RBI Notifications - Page 6

Store data relating to payment in a system in India only: RBI

RBI/2017-18/153 DPSS.CO.OD No. 2785/06.08.005/2017-2018 (06/04/2018)

It is observed that not all system providers store the payments data in India. In order to ensure better monitoring, it is important to have unfettered supervisory access to data stored with these system providers as also with their service providers / intermediaries/ third party vendors and other entities in the payment ecosystem. It has...

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Modification in guidelines for stand-alone plain vanilla forex options

RBI/2017-18/151 DBR.No.BP.BC.103/21.04.157/2017-18 (06/04/2018)

It has now been decided that stand-alone plain vanilla forex options (without attached structures) purchased by clients will be exempt from the ‘user suitability and appropriateness’ norms, and the regulatory requirements will be at par with forex forward contracts....

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Revision in Limit for FPI Investment in Govt Securities WEF 01.04.2018

RBI/2017-18/150 A.P. (DIR Series) Circular No. 22 (06/04/2018)

(a) The limit for FPI investment in Central Government securities (G-secs) would be increased by 0.5% each year to 5.5% of outstanding stock of securities in 2018- 19 and 6% of outstanding stock of securities in 2019-20....

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Lead Bank Scheme: Action Points for SLBC Convenor/ Lead Banks

RBI/2017-2018/155 FIDD.CO.LBS.BC.No.19/02.01.001/2017-18 (06/04/2018)

State Level Bankers’ Committee (SLBC) meetings should primarily focus on policy issues with participation of only the senior functionaries of the banks/ Government Departments. All routine issues may be delegated to sub-committee(s) of the SLBC. A Steering Sub-committee may be constituted in the SLBC to deliberate on agenda proposals fr...

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RBI defers implementation of Ind AS for banks by one year

Press Release : 2017-2018/2642 (05/04/2018)

Scheduled Commercial Banks (SCBs), excluding Regional Rural Banks (RRBs), were required to implement Indian Accounting Standards (Ind AS) from April 1, 2018 vide our Circular dated February 11, 2016....

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First Bi-monthly Monetary Policy Statement, 2018-19- No Change in Repo Rate

Press Release: 2017-2018/2641 (05/03/2018)

Monetary Policy Committee (MPC) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent....

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Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks – Spreading of MTM losses and creation of Investment Fluctuation Reserve (IFR)

RBI/2017-18/147 DBR.No.BP.BC.102/21.04.048/2017-18 (02/04/2018)

Please refer to Master Circular DBR.No.BP.BC.6/21.04.141/2015-16 dated July 1, 2015 on the captioned subject. Banks are required to mark to market (MTM) the individual scrips in Available for Sale (AFS) at quarterly/more frequent intervals and Held for Trading (HFT) at monthly/more frequent intervals and provide for net depreciation, if a...

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ICICI Bank’s clarification on RBI penalty

Press Release: 2017-2018/2593 (29/03/2018)

RBI has imposed a penalty on the Bank for continued sale of government securities classified as HTM. ICICI Bank had continued with the sales from HTM category for a few weeks during the quarter ended March 31, 2017, due to a genuine misunderstanding on the timing of the applicability of RBI's direction in this matter....

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Special clearing across the country on March 31, 2018: RBI

RBI/2017-18/145 DPSS.CO.CHD.No./2707/03.01.03/2017-18 (28/03/2018)

With a view to facilitate accounting of all the Government transactions for the current financial year (2017-18) by March 31, 2018, it has been decided to conduct special clearing at all clearing houses across the country on March 31, 2018...

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Bank to remain open till 8 PM on 31.03.2018 for tax payments

RBI/2017-18/144 DGBA.GBD.No.2388/42.01.029/2017-18 (27/03/2018)

All agency banks should keep the counters of their designated branches conducting government banking open for government transactions up to 8.00 p.m. on March 31, 2018. All electronic transactions, including RTGS and NEFT, will continue till midnight on March 31, 2018....

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RBI discontinues issuance of LoUs/ LoCs for Trade Credits for imports: Nirav Modi Effect

RBI/2017-18/139 A.P. (DIR Series) Circular No. 20 (13/03/2018)

It has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category –I banks with immediate effect. Letters of Credit and Bank Guarantees for Trade Credits for imports into India may continue to be issued subject to compliance with the provisions contained in Department of Ba...

