reserve bank of india

NBFC-Ds: Beyond Border line of Compliances

Fema / RBI - Introduction India being the divergent Country, focused on economic growth and the Financial Institutions (“FI”) play a dominant role in the economy which spread out its surplus fund to the borrower in unbanked regions. Over the last few decades, Non Banking Financial Companies (“NBFC”) have reckoned as one of the most conspicuous...

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

Fema / RBI - 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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Classification of charges for SMS levied by Banks

Fema / RBI - As we all know that Government is insisting to move towards digitization, be it in any sector whether it is Financial, Education or even for that matter Agriculture. Government has also asked to bring to their notice the issues being faced by general public so that genuine reforms can be initiated....

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Soliloquy on the impending FRDI Bill Demon 2.0 In The Making

Fema / RBI - When the existing system is fine and there is nothing to fear about, then why need for a new Financial Resolution and Deposit Insurance (FRDI) Bill  in the present form and substance ?...

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Lending rates of banks on a historic trail – Did they try to help bank customers and if so, with what results?

Fema / RBI - It made me speechless when my business friend Mr. N S Nathan, showed his indignation over the high interest rate being charged by his bank though like millions of sincere borrowers, he has kept up with the conditions imposed by the banks. ...

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

Fema / RBI - 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...

Read More

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

Fema / RBI - 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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98.96% of SBNs come back to the RBI after demonetization

Fema / RBI - Taking into consideration, the value of SBNs now reported to have been counted, approximately 98.96% of SBNs in value terms have come back to the RBI after demonetization. In other words, only an estimated Rs. 16000 crore worth of SBNs have not come back to the RBI so far....

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RBI Can ask any bank to initiate insolvency resolution process in respect of a default

Fema / RBI - Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorizing RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) An Ordinance {Banking Regulation (Amendment) Or...

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RBI Committee to refer accounts for resolution under IBC 2016

Fema / RBI - Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective...

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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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Gains on sale of shares allotted under cashless ESOP plan not taxable as capital gains

Mr. Bomi S. Billimoria Vs. A.C, Mumbai (ITAT Mumbai) - The Income-Tax Appellate Tribunal, Mumbai in the case of Mr. Bomi S. Billimoria vs. A.C Cir 23(1), Mumbai (ITA No.2120/Mum/1998) held that in case no payment has been made for acquiring shares under Employee Stock Option Plan, the gain on sale of said shares should not be liable to capital gains tax...

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Payment made to foreign company for outright purchase of plant and know-how cannot be considered as ‘Royalty’

CIT v. Maggronic Devices Pvt. Ltd. (Himachal Pradesh High Court) - Recently, the Himachal Pradesh High Court in the case of CIT v. Maggronic Devices Pvt. Ltd. [2009-TIOL-568-HC-HP-IT] held that payment made by the taxpayer to a Singapore company for outright purchase of plant and product knowhow cannot be considered as ‘Royalty’ within the provisions of the Inc...

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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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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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Submission Financial Information to Information Utilities: RBI to financial creditors

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 b...

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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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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 ...

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Recent Posts in "reserve bank of india"

NBFC-Ds: Beyond Border line of Compliances

Introduction India being the divergent Country, focused on economic growth and the Financial Institutions (“FI”) play a dominant role in the economy which spread out its surplus fund to the borrower in unbanked regions. Over the last few decades, Non Banking Financial Companies (“NBFC”) have reckoned as one of the most conspicuous...

Read More
Posted Under: Fema / RBI |

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...

Read More
Posted Under: Fema / RBI |

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....

Read More

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...

Read More
Posted Under: Fema / RBI |

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....

Read More

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....

Read More
Posted Under: Fema / RBI |

Submission Financial Information to Information Utilities: RBI to financial creditors

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....

Read More

Classification of charges for SMS levied by Banks

As we all know that Government is insisting to move towards digitization, be it in any sector whether it is Financial, Education or even for that matter Agriculture. Government has also asked to bring to their notice the issues being faced by general public so that genuine reforms can be initiated....

Read More
Posted Under: Fema / RBI |

Soliloquy on the impending FRDI Bill Demon 2.0 In The Making

When the existing system is fine and there is nothing to fear about, then why need for a new Financial Resolution and Deposit Insurance (FRDI) Bill  in the present form and substance ?...

Read More
Posted Under: Fema / RBI |

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). ...

Read More
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