Fema / RBI : RBI has reiterated that software and ITES exporters must submit the annual survey based on the previous financial year. The guidel...
Fema / RBI : RBI requires mutual funds to report foreign liabilities and assets annually for compilation of Balance of Payments and Internation...
Fema / RBI : RBI’s 2026 amendments impose a mandatory three-year cooling-off period after directors complete ten years on co-operative bank b...
Fema / RBI : The requirement applies if foreign assets or liabilities exist as of 31 March, even without fresh transactions. The rule ensures d...
Fema / RBI : RBI has standardized the 90-day NPA classification rule across all NBFC categories, including NBFC-BL entities, effective 31 March...
Fema / RBI : RBI has clarified reporting requirements, valuation methods, submission procedures, and entity obligations under the Portfolio Inv...
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 : Reimbursement of interim payments from insured banks in priority to other liabilities was a valid exercise of legislative competen...
Fema / RBI : The Court held that rejection of NBFC registration surrender solely due to meeting PBC was unsustainable without giving an opportu...
Fema / RBI : The court held that failure to apply Clause 3(d) of the RBI Master Circular invalidated the wilful defaulter declaration. Non-Exec...
Corporate Law : The court held that Ombudsman’s finding of customer negligence was unsustainable and directed bank to refund disputed amount. Th...
Corporate Law : Court ruled that protections under the RBI Circular apply only to third-party breaches and cannot be invoked to recast personal tr...
Fema / RBI : RBI has reiterated that old series banknotes issued before 2005 remain legal tender but should not be re-issued by banks. The circ...
Fema / RBI : The RBI has consolidated all directions relating to the withdrawal of ₹2000 banknotes from circulation. The circular reiterates ...
Fema / RBI : RBI has exempted eligible FCNR(B) deposits from CRR and SLR requirements until September 30, 2026. The measure is aimed at attract...
Fema / RBI : RBI has exempted fresh FCNR(B) deposits mobilized between June 8 and September 30, 2026 from CRR and SLR requirements. The move ai...
Fema / RBI : RBI has exempted eligible FCNR(B) deposits from CRR and SLR requirements for urban co-operative banks. The move aims to attract fo...
The matter regarding assignment of the tax audit work to one of the SCAs and fee payable to SCA so selected was reviewed and it has been decided that PSBs may appoint at the Head office level also any chartered accountant firm as their tax auditor at a reasonable fee with the approval of their Board /ACB.
Attention of Authorised Dealer Category – I banks is invited to Notification No. FEMA 22/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000 as amended from time to time, in terms of which a person resident outside India requires prior approval of the Reserve Bank for establishing Branch (BO)/ Liaison Offices (LO) in India.
banks have been permitted to make advance remittance without any limit and without bank guarantee or standby letter of Credit, by an importer (other than Public Sector Company or Department / Undertaking of the Government of India /State Governments) , for import of rough diamonds into India from eight mining companies, subject to certain conditions.
Government of India vide their letter F.No.1/14/2004-BOA dated November 21, 2008 had advised all the public sector banks (PSBs) to follow the Road Map for implementation of autonomy in the matter of appointment of statutory auditors. As per the Road Map, RBI will forward to the PSBs a list of eligible audit firms containing the names of firms equal to twice the number of vacancies identified for the year 2009-10.
The use of Automated Teller Machines (ATMs) has been increasing in the country. We have been receiving complaints from members of the public that at many ATM locations the telephone numbers of help desk/ contact persons are not displayed causing difficulties in lodging complaints. Customers using other bank ATMs are also unclear as to the bank with whom complaints on account of failed ATM transactions are to be lodged. The matter has been examined by the Reserve Bank of India and it has been decided that the following information should be displayed prominently at the ATM locations:
Please refer to our Circular RPCD.SP.BC.No 117/09.03.01/2008-09 dated June 30, 2009 advising the banks to complete implementation of the Self Employment Scheme for Rehabilitation of Manual Scavengers (SRMS) by September 30, 2009. The implementing agencies have been requested to complete implementation of the scheme by September 30, 2009.
The Financial Action Task Force (FATF) has issued a further Statement on October 16, 2009 on the subject (copy enclosed). UCBs are accordingly advised to take into account risks arising from the deficiencies in AML / CFT regime of Iran, Uzbekistan, Pakistan, Turkmenistan and Sao Tome and Principe.
Impact of counterfeit currency on National Economy. Reserve Bank of India maintains that the volume of fake currency is negligible, at less than 0.001% (8 notes per million pieces) of the total notes in circulation and, therefore, there is no serious threat to the economy on this account.
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. As the date of exercise of options and date of sale is same and further, there is no difference between the sale price and the deemed cost of acquisition, in any case, it is not short term capital gains.
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 Income-tax Act, 1961. Accordingly, no tax was required to be deducted while making payment to the Singapore company for acquiring such know-how outside India.