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Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions

RBI/2017-18/138 A.P. (DIR Series) Circular No. 19 (12/03/2018)

RBI had earlier constituted a Working Group to review the guidelines for Hedging of Commodity Price Risk by Residents in overseas markets (Chairman: Shri Chandan Sinha). Based on the report of the working group and comments received on the report, draft directions for hedging of commodity price risk and freight risk were released for comm...

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RBI imposes Monetary Penalty on IOB & AXIS Bank

Press Release: 2017-2018/2355 & Press Release: 2017-2018/2354 (05/03/2018)

RBI has imposed, on February 27, 2018, a monetary penalty of ₹ 20 million on Indian Overseas Bank (the bank) for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the...

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Separate limit of Interest Rate Futures for Foreign Portfolio Investors

RBI/2017-18/137 FMRD.DIRD.6/14.03.001/2017-18 (01/03/2018)

Foreign Portfolio Investors, registered with Securities and Exchange Board of India, are permitted to purchase or sell Interest Rate Futures subject to the following conditions: (i) the aggregate long position of all FPIs, each of whom has a net long position in any IRF instrument, shall not exceed ₹ 5000 crore, aggregated across all IR...

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Foreign banks to lend to small & marginal farmers & micro enterprises

RBI/2017-18/135 FIDD.CO.Plan.BC.18/04.09.01/2017-18 (01/03/2018)

Sub-target of 8 percent of Adjusted Net Bank Credit (ANBC) or Credit Equivalent Amount of Off-Balance Sheet Exposure (CEOBE), whichever is higher, shall become applicable for the foreign banks with 20 branches and above, for lending to the small and marginal farmers from FY 2018-19....

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Risk Management and Inter-bank Dealings: Revised guidelines

RBI/2017-18/134 A. P. (DIR Series) Circular No. 18 (26/02/2018)

Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market...

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Ombudsman Scheme for Non-Banking Financial Companies, 2018

Ref.CEPD.PRS.No.3590/13.01.004/2017-18 (23/02/2018)

The Non-banking Financial Company - Infrastructure Finance Company (NBFC-IFC), Core Investment Company (CIC), Infrastructure Debt Fund - Non-banking Financial Company (IDF-NBFC) and an NBFC under liquidation, are excluded from the ambit of the Scheme....

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Ombudsman Scheme for NBFCs, 2018 – Appointment of Officers

RBI/2017-18/133 DNBR.PD.CC.No 091/03.10.001/2017-18 (23/02/2018)

The Reserve Bank of India (RBI) has brought into operation today the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (The Scheme). The Scheme is available on the RBI website http://www.rbi.org.in. ...

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RBI forms committee to measure effectiveness of bank audit in fraud mitigation

Press Release : 2017-2018/2249 (20/02/2018)

Central Board of Directors of RBI, to look into the reasons for high divergence observed in asset classification and provisioning by banks vis-à-vis the RBI’s supervisory assessment, and the steps needed to prevent it; factors leading to an increasing incidence of frauds in banks and the measures (including IT interventions) needed to ...

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No instructed PNB to meet its commitments under LOU: RBI

Press Release: 2017-2018/2233 (16/02/2018)

There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given any such instructions....

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Banks branches must accept coins tendered for exchange or for deposit in Accounts: RBI

RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 (15/02/2018)

Reserve Bank continues to receive complaints about non-acceptance of coins by bank branches. Such denial of service has reportedly, in turn, led to refusal on the part of shopkeepers and small traders, etc., to accept coins as payment for goods sold and services rendered causing inconvenience to the public at large. ...

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Working Capital Constraints & Exports: Evidence from GST roll out

The implementation and refund delays under the new tax regime of Goods and Services Tax (GST) seem to have led to working capital constraints for firms, which in turn might have hurt their exports in October 2017. ...

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Posted Under: Fema / RBI |

RBI notifies Revised Framework for Resolution of Stressed Assets

RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 (12/02/2018)

The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time....

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Levy of Penal Interest – Delayed Reporting

RBI/2017-18/130 DCM (CC) No. 2885/03.35.01/2017-18 (09/02/2018)

Presently, penal interest is levied for all cases where the bank has enjoyed ineligible credit in its current account with the RBI on account of wrong / delayed / non-reporting of transactions i.e. the currency chest had reported a net deposit. ...

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RBI Cautions about Fake Websites in its Name

Press Release: 2017-2018/2166 (08/02/2018)

It has come to the notice of the Reserve Bank of India that a fake website of the Reserve Bank of India has been created with the URL www.indiareserveban.org by some unknown person(s). ...

