reserve bank of india

PMC Bank failure – insight of DICGC-Risky Bonds issued by PMC– Suggestions to RBI

Fema / RBI - Most of you may be reading, listening to the news on Punjab Maharashtra Co-operative Bank’s failure and would broadly be aware as to how a co-operative bank ranking number four in the Cooperative sector with apparently good balance sheet became almost become bankrupt, overnight. At this stage issue of accountability would be discussed f...

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P2P Lenders Hope of an Increase in Lending Limit

Fema / RBI - P2P Lenders Hope of an Increase in Lending Limit as RBI Awakens to Their Demands RBI’s demand for P2P lending platforms to provide authentic data has certainly aroused hope for positive change among stakeholders! Background The Association of NBFC Peer-to-Peer (P2P) Lending Platforms had written a letter to the RBI in July this year, br...

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Small Finance Bank: How to set up and help smallest city in India

Fema / RBI - A small kid asked me whether he/she could set up a small finance bank and help his relatives living in a small village in Himachal Pradesh. To answer this question and being a retired senior executive from a nationalized bank who worked in the department dealing with financing small borrowers in late 1970s, I was […]...

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Consumer Protection in a digital financial world – Initiatives and beyond

Fema / RBI - Consumer by definition include us all. They are the largest economic group in the economy, affecting and affected by every public and private economic decisions. Two thirds of all spending in the economy is by consumers. But they are the only important group in the economy who are not effectively organized, whose views are often not heard...

Read More

FLA return due date extended to 31.07.2019

Fema / RBI - July month has already observed too many due dates for the professional. New forms have also been introduced out of which BEN 1 and NFRA 1 is still a confusion for many learned professionals. Moreover, RBI also changed the e-mail based FLA filing to web based filing for FLAIR from 2019 which will have its […]...

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RBI supersedes Board of PMCB Bank Ltd. Mumbai

Fema / RBI - RBI vide its order dated 23rd September, 2019 superseded the Board of Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and Shri Jai Bhagwan Bhoria has been appointed as the Administrator of the bank by RBI with all the powers of the Board....

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Draft RBI Guidelines for ‘on tap’ Licensing of Small Finance Banks in Private Sector

Fema / RBI - Reserve Bank of India Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector September 13, 2019 I. Introduction The Reserve Bank had issued the Guidelines for Licensing of ‘Small Finance Banks‘ in  the Private Sector on November 27, 2014. The process of licensing culminated in granting in-pri...

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Statement by Governor -Third BI-monthly Monetary Policy, 2019-20

Fema / RBI - Reserve Bank of India The Monetary Policy Committee (MPC) met on 5th, 6th and 7th August, 2019 and deliberated over the evolving macroeconomic outlook, against the backdrop of recent developments and incoming data. Today, the MPC voted unanimously to reduce the policy repo rate and to maintain the accommodative stance of monetary policy. ...

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Global Risks and Policy Challenges facing Emerging Market Economies

Fema / RBI - The biggest risk facing these economies is the growing evidence that global growth and trade is weakening. Unsettled trade tensions and developments around Brexit are imparting further downside risks to the outlook. There is considerable uncertainty as to whether this weakness is temporary or the beginning of a recession in advanced econo...

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Opportunities and Challenges of FinTech

Fema / RBI - In general, FinTech stands for financial technology and describes technologically enabled financial innovations. From ‘start-ups’ to ‘big-techs’ to established financial institutions, all the key players are harnessing this technological edge along the financial services’ value chain to provide agile, efficient and differentiat...

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RBI’s circular directing bank to take recourse to IBC is ultra vires to section 35AA

Dharani Sugars And Chemicals Ltd. Vs Union of India & Ors. (Supreme Court of India) - Hon'ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC)  is ultra vires to Section 35AA of the Banking Regulation Act....

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No advocate / chartered accountants can represent willful defaulter

Revati Cements Pvt. Ltd & Anr. Vs State Bank of India & Ors. (Madhya Pradesh HC) - Assessee-company being a ‘willful defaulter’ could not be represented through the lawyers or Chartered Accountants as the personal hearing was available only to borrower Director and Promoter of the alleged default unit....

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Unrealised loss on outstanding interest rate swaps would be allowable as business deduction

J P Morgan Chase Bank Vs. ADIT (ITAT Mumbai) - This decision is relevant to assessees following RBI guidelines for accounting for interest rates swaps. Companies which are claiming unrealised loss on outstanding interest rate swaps at the year end would find this ruling useful. While this ruling ...

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Mere disclosure of any income or loss without disclosing particulars of income or loss cannot be said to be a full and true disclosure of facts for determining total income under IT Act

Survidhi Financial Services Ltd. Vs. ACIT (ITAT Delhi) - Merely because the assessee is not required to disclose the particulars of sale and purchase of units in audit report obtained under the Companies Act, it cannot be a bona fide reason or an excuse for not disclosing the same in the statement of accounts or any annexure filed along with the return of...

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Adjustment of notional royalty, for the know how transferred to Indian company, against the purchase consideration for the products manufactured for t

Robert Bosch GmbH Vs. ACIT (ITAT Bangalore) - Recently, the Bangalore bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Robert Bosch GmbH v. ACIT [2010-TII-149-ITAT-BANG-INTL] (the taxpayer) while rejecting the contention of the tax department held that the taxpayer is not expected to make royalty income with reference to...

