reserve bank of india

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...

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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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Non Banking Financial Company

Fema / RBI - Definition: A Non Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 earlier(Companies Act, 1956) of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business but does not include any institution whose principal busi...

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Letter of Authorization / Verification for filing of annual return on FLA

Fema / RBI - Format of Authority Letter of Authorization for filing of annual return on FLA and Format of Verification letter for CIN / LLPIN / Others UIN (in case of Alternative Investment Fund / Partnership Firm / Public Private Partnership) and PAN of authorised person filing annual FLA form...

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User Manual for FLA User Registration Form (Company/LLP/Others)

Fema / RBI - Foreign Liabilities and Assets Information Reporting (FLAIR) User Manual for FLA User Registration Form (Company/LLP/Others) 1. Who is an Entity? A Company within the meaning of section 1(4) of the Companies Act, 2013 A Limited Liability Partnership (LLP) registered under the Limited Liability Partnership Act, 2008 Others [include SEBI re...

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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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Powers of Reserve Bank of India (RBI) 

Fema / RBI - The Reserve Bank of India (RBI) regulates and supervises Public Sector And Private Sector Banks. Under the provisions of the Banking Regulation Act, 1949, it can, inter alia―i. inspect the bank and its books and accounts (section 35(1) ibid.); ii. examine on oath any director or other officer of the bank (section 35(3) ibid.);...

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Law to check scams in Banks

Fema / RBI - The Government has initiated formulation of laws to secure prudential banking and help effect a culture of credit discipline, including, inter alia, in terms of the following:- i. Insolvency and Bankruptcy Code, 2016 (IBC) has been enacted to create a unified framework for resolving insolvency and bankruptcy matters. IBC, by adopting a cr...

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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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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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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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Recent Posts in "reserve bank of india"

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 |

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....

Read More

Non Banking Financial Company

Definition: A Non Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 earlier(Companies Act, 1956) of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business but does not include any institution whose principal busi...

Read More
Posted Under: Fema / RBI |

Letter of Authorization / Verification for filing of annual return on FLA

Format of Authority Letter of Authorization for filing of annual return on FLA and Format of Verification letter for CIN / LLPIN / Others UIN (in case of Alternative Investment Fund / Partnership Firm / Public Private Partnership) and PAN of authorised person filing annual FLA form...

Read More
Posted Under: Fema / RBI |

User Manual for FLA User Registration Form (Company/LLP/Others)

Foreign Liabilities and Assets Information Reporting (FLAIR) User Manual for FLA User Registration Form (Company/LLP/Others) 1. Who is an Entity? A Company within the meaning of section 1(4) of the Companies Act, 2013 A Limited Liability Partnership (LLP) registered under the Limited Liability Partnership Act, 2008 Others [include SEBI re...

Read More
Posted Under: Fema / RBI |

How to submit online FLA Form (Company/LLP/ Others)

Foreign Liabilities and Assets Information Reporting (FLAIR) User Manual for submission of online FLA Form (Company/LLP/ Others) 1. FLA online form 1.1 Logging on to FLA online form Step 1: Enter your user name, new password and valid Captcha. (The captcha is case sensitive.) Step 2: Enter OTP code (the user will receive the OTP […...

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Posted Under: Fema / RBI |

Annual Return on Foreign Liabilities and Assets (FLA): FAQs

Reserve Bank of India Department of Statistics and Information Management Central Office Mumbai Frequently Asked questions (FAQs) 1 for Annual Return on Foreign Liabilities and Assets (FLA): General Instructions and Definitions The Reserve Bank’s Co-ordinated Direct Investment Survey (CDIS) and Co-ordinated Portfolio Investment Survey(C...

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Posted Under: Fema / RBI |

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