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Relief for MSME Borrowers registered under GST

It has been represented to us that formalisation of business through registration under GST had adversely impacted the cash flows of the smaller entities during the transition phase with consequent difficulties in meeting their repayment obligations to banks and NBFCs. ...

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Amendment to 7.75% Savings (Taxable) Bonds 2018 Scheme

Notification No S.O. (E) (08/01/2018)

Interest on 7.75% Savings (Taxable) Bonds 2018 will be taxable under the Income Tax Act, 1961 as applicable according to the relevant tax status of the Bond holders....

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Compliances for NBFC Peer to Peer (P2P) Lending Platform

As per RBI Master direction the following compliances needs to complied by an NBFC P2P lending Platform: As per RBI Master direction the following compliances needs to complied by an NBFC P2P lending Platform...

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Posted Under: Fema / RBI |

RBI Introduces ₹ 10 banknote in Mahatma Gandhi (New) Series

Press Release: 2017-2018/1848 (05/01/2017)

The Reserve Bank of India will shortly issue Rs. 10 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Sun Temple, Konark on the reverse, depicting the country's cultural heritage. The base colour of the note is Chocolate Br...

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RBI’s Financial Stability Report, December 2017- An intellectual discussion on current Indian banking, economy and others

Discussion on RBI’s Financial Stability Report, December 2017 covers the distinct recovery made by the world economy effected by its increasing consumption, investment and geographical spread, the other matters such as risks emerging out of volatility in commodity price...

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Posted Under: Fema / RBI |

Master Direction – Foreign Investment in India

RBI/FED/2017-18/60 FED Master Direction No. 11/2017-18 (04/01/2017)

Foreign Investment in India is regulated in terms of clause (b) sub-section 3 of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Transfer or Issue of a Security by a Person resident Outside India) Regulations, 2017 ...

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RBI permits overseas branches/subsidiaries of Indian banks to refinance ECBs

RBI/2017-18/116 A.P. (DIR Series) Circular No.15 (04/01/2017)

RBI permits the overseas branches/subsidiaries of Indian banks to refinance ECBs of highly rated (AAA) corporates as well as Navratna and Maharatna PSUs, provided the outstanding maturity of the original borrowing is not reduced and all-in-cost of fresh ECB is lower than the existing ECB. Partial refinance of existing ECBs will also be pe...

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XBRL Returns – Harmonization of Banking Statistics

RBI/2017-18/117 DBR.No.BP.BC.99/08.13.100/2017-18 (04/01/2018)

The Reserve Bank of India had constituted an inter-departmental Task-force in December 2014, to provide “harmonised” definitions of major balance sheet/ profit and loss/ off-balance sheet items covered in the banking/ regulatory returns received across RBI departments....

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All about 7.75% Savings (Taxable) Bonds, 2018

RBI/2017-18/114 IDMD.CDD.No.1671/13.01.299/2017-18 (03/01/2018)

It has been decided by the Government of India to issue 7.75% Savings (Taxable) Bonds, 2018 with effect from January 10, 2018 in terms of GoI notification F.No.4(28) - W&M/2017 dated January 03, 2018....

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Govt Cautions People Against Risks in Investing in Virtual ‘Currencies’

There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volati...

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Posted Under: Fema / RBI |

RBI Clarification on Banks under Prompt Corrective Action

Press Release: 2017-2018/1719 (22/12/2017)

Reserve Bank of India has come across some misinformed communication circulating in some section of media including social media, about closure of some Public Sector Banks in the wake of their being placed under the Prompt Corrective Action (PCA) framework. In this context attention is drawn to the press release issued on June 5, 2017, wh...

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Agency banks to Promptly implement Govts instructions: RBI

RBI/2017-18/111 DGBA.GBD/1616/15.02.005/2017-18 (21/12/2017)

It is brought to our notice that some agency banks are not adhering to instructions/ notifications issued by Government (Central as well as States) promptly by stating that further communications have not been received by them from RBI....

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Minutes of Monetary Policy Committee Meeting December 5-6, 2017

Press Release : 2017-2018/1691 (20/12/2017)

The eighth meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the amended Reserve Bank of India Act, 1934, was held on December 5 and 6, 2017 at the Reserve Bank of India, Mumbai....

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Posted Under: Fema / RBI |

RBI releases Annual Report of Banking Ombudsman Scheme 2006

Press Release No. 2017-2018/1676 (19/12/2017)

The Reserve Bank of India, today, released the Annual Report of the Banking Ombudsman Scheme for the year 2016-2017....