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Govt. issues Sovereign Gold Bond Scheme 2019-20

Notification No. G.S.R. 705(E) - (30/09/2019) - (i) This scheme may be called the Sovereign Gold Bond Scheme 2019-20. (ii) There will be a distinct Series (starting from Series V) for every tranche which will be indicated on the Bond issued to the investor. (iii) It shall come into force on the date of its publication in the Official Gazett...

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Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of Monetary Policy Committee (MPC) Reserve Bank of India

Press Release: 2019-2020/364  - (07/08/2019) - Reserve Bank Of India Date : Aug 07, 2019 Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC) On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to: red...

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RBI releases Draft Report on Comprehensive Review of Market Timings

Press Release : 2019-2020/116 - (10/07/2019) - RBI today released the draft report of Internal Working Group on Comprehensive Review of Market Timings. Comments on draft report are invited from market participants and other interested parties by July 31, 2019....

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Kisan Credit Card Scheme: Working Capital for Animal Husbandry & Fisheries

RBI/2018-19/112 FIDD.CO.FSD.BC.12/05.05.010/2018-19 / Press Release : 2018-2019/1839 - (04/02/2019) - The Kisan Credit Card Scheme aims at providing adequate and timely credit support from the banking system under a single window with flexible and simplified procedure to the farmers for short term crop loans. In order to extend the operational flexibility to farmers engaged in Animal Husbandry and F...

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RBI prohibits dealing in Virtual Currencies by regulated entities

RBI/2017-18/154 DBR.No.BP.BC.104 /08.13.102/2017-18 - (06/04/2018) - Entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collate...

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Recent Posts in "reserve bank of india"

PMC Bank failure – insight of DICGC-Risky Bonds issued by PMC– Suggestions to RBI

Most of you may be reading, listening to the news on Punjab Maharashtra Co-operative Bank’s failure and would broadly be aware as to how a co-operative bank ranking number four in the Cooperative sector with apparently good balance sheet became almost become bankrupt, overnight. At this stage issue of accountability would be discussed f...

Read More
Posted Under: Fema / RBI |

P2P Lenders Hope of an Increase in Lending Limit

P2P Lenders Hope of an Increase in Lending Limit as RBI Awakens to Their Demands RBI’s demand for P2P lending platforms to provide authentic data has certainly aroused hope for positive change among stakeholders! Background The Association of NBFC Peer-to-Peer (P2P) Lending Platforms had written a letter to the RBI in July this year, br...

Read More
Posted Under: Fema / RBI |

RBI supersedes Board of PMCB Bank Ltd. Mumbai

RBI vide its order dated 23rd September, 2019 superseded the Board of Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and Shri Jai Bhagwan Bhoria has been appointed as the Administrator of the bank by RBI with all the powers of the Board....

Read More
Posted Under: Fema / RBI |

Govt. issues Sovereign Gold Bond Scheme 2019-20

Notification No. G.S.R. 705(E) (30/09/2019)

(i) This scheme may be called the Sovereign Gold Bond Scheme 2019-20. (ii) There will be a distinct Series (starting from Series V) for every tranche which will be indicated on the Bond issued to the investor. (iii) It shall come into force on the date of its publication in the Official Gazette....

Read More

Draft RBI Guidelines for ‘on tap’ Licensing of Small Finance Banks in Private Sector

Reserve Bank of India Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector September 13, 2019 I. Introduction The Reserve Bank had issued the Guidelines for Licensing of ‘Small Finance Banks‘ in  the Private Sector on November 27, 2014. The process of licensing culminated in granting in-pri...

Read More
Posted Under: Fema / RBI |

Small Finance Bank: How to set up and help smallest city in India

A small kid asked me whether he/she could set up a small finance bank and help his relatives living in a small village in Himachal Pradesh. To answer this question and being a retired senior executive from a nationalized bank who worked in the department dealing with financing small borrowers in late 1970s, I was […]...

Read More
Posted Under: Fema / RBI |

Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of Monetary Policy Committee (MPC) Reserve Bank of India

Press Release: 2019-2020/364  (07/08/2019)

Reserve Bank Of India Date : Aug 07, 2019 Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC) On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to: reduce the policy repo rate under the liqui...

Read More

Statement by Governor -Third BI-monthly Monetary Policy, 2019-20

Reserve Bank of India The Monetary Policy Committee (MPC) met on 5th, 6th and 7th August, 2019 and deliberated over the evolving macroeconomic outlook, against the backdrop of recent developments and incoming data. Today, the MPC voted unanimously to reduce the policy repo rate and to maintain the accommodative stance of monetary policy. ...

Read More
Posted Under: Fema / RBI |

Consumer Protection in a digital financial world – Initiatives and beyond

Consumer by definition include us all. They are the largest economic group in the economy, affecting and affected by every public and private economic decisions. Two thirds of all spending in the economy is by consumers. But they are the only important group in the economy who are not effectively organized, whose views are often not heard...

Read More
Posted Under: Fema / RBI |

FLA return due date extended to 31.07.2019

July month has already observed too many due dates for the professional. New forms have also been introduced out of which BEN 1 and NFRA 1 is still a confusion for many learned professionals. Moreover, RBI also changed the e-mail based FLA filing to web based filing for FLAIR from 2019 which will have its […]...

Read More
Posted Under: Fema / RBI |

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