Fema / RBI - Summarising the RBI’s Acquisition and Holding of Shares or Voting Rights in Banking Companies Directions, 2023 INTRODUCTION The Reserve Bank of India (RBI) has recently issued the ‘Directions – Acquisition and Holding of Shares or Voting Rights in Banking Companies’ in order to ensure that the ultimate ownership and control of...
Read MoreFema / RBI - Q.1 How is the Special Rupee Vostro Account (SRVA) different from the already existing Rupee Vostro Account provided for under Foreign Exchange Management (Deposit) Regulations, 2016? Ans. The settlement of International trade through Indian Rupees (INR) is an additional arrangement to the existing system of settlement. SRVA requires p...
Read MoreFema / RBI - The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted by the following entities which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e., who holds foreign assets or/and liabilities in their balance sheets...
Read MoreFema / RBI - 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....
Read MoreFema / RBI - Cards can be classified on the basis of their issuance, usage and payment by the card holder. There are four types of cards (a) debit, (b) credit, (c) prepaid, and (d) electronic....
Read MoreFema / RBI - Reserve Bank of India Alert List The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. This list...
Read MoreFema / RBI - The growing size of the corporate bond market and the number of issuances every year are important indicators of the success of the development efforts of the Government and regulators....
Read MoreFema / RBI - South Asia is most vulnerable to food inflation, given the large segment of our populations battling poverty. Moreover, this is a region in which it is rising food prices that can trigger second round effects leading to the generalisation of inflation and its persistence....
Read MoreFema / RBI - In other words, statistics should focus on laying down the pathway towards proper interpretation in the present world of data abundance. This would facilitate more informed decision making, clarity in communication from decision makers and formation of rational expectations from market participants....
Read MoreFema / RBI - Reserve Bank of India Geopolitical Spillovers and the Indian Economy (Keynote Address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India – June 24, 2022 – Standalone session on ‘Geopolitical Spillovers and the Indian Economy’ organised by the PhD Chamber of Commerce and Industry, New Delhi) Shri P...
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 MorePress Release: 2022-2023/1614 - (25/01/2023) - Discussion Paper on Securitisation of Stressed Assets Framework (SSAF) broadly covers nine relevant areas of the framework including asset universe, asset eligibility, minimum risk retention, regulatory framework for special purpose entity and resolution manager, access to finance for resolution man...
Read MoreRBI/2022-23/168 CO.CEPD.PRS.No.S1233/13-01-018/2022-2023 - (23/01/2023) - In many cases, the banks are yet to inform the customers about the need for renewal of agreements before January 1, 2023. Further, there is a need for revision in the Model Agreement drafted by the Indian Banks’ Association (IBA) to fully comply with the revised instructions....
Read MoreRBI/2022-23/169 FMRD.FMID.No.07/14.01.006/2022-23 - (23/01/2023) - RBI designate all Sovereign Green Bonds issued by the Government in the fiscal year 2022-23 as ‘specified securities’ under FAR....
Read MoreRBI/DOR/2022-23/95 DOR.HOL.No.95/16.13.100/2022-23 - (16/01/2023) - Any person who intends to acquire shares or voting rights in a banking company beyond the limit for which approval was obtained from the Reserve Bank, is required to apply to the Reserve Bank for prior approval to increase their aggregate holding in the banking company....
Read MoreNotification No. RBI/2022-23/163, IDMD.No.S2800/08.02.032/2022-23 - (11/01/2023) - All market participants are, advised to utilize Price / Yield range setting facility provided on e-Kuber platform before placing bids in Primary Market auctions....
Read MorePress Release: 2022-2023/1614 - 25/01/2023
RBI/2022-23/168 CO.CEPD.PRS.No.S1233/13-01-018/2022-2023 - 23/01/2023
RBI/2022-23/169 FMRD.FMID.No.07/14.01.006/2022-23 - 23/01/2023
RBI/DOR/2022-23/95 DOR.HOL.No.95/16.13.100/2022-23 - 16/01/2023
Notification No. RBI/2022-23/163, IDMD.No.S2800/08.02.032/2022-23 - 11/01/2023
RBI/2022-23/162, DOR.STR.REC.94/21.06.008/2022-23 - 09/01/2023
Press Release: 2022-2023/1500 - 05/01/2023
Press Release No. 2022-2023/1491 - 04/01/2023
RBI/2022-23/160 A.P. (DIR Series) Circular No. 22 - 04/01/2023