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Submit Financial Information to Information Utilities: RBI

RBI/2017-18/110 DBR.No.Leg.BC.98/09.08.019/2017-18 (19/12/2017)

According to Section 215 of Insolvency and Bankruptcy Code (IBC), 2016, a financial creditor shall submit financial information and information relating to assets in relation to which any security interest has been created, to an information utility (IU) in such form and manner as may be specified by regulations....

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Limiting Liability of Customers of Co-operative Banks in Fraud Cases

RBI/2017-18/109 DCBR.BPD.(PCB/RCB).Cir.No.06/12.05.001/2017-18 (14/12/2017)

Banks must ask their customers to mandatorily register for SMS alerts and, wherever available, register for e-mail alerts, for electronic banking transactions. The SMS alerts shall mandatorily be sent to the customers, while email alerts may be sent, wherever registered. ...

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Notification extending Due Date for Linking Aadhaar- PAN with Bank A/cs

G.S.R. 1506(E) / Notification No. 9/2017 (12/12/2017)

In case the client already having an account based relationship with reporting entities prior to the date of publication of this notification in the official Gazette fails to submit the Aadhaar number and Permanent Account Number by such date as may be notified by the Central Government, the said account shall cease to be operational till...

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Limits for FPI investment in Govt Securities revised from January 01, 2018

RBI/2017-18/108 A.P. (DIR Series) Circular No. 14 (12/12/2017)

The limits for investment by FPIs for the quarter January – March 2018 is increased by INR 64 billion in Central Government Securities (Central G-Secs) and INR 58 billion in State Development Loans (SDLs). ...

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Agency banks to settle their funds & commission with Regional RBI Office

Notification No. RBI/2017-18/107 DGBA.GBD.No-1498/31.02.007/2017-18 (07/12/2017)

It has been decided that all agency banks should settle their agency transactions for both funds and agency commission directly with the concerned Regional Office of Reserve Bank instead of routing them through any other agency bank that acts as aggregator in certain cases...

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RBI caps charges to Rs. 200 on debit card transactions at merchant outlets

RBI/2017-18/105 DPSS.CO.PD No. 1633/02.14.003/2017-18 (06/12/2017)

RBI has decided to rationalize the MDR for debit cards based on the following criteria: a. Categorization of merchants on the basis of turnover. b. Adoption of a differentiated MDR for QR-code based transactions. c. Specifying a ceiling on the maximum permissible MDR for both ‘card present’ and ‘card not present’ transactions....

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Co-operative Societies cannot use the word“Bank” in their names: RBI

Press Release No. 2017-2018/1467 (29/11/2017)

It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word Bank in their names. This is a violation of Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (the B.R.Act, 1949)....

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Auction of Government Securities: Non-Competitive Bidding Facility to retail investors

RBI/2017-18/99 IDMD.1080/08.01.001/2017-18 (23/11/2017)

As part of the overall strategy of diversifying the investor base for government securities, the Government of India and RBI have been taking various measures to encourage participation of retail investors in G-Sec market including introduction of non-competitive bidding in primary auctions....

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Conversion of debt into equity- Review

RBI/2017-18/101 DNBR.PD(ARC)CC. No.04/26.03.001/2017-18 (23/11/2017)

On a review of the limit imposed on shareholding of the post converted equity of the borrower company under reconstruction by Asset Reconstruction Companies (ARCs), it has been decided to exempt ARCs meeting the criteria set out in paragraph 3 below from the cap of 26% subject to compliance with the provisions of the SARFAESI Act, 2002....

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OTC Government Securities Transaction by FPIs – Settlement Period

RBI/2017-18/97 FMRD.DIRD.05/14.03.007/2017-18 (16/11/2017)

As announced in paragraph 13 of the Statement on Developmental and Regulatory Policies, of the fourth Bi-monthly Monetary Policy Statement for 2017- 18 dated October 04, 2017, it has now been decided to permit FPIs to settle OTC secondary market transactions in Government Securities either on T+1 or on T+2 basis. It may be ensured that al...

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Agency Commission for GST receipt transactions

RBI/2017-18/95 DGBA.GBD.No.1324/31.02.007/2017-18 (16/11/2017)

Please refer to Para 15 of our Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission dated July 01, 2017 related to claiming of agency commission....

