RBI Notifications - Page 238

PROCEDURE FOR APPOINTMENT OF BRANCH STATUTORY AUDITORS IN PUBLIC SECTOR BANKS FOR THE YEAR 2008-09

The large PSBs having balance sheet size (assets + liabilities) of above Rs. 1 lac crore each to exercise managerial autonomy in regard to appointment of SBAs also from the year 2008-09 onwards.  Thus, State Bank of India, Allahabad Bank, Bank of India, Bank of Baroda, Canara Bank, Central Bank of India, Indian Overseas Bank, […]...

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Posted Under: CA, CS, CMA |

Govt mulls to allow 25 pc FDI to shore up aviation sector

(15/01/2009)

When contacted, Civil Aviation Minister Praful Patel said, "There is no clarity on the issue as yet. It is only one of the options which are being considered." The officials said that keeping in mind the serious financial difficulties faced by the airlines, the government has asked oil companies to defer by six months the repayment of air...

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Posted Under: CA, CS, CMA |

No Further Change Likely In ECB Policy

(27/12/2008)

External commercial borrowing (ECB) norms are not likely to be relaxed any further soon, sources in the finance ministry indicated on Friday. Can you think of any other relaxation?" asked a senior finance ministry official in reply to a question on the possibility of easing ECB norms more....

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Posted Under: CA, CS, CMA |

Acquisition of Immoveable Property in India – F.A.Q

(19/12/2008)

Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Ir...

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Posted Under: CA, CS, CMA |

RBI Advised Banks to Disburse And Restructure Loan of SMES

RBI/2008-09/219DBOD.No.BP.BC. 58/21.04.048/2008-09 (13/10/2008)

RBI/2008-09/ 219DBOD.No.BP.BC. 58 /21.04.048/2008- 09 - It has come to our notice that in view of somewhat tight liquidity conditions in the domestic markets in the recent past, some of the banks have been averse to disbursing working capital limits and term loans (including short-term loans) to their clients against the sanctioned limits...

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Fema-Circular on Advance Remittance for Import of Services

RBI/2008-09/158 ,A.P.(DIR Series) Circular No. 15 (08/09/2008)

With a view to liberalizing the procedure further, it has been decided to raise the limit of USD 100,000 for advance remittance for alladmissible current account transactions for import of services without bank guarantee to USD 500,000 or its equivalent. AD Category – I banks may frame their own guidelines to deal with such cases as per...

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Export proceeds can now be realised in 12 Months as against 6 Months earlier

RBI/2007-08/354 A. P. (DIR Series) CIRCULAR NO 50 /RBI. (03/06/2008)

Reserve Bank has been receiving representations from Exporters / Trade bodies to extend the period of realisation of export proceeds in view of the external environment. It has, therefore, been, in consultation with Government of India, announced in the Annual Policy Statement for the Year 2008-09 (para 134) to enhance the present period ...

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Highlights of Foreign Trade Policy, 2008

(15/04/2008)

DEPB Scheme Extended Till May 2009. Income Tax Benefit To 100% EOUs Under Section 10-B Of It Act Being Extended For One Year Beyond 31stmarch 2009. New Export Promotion Council For Telecom Sector . 5% Additional Duty Credit For Export Of Toys And Sports Goods...

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Posted Under: CA, CS, CMA |

Curbs on land purchase -FEMA

(07/04/2008)

Investments overseas by an Indian company - Indian company” is defined to mean a company incorporated in India. It is permitted to undertake agricultural operations overseas including purchase of land incidental to such activity either directly or indirectly through its overseas offices vide Regulation 6A of FEM (Transfer or issue of an...

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Posted Under: CA, CS, CMA |

Cut-off time for e-payment transactions pertaing to Government Revenue

RBI Not. 10577 / 42.01.038 /2007-08 (03/04/2008)

DGBA.GAD.No. 10577 / 42.01.038 /2007-08 - We further advise that It has been decided inconsultation with the Controller General of Accounts, Ministry of Finance, Government of India that the cut-off time of 8.00 p.m. fixed for e-payment transactions would be applicable for all Government transactions including EASIEST and OLTAS. The othe...

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