RBI Notifications includes Notifications, Circulars, Guidelines, Press release issued by Reserve Bank of India & GOI Related to Banking and Fema Law.
Fema / RBI : The issue involved delayed recognition of credit losses under the earlier framework. RBI introduced ECL to ensure probability-base...
Fema / RBI : RBI clarified that the Digital Rupee is legal tender with features similar to physical cash. It enables secure, instant, and fee-f...
Fema / RBI : The issue concerns alternative settlement mechanisms for international trade. The framework allows INR-based transactions with fle...
Fema / RBI : The RBI maintained key policy rates unchanged, signaling confidence in economic stability and controlled inflation. The decision r...
Fema / RBI : The RBI clarifies which entities must file FLA returns and outlines the complete online filing process. The key takeaway is mandat...
Fema / RBI : The amendment redefines revenue reserves by excluding provisions for liabilities and depreciation. This ensures clearer classifica...
Fema / RBI : RBI revises the definition of revenue reserves to exclude provisions and liabilities. The change enhances transparency and consist...
Fema / RBI : The Reserve Bank of India has removed a key provision from capital adequacy norms to ensure consistency with updated investment ru...
Fema / RBI : RBI introduces annual IFR assessment instead of continuous compliance for RRBs. The change reduces operational burden while mainta...
Fema / RBI : The Reserve Bank of India has proposed a clear 5% IFR requirement for rural co-operative banks’ current investments. This change...
Fema / RBI : The contentions of the RBI that the dispute is between the Petitioner and Respondents is not acceptable since the dispute arises o...
Fema / RBI : Harsh Nitin Gokhale Vs Reserve Bank of India & Ors (Supreme Court) In the present case, writ petition file seeking relief to e...
Fema / RBI : Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could ...
Fema / RBI : Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s....
Fema / RBI : Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of...
Fema / RBI : RBI issued revised draft directions to regulate recovery practices of banks, NBFCs, and other regulated entities. The framework pr...
Fema / RBI : RBI has released draft amendment directions for commercial and small finance banks to strengthen Pillar 3 disclosures under Basel ...
Fema / RBI : RBI has abolished the mandatory Investment Fluctuation Reserve requirement for commercial banks following changes in market risk a...
Fema / RBI : RBI has amended Investment Fluctuation Reserve norms for Small Finance Banks after identifying operational difficulties in maintai...
Fema / RBI : RBI has amended Investment Fluctuation Reserve norms for Payments Banks after identifying operational challenges in maintaining IF...
Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector, where “infrastructure” is as defined under the extant guidelines on External Commercial Borrowings (ECB), to import capital goods by availing of short term credit (including buyers’ / suppliers’ credit) in the nature of ‘bridge finance’, under the approval route, subject to the following conditions:-
As per extant guidelines, repayment of existing Rupee loans is not a permissible end-use for ECB. Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector,
RBI liberalises Forex Facilities for Individuals- 1. NRIs can be Joint Holders in Resident’s SB/EEFC/RFC Accounts 2. Residents can be Joint Holders in NRE/FCNR Accounts 3. Residents can gift Shares/Debentures upto USD 50,000 Value 4. Resident Indian can open NRE / FCNR (B) account with their Resident close relative 5. Sale Proceeds of FDIs can be credited to NRE/FCNR (B) Account 6. Gifts to NRIs can be credited to NRO Accounts in Rupees 7. Loans to NRI Close Relatives can be given in Rupees 8. Residents can repay the loans given to NRI Close Relatives 9. Residents can bear Medical Expenses of NRIs
NBFCs are required to file various returns related to deposit acceptance, Prudential Norms, Capital Market exposure, etc. A few of these returns are as under: Returns to be submitted by deposit taking NBFCs NBS-1 Annual Returns on deposits in First Schedule,NBS-2 Half-yearly returns on Prudential Norms, NBS-3 Quarterly returns on Liquid Assets, NBS-6 Monthly returns on exposure to capital market by deposit taking NBFCs with total assets of Rs. 100 crore and above.
As you are aware, in its endeavor to ensure that the payment systems operated in the country are safe, secure, sound and efficient, RBI has been taking proactive measures to contain the incidence of frauds in these systems. One such measure has been the move to secure Card Not Present (CNP) transactions, making it mandatory for banks to put in place additional authentication/validation for all on-line/ IVR/MOTO/recurring transactions etc. based on information not available on the credit/debit /prepaid cards.
As you may be aware section 25 of the Payment and Settlement Systems Act, 2007 accords the same rights and remedies to the payee (beneficiary) against dishonour of electronic funds transfer instructions for insufficiency of funds in the account of the payer (remitter), as are available to the payee under section 138 of the Negotiable Instruments Act, 1881.
With a view to strengthening the risk management framework, as also to facilitate wider access to payment systems, the Reserve Bank of India had constituted a Working Group to review of the existing access criteria guidelines. It may also be recalled that in the Second Quarter Review of Monetary policy 2010-11 (November 2, 2010- para 97 ), it was decided:
Attention of all the Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to A.P.(DIR Series) Circular No.66 dated May 20, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies.
Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from time to time. Non-compliance with the guidelines would attract penal provisions of the Acts concerned or Rules made there under.
Authorised Persons (Indian Agents) are accordingly advised to take into account risks arising from the deficiencies in AML/CFT regime of these countries, while entering into business relationships and transactions with persons (including legal persons and other financial institutions) from or in these countries/ jurisdictions.