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Secondary market transactions in Government Securities – Notional Short Sale

RBI/2017-18/96 FMRD.DIRD.04/14.03.007/2017-18 (16/11/2017)

In terms of RBI circulars IDMD.PCD.21/14.03.07/2011-12 dated June 21, 2012, and IDMD.PCD.14/14.03.07/2011-12 dated December 28, 2011 market participants undertaking ‘notional’ short sale are not permitted to use securities from their HTM/AFS/HFT portfolio for delivery against the short sale....

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Widening economic reforms – Setting up of Public Credit Registry: RBI’s Epoch-making initiative

Having achieved resounding success in uplifting India’s position in ease of doing business ranking, it is expected that RBI would initiate its efforts towards setting up of a High- Level Task Force to step up the establishment of Public Credit Registry,...

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Posted Under: Fema / RBI |

FEMA (Transfer or Issue of any Foreign Security) Amendment Regulation, 2017

Notification No. FEMA. 369/2017-RB (14/11/2017)

(i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2017. (ii) They shall come into force from the date of their publication in the Official Gazette....

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Banking Facility for Senior Citizens and Differently abled Persons

RBI/2017-18/89 DBR.No.Leg.BC.96/09.07.005/2017-18 (09/11/2017)

Please refer to Paragraph 8 of Statement on Developmental and Regulatory Policies, released by Reserve Bank of India on October 4, 2017 as part of Fourth Bi-monthly Monetary Policy Statement 2017-18, a copy of which is enclosed....

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Directions on Managing Risks & Code of Conduct in Outsourcing of Financial Services by NBFCs

RBI/2017-18/87 DNBR.PD.CC.No.090/03.10.001/2017-18 (09/11/2017)

In exercise of the powers conferred under Section 45 L of the Reserve Bank of India Act, 1934, the Reserve Bank of India after being satisfied that it is necessary and expedient in the public interest so to do and with a view to put in place necessary safeguards applicable to outsourcing of activities by NBFCs, hereby issues the Direction...

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Latest Law on Transfer or Issue of Security by a Person Resident Outside India

Notification No. FEMA 20(R)/2017-RB (07/11/2017)

These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017....

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Introduction of Legal Entity Identifier for large corporate borrowers

RBI/2017-18/82 DBR.No.BP.BC.92/21.04.048/2017-18 (02/11/2017)

The Legal Entity Identifier (LEI) code is conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. LEI is a 20-digit unique code to identify parties to financial transactions worldwide....

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Permission to resident / non-resident entities to hedge transactions with simple Procedures

Notification No. FEMA. 388/2017-RB (24/10/2017)

Notwithstanding anything contained in paras 4, 5, 5A and 5B, resident entities with foreign currency exposures and non- resident entities with rupee exposures, other than individuals, may hedge underlying exchange rate risk arising out of transactions permitted under Foreign Exchange Management Act, 1999...

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RBI clarifies that linking Aadhaar to bank accounts is mandatory

Press Release: 2017-2018/1089 (21/10/2017)

Some news items have appeared in a section of the media quoting a reply to a Right to Information Act application that Aadhaar number linkage with bank accounts is not mandatory....

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Facilities for Hedging Trade Exposures invoiced in Indian Rupees

RBI/2017-18/75 A.P. (DIR Series) Circular No. 08 (12/10/2017)

To hedge the currency risk arising out of genuine trade transactions involving exports from and imports to India, invoiced in Indian Rupees, with AD Category I banks in India....

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No Change in Interest rates of Small Savings Schemes for Q3 of FY 2017-18

RBI/2017-18/74 DGBA.GBD.954/15.02.005/2017-18 (12/10/2017)

Interest rates on small savings schemes for the third quarter of financial year 2017-18 starting 1st October, 2017 shall remain unchanged from those notified for the second quarter of FY 2017-18...

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Discussion paper on foreign exchange trading platform for retail participants

Press Release : 2017-2018/1018 (12/10/2017)

The Reserve Bank of India today released on its website a Discussion Paper on Foreign exchange trading platform for retail participants. The discussion paper proposes a scheme to encourage transparent and fair pricing in the retail forex market...

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Electronic Trading Platform (ETP) Directions, 2017– Draft Directions

Press Release: 2017-2018/1017 (12/10/2017)

The Reserve Bank of India today released Draft Directions for authorising Electronic Trading Platforms for financial market instruments regulated by the Reserve Bank. Comments on the draft guidelines are invited from banks, market participants and other interested parties by November 10, 2017....

