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...
NOTIFICATION NO. DNBS. 228/CGM(US)-2011, DATED 30-3-2011- Insertion of new paragraph 20A– After paragraph 20 of the said Directions, the following paragraph 20A shall be inserted. “NBFCs not to be partners in partnership firms” 20A. (1) No non-banking financial company shall contribute to the capital of a partnership firm or become a partner of such firm. (2) A non-banking financial company, which had already contributed to the capital of a partnership firm or was a partner of a partnership firm shall seek early retirement from the partnership firm.
UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11- In partial modification of the above circular, we advise that the coins of 25 Paise and below will be exchanged at the branches of the specified banks as also the offices of the Reserve Bank of India till the close of business on June 29, 2011 (instead of June 30, 2011 as advised earlier). These coins shall cease to be legal tender thereafter. The UCBs may take note of the above instructions.
It has been brought to our notice that since co-operative credit societies are not even sub-members of clearing houses, members of such co-operative credit societies who do not have bank accounts face difficulties in collection of account payee cheques drawn in their name. With a view to mitigating the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, it is clarified that collecting banks may consider collecting account payee cheques drawn for an amount not exceeding Rs.50,000/- to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies. While collecting the cheques as aforesaid, banks should obtain a clear undertaking in writing from the co-operative credit societies concerned that, upon realization, the proceeds of the cheques will be credited only to the account of the member of the co-operative credit society who is the payee named in the cheque. This shall, however, be subject to the fulfillment of the requirements of the provisions of Negotiable Instruments Act, 1881, including Section 131 thereof.
we further advise that the RRBs eligible to open branches in Tier 3 to Tier 6 centres may do so without prior approval of RBI and approach the Regional Office of RBI for, post-facto automatic, issue of the licence/s. The licence should be displayed in the premise of the branch so opened for information of its customers/ public to instill confidence in them that the bank branch is authorized to conduct banking business.
Recently, incidents of unauthorized /fraudulent withdrawals at ATMs have come to the notice of RBI. It is important to arrest the incidents of such frauds in order to further encourage card based transactions in the country where the use of credit/debit cards plays an important role. It is therefore decided that banks make take steps to put in place a system of online alerts for all types of transactions irrespective of the amount, involving usage of cards at various channels. This measure is expected to encourage further usage of cards at various delivery channels. Banks may implement this measure latest by June 30, 2011.
RPCD.CO.RCB.BC.No.57/07.02.03/2010-11- We advise that in a meeting of ‘Committee on Investors Education and Protection Fund’ held by the Government of India, Ministry of Corporate Affairs, New Delhi, it has, inter-alia, been decided that banks should make ‘investor awareness’ as one of the agenda items in their periodical meetings with their customers at semi urban/rural branches so that more people are covered under the programme.
Please refer to Circular No. IMD/FII&C/32/2008 dated October 16, 2008 read with Circular No. IMD/FII&C/34/2008 dated October 20, 2008 and Circular No. IMD/FII&C/4/2010 dated June 29, 2010 related to reporting of information pertaining to securities lent by the FIIs to entities abroad. Based on these circulars, FIIs have been submitting weekly reports based on which disclosures have been made available for public dissemination at http://203. 199.12.5 1/SecuritiesLentMain.html every Tuesday. The reports filed by the FIIs have been reviewed and it is noted that as on March 04, 2011 there are no outstanding short positions reported by the FIIs. While the prohibition on the activity of synthetic short continues, the FIIs are no longer required to file these reports, with effect from the date of this circular, as there are no outstanding short positions.
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, there is no clear allegation so far about its laundering in the sense mentioned above, but there is an allegation of its investment in property, shares etc. not only in India but also abroad.
In terms of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, Indian companies are required to report the details of Foreign Direct Investment (FDI) in Form FC-GPR to the Regional Office of RBI within whose jurisdiction the Registered Office of the Company operates, within 30 days of issue of shares.
With a view to facilitating accounting of all the Government transactions of the current financial year (2010-11) by March 31, 2011, the National Clearing Cells functioning under the Regional Offices of Reserve Bank of India have been advised to conduct “Special Clearings” with same day return clearing in the evening / night of March 30 and 31, 2011. They have also been advised to ensure that the Clearing Houses under their jurisdiction conduct these clearings, keeping in view the operational convenience at the local centres, so that instruments relating to Government revenue received from members of the public are realised and the proceeds are credited to Government account by March 31, 2011.
