible for classification as priority sector under respective categories subject to the following conditions:...

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Recent Posts in "RBI Notifications"

Commercial Papers not comes within the purview of deposits

RBI/2019-20/44 A.P. (DIR Series) Circular No. 06 (16/08/2019)

We advise that Sub-regulation (3) of Regulation 6 of the above Regulations, in terms of which a Company may accept deposits through issue of Commercial Paper (CP), has been reviewed vis-à-vis other Statutes/Regulations – notably Section 45 U(b) of RBI Act, 1934 describing CP as one of the Money Market Instruments and Section 2(c) of Co...

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Deposits under Gold Monetisation Scheme, 2015 shall be made at CPTC

Notification No. RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 (16/08/2019)

Gold Monetisation Scheme, 2015- All deposits under the scheme shall be made at the Collection and Purity Testing Centre (CPTC) except in cases as prescribed by RBI. Reserve Bank of India RBI/2019-20/43 DBR.IBD.BC.No.13/23.67.001/2019-20 August 16, 2019 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam Gold Mon...

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Transactions which will not form part of Free ATM transactions: RBI

RBI/2019-20/41 DPSS.CO.PD No. 377/02.10.002/2019-20 (14/08/2019)

It is hereby clarified that transactions which fail on account of technical reasons like hardware, software, communication issues; non-availability of currency notes in the ATM; and other declines ascribable directly / wholly to the bank / service provider; invalid PIN / validations; etc., shall not be counted as valid ATM transactions fo...

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Enabling Framework for Regulatory Sandbox

Press Release: 2019-2020/417 (13/08/2019)

The Reserve Bank of India today placed on its website the final ‘Enabling Framework for Regulatory Sandbox’. Further details in respect of the cohorts and the window for submission of applications shall be announced later....

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Priority Sector Lending – Lending by banks to NBFCs for On-Lending

RBI/2019-20/39 FIDD.CO.Plan.BC.7/04.09.01/2019-20 (13/08/2019)

In order to boost credit to the needy segment of borrowers, it has been decided that bank credit to registered NBFCs (other than MFIs) for on-lending will be eligible for classification as priority sector under respective categories subject to the following conditions:...

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Implement Aadhaar use for delivery of social welfare benefits in Bank A/c

RBI/2019-20/40 FIDD.CO.LBS.BC.No. 09/02.01.001/2019-20 (13/08/2019)

Banks are advised to ensure that opening of bank accounts and seeding of Aadhaar numbers with existing or new accounts of eligible beneficiaries opened for the purpose of Direct Benefit Transfer (DBT) under social welfare schemes, is in conformity with the provisions listed under Section 16 of the Master Direction - Know Your Customer (KY...

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Amendment to Master Direction (MD) on KYC

RBI/2019-20/37 DBR.AML.BC.No.11/14.01.001/2019-20 (09/08/2019)

A proviso has been added to condition (b) of Section 23 of the Master Direction to the effect that, where the individual is a prisoner in a jail, the signature or thumb print shall be affixed in presence of the officer in-charge of the jail and the said officer shall certify the same under his signature and the account shall remain operat...

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Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of Monetary Policy Committee (MPC) Reserve Bank of India

Press Release: 2019-2020/364  (07/08/2019)

Reserve Bank Of India Date : Aug 07, 2019 Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC) On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to: reduce the policy repo rate under the liqui...

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Repo & Reverse Repo Rates revised downwards by 35 basis points

Notification No. DBR.No.Ret.BC.10/12.01.001/2019-20, DBR.No.Ret.BC.10/12.01.001/2019-20, FMOD.MAOG. No.135/01.18.001/2019-20, FMOD.MAOG. No.134/01.01.001/2019-20 (07/08/2019)

As announced in the Third Bi-monthly Monetary Policy Statement, 2019-20, today, it has been decided by the Monetary Policy Committee (MPC) to reduce the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 35 basis points from 5.75 per cent to 5.40 per cent with immediate effect....

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Statement on Developmental & Regulatory Policies: Third BI-monthly Monetary Policy, 2019-20

Press Release: 2019-2020/365 (07/08/2019)

Reserve Bank of India Date : Aug 07, 2019 Statement on Developmental and Regulatory Policies This Statement sets out various developmental and regulatory policy measures in the areas of Financial Markets; Payment and Settlement Systems; Banking Regulation, Financial Inclusion and Credit flow to NBFCs. I. Financial Markets 1. Introduction ...

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