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Master Direction on Issuance and Operation of Prepaid Payment Instruments

Master Direction DPSS.CO.PD.No.1164/02.14.006/2017-18 (11/10/2017)

Please refer to paragraph 16 of Statement on Developmental and Regulatory Policies regarding issuance of Master Direction on Prepaid Payment Instruments (PPIs) announced in the Fourth Bi-monthly Monetary Policy Statement, 2017-18 by the Reserve Bank of India (RBI)....

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Main Features of Sovereign Gold Bond Scheme 2017-18 Series-III

Govt has decided to issue Sovereign Gold Bonds 2017-18 – Series-III. Applications for the bond will be accepted from October 09, 2017 to December 27, 2017. The Bonds will be issued on the succeeding Monday after each subscription period....

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Posted Under: Fema / RBI |

Government notifies Sovereign Gold Bond Scheme

F. No.4(25)-W&M/2017 (06/10/2017)

G.S.R.---- (E) –– In exercise of the powers conferred by clause (iii) of section 3 of the Government Securities Act, 2006 (38 of 2006), the Central Government hereby makes the following Scheme, namely: 1. Short title and commencement.- (i) This scheme may be called the Sovereign Gold Bond Scheme., (ii) There will be a distinct Series ...

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Sovereign Gold Bonds Scheme, Operational Guidelines

Circular No. RBI/2017-18/72 IDMD.CDD.No.927/14.04.050/2017-18 (06/10/2017)

This has reference to the GoI notification F.No.4(25)-B/(W&M)/2017 and RBI circular IDMD.CDD.No.929/14.04.050/2017-18 dated October 06 2017 on the Sovereign Gold Bonds,. FAQs in this regard have been placed on our website (www.rbi.org.in). Operational guidelines with regard to this scheme are given below...

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Sovereign Gold Bond Scheme- Terms and conditions of issue

RBI/2017-18/71 IDMD.CDD.No.929/14.04.050/2017-18 (06/10/2017)

Government of India has vide its Notification F.No. 4(25)-B/(W&M)/2017 dated October 06, 2017 announced that the Sovereign Gold Bond Scheme. Under the scheme SGBs (The Bonds) will be issued in a series of weekly issuances which will be open for subscription from Monday to Wednesday of every week starting from October 09, 2017. ...

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Fourth Bi-monthly Monetary Policy Statement, 2017-18- Resolution of MPC RBI

Press Release: 2017-2018/923 / 2017-2018/924 (04/10/2017)

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. The main considerations underlying the decision are set out in the statement be...

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Investment by FPI in Government Securities Medium Term Framework

RBI/2017-18/68 A.P.(DIR Series) Circular No. 7 (28/09/2017)

The limits for investment by FPIs for the quarter October-December 2017 is increased by INR 80 billion in Central Government Securities and INR 62 billion in State Development Loans. The revised limits are allocated as per the modified framework prescribed in the RBI/2017-18/12 A.P.(Dir Series) Circular No.1 dated July 3, 2017, and given ...

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Amendments to RBI Master Direction on Financial Services provided by Banks

RBI/2017-18/66 DBR.No.FSD.BC.89/24.01.040/2017-18 (25/09/2017)

Considering the suggestions and queries received from SEBI, banks and other stakeholders, Reserve Bank of India has decided to make certain amendments to Master Direction - Reserve Bank of India (Financial Services provided by Banks) Direction No.DBR.FSD.No.101/24.01.041/2015-16 dated May 26, 2016. In pursuance of these changes, Para 5(a)...

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Harmonisation of norms for Masala Bonds issuance with ECB guidelines

RBI/2017-18/ 64 A.P. (DIR Series) Circular No. 05 (22/09/2017)

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB dated May 3, 2000, as amended from time to time....

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Relaxation in reporting requirement in respect of RDB transactions

RBI/2017-18/65- A.P. (DIR Series) Circular No. 06 (22/09/2017)

Consequently, reporting requirement in terms of paragraph 8 (additional email reporting of RDB transactions for onward reporting to depositories) of A.P. (DIR Series) Circular No. 60 dated April 13, 2016 has been dispensed with. However, it should be noted that the reporting of RDBs will continue as per the extant ECB norms....

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Trade Repository for OTC Foreign Exchange and Interest Rate Derivatives

RBI/2017-18/63 FMRD.FMID No. 3/02.05.002/2017-18 (21/09/2017)

Attention of Authorized Dealer Category– I (AD Category-I) banks is invited to circular no. FMD. MSRG. No. 75/02.05.002/2012-13 dated March 13, 2013 on the captioned subject wherein a threshold of USD 1 million, and equivalent thereof in other currencies, was stipulated for reporting FCY- INR and FCY- FCY forward and options trades betw...

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RBI using sophisticated machines to count Specified Bank Notes (SBNs)

Press Release: 2017-2018/685 (10/09/2017)

RBI actually uses sophisticated Currency Verification & Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs. These machines are way superior to the note counting machines. ...

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Banking Regulation (Amendment) Act, 2017

No. 30 of 2017 (25/08/2017)

Power of Central Government to authorise Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process. `35AA. The Central Government may, by order, authorise the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a defau...

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RBI to ramp up supply of ₹ 200 notes shortly

Press Release : 2017-2018/545 (25/08/2017)

The Reserve Bank of India introduced the ₹ 200 denomination notes today. Introduction of this denomination is expected to facilitate exchange transactions for the common man and provide complete series of denomination for transactions at the lower end. ...

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Govt approves issue of new Rs. 200 denomination bank notes

Notification No. S.O.2740 (E) (23/08/2017)

On recommendations of Central Board of Directors of Reserve Bank of India, Central Government hereby specifies denomination of bank notes of value of two hundred rupees....

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All about New ₹ 50 banknote issued by RBI

Press Release: 2017-2018/481 (18/08/2017)

RBI Introduces ₹ 50 banknote in Mahatma Gandhi (New) Series The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Hampi with Chariot on the reverse, depicting the country’...

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Bank notes with writing or ink mark continue to be legal tender: RBI in RTI Reply

Bank notes with writing or ink mark on them continue to be legal tender, however, bank notes bearing religious or political messages will not be treated as eligible for exchange as per Note Refund Rules, 2009....

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Posted Under: Fema / RBI |

Credit Information Companies (Amendment) Regulations, 2017

Notification No. BBR.CID. No. 786/20.16.050/2017-18 (11/08/2017)

No. BBR.CID. No. 786/20.16.050/2017-18.—In exercise of the powers conferred by section 37 of the Credit Information Companies (Regulation) Act, 2005 (Act 30 of 2005), the Reserve Bank of India hereby makes the following regulations, to amend the Credit Information Companies Regulations, 2006....

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Reserve Bank Commercial Paper Directions, 2017

RBI/2017-18/43 FMRD.DIRD.2/14.01.002/2017-18 (10/08/2017)

Reserve Bank had issued draft directions on Commercial Paper for public comments on February 02, 2017. Taking into account the comments received, The Reserve Bank Commercial Paper Directions, 2017 have been finalized and enclosed herewith....

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Tri-Party Repo (Reserve Bank) Directions, 2017

RBI/2017-18/42 FMRD.DIRD.4/14.03.024/2017-18 (10/08/2017)

Please refer to Paragraph 6 of the statement on Developmental and Regulatory Policies, Reserve Bank of India issued as part of the third Bi-monthly Monetary Policy Statement for 2017-18 dated August 2, 2017 regarding introduction of tri- party repos....

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Risk Management & Interbank Dealings Reports to RBI

RBI/2017-18/41 A .P. (DIR Series) Circular No. 3 (10/08/2017)

Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No. FEMA. 25/RB-2000 dated May 3, 2000) and Master Directions on Risk Management and Inter-Bank Dealings dated July 5, 2016 as amen...

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Cheer from RBI! Repo rate cut by 25 basis points to 6%

Press Release: 2017-2018/326 and 2017-2018/325 (02/07/2017)

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.25 per cent to 6.0 per cent with immediate effect....

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RBI imposes penalty of Rs. 30 million on UBI for KYC norm violations

Press Release : 2017-2018/294 and Press Release : 2017-2018/295 (31/07/2017)

eserve Bank of India (RBI) has imposed, on July 26, 2017, a monetary penalty of ₹ 10 million and ₹ 20 million on Union Bank of India for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms....

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Appointment of Statutory Central Auditors– modification of rest period

RBI/2017-18/29 DBS.ARS.BC.04/08.91.001/2017-18 (27/07/2017)

It has been observed in a review of the appointment of statutory auditors in private sector/foreign banks that, in some cases, the same audit firm was reappointed after a gap of two years’ rest. ...

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Master Direction – Lending to MSME Sector

RBI/FIDD/2017-2018/56 Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 (24/07/2017)

As you are aware, the Reserve Bank of India has, from time to time, issued a number of guidelines / instructions / circulars / directives to banks in the matters relating to lending to Micro, Small & Medium Enterprises Sector. The Master Direction enclosed incorporates the updated guidelines / instructions / circulars on the subject. The ...

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All about Detection and Impounding of Counterfeit Notes

RBI/2017-18/26 DCM (FNVD) G – 4/16.01.05/2017-18 (20/07/2017)

No credit to customer’s account is to be given for counterfeit notes, if any, detected in the tender received over the counter or at the back-office / currency chest....

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Banks to Record Transactions details in Passbook/Statement of Account

RBI/2017-18/24 DCBR.BPD.(PCB/RCB).Cir.No.02/12.05.001/2017-18 (13/07/2017)

It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and / or statements of account to enable the account holders to cross-check them. ...

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Investment in plant and machinery for classification as MSME not depreciated value

RBI/2017-18/21 FIDD.MSME & NFS.BC.No.10/06.02.31/2017-18 (13/07/2017)

Ministry has clarified that for the investment in plant and machinery for the purpose of classification of an enterprise as Micro, Small or Medium, the purchase value of the plant and machinery is to be reckoned and not the book value (purchase value minus depreciation)....

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Govt notifies Sovereign Gold Bond Scheme 2017-18 – Series II

F. No. 4(20) - W&M/2017 (06/07/2017)

The Gold Bonds under Sovereign Gold Bond Scheme 2017-18 – Series II may be held by a Trust, HUFs, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual....

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Sovereign Gold Bonds, 2017-18 – Series II – Operational Guidelines

RBI/2017-18/18 IDMD.CDD.No.29/14.04.050/2017-18 (06/07/2017)

This has reference to the GoI notification F.No.4(20)-B/(W&M)/2017 and RBI circular IDMD.CDD.No.28/14.04.050/2017-18 dated July 06, 2017 on the Sovereign Gold Bonds, 2017-18-Series II. FAQs in this regard have been placed on our website (www.rbi.org.in). ...

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All about Sovereign Gold Bonds 2017-18 – Series II

RBI/2017-18/17 IDMD.CDD.No.28/14.04.050/2017-18 (06/07/2017)

Interest on Sovereign Gold Bonds 2017-18 – Series II shall be taxable as per the provisions of the Income-tax Act, 1961. The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond....

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RBI limits Liability of customers in online fraud cases

RBI/2017-18/15 DBR.No.Leg.BC.78/09.07.005/2017-18 (06/07/2017)

With the increased thrust on financial inclusion and customer protection and considering the recent surge in customer grievances relating to unauthorised transactions resulting in debits to their accounts/ cards, the criteria for determining the customer liability in these circumstances have been reviewed. The revised directions in this r...

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Point of Presence Services under PPFRDA for NPS

RBI/2017-18/16 DNBR(PD)CC.No.087/03.10.001/2017-18 (06/07/2017)

On a review, it has been decided that NBFCs with asset size of ₹ 500 crore and above which comply with the prescribed CRAR and made net profit in the preceding financial year be permitted to undertake PoP services under PFRDA for NPS after registration with PFRDA....

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SFBS: Compendium of Guidelines on Financial Inclusion and Development

RBI/2017-18/14 FIDD.CO.SFB.No.9/04.09.001/2017-18 (06/07/2017)

In view of the announcement made in the budget 2014-15 regarding creation of a framework for licensing small banks, and to give a thrust to the supply of credit to micro and small enterprises, agriculture and banking services in unbanked and under-banked regions in the country....

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Small Finance Banks – Compendium of Guidelines on Financial Inclusion and Development

RBI/2017-18/14 FIDD.CO.SFB.No.9/04.09.001/2017-18 (06/07/2017)

In view of the announcement made in the budget 2014-15 regarding creation of a framework for licensing small banks, and to give a thrust to the supply of credit to micro and small enterprises, agriculture and banking services in unbanked and under-banked regions in the country, Reserve Bank decided to licence new...

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Customer Protection – Limiting Liability of Customers in Unauthorized Electronic Banking Transactions

RBI/2017-18/15 DBR.No.Leg.BC.78/09.07.005/2017-18 (06/07/2017)

With the increased thrust on financial inclusion and customer protection and considering the recent surge in customer grievances relating to unauthorized transactions resulting in debits to their accounts/ cards, the criteria for determining the customer liability in these circumstances have been reviewed....

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