Cir / IMD / DF / 19 / 2010, Date- November 26 ,2010 It has been noticed that certain Scheme Information Documents provide that the subscription to the scheme can be made during a specific period (known as specified transaction period) and the repurchase of units is permitted on all business days subject to applicable loads (except for redemption during specified transaction period when no load is charged). These schemes are generally referred to as ‘interval schemes’.
Your attention is drawn to the provisions of section 220 of the Companies Act, 1956 which provide for the manner in which annual accounts (viz balance sheet and profit and loss account etc) are laid before annual general meeting for adoption by shareholders and filed with Registrar.
In partial modification of the earlier Circular No.14/3/87-CL-V Vol.III dated 21.3.1995, the following table shall be applicable for additional fee to be levied for delays in filing Forms other than Form 5.
Accordingly, it has been decided to allow the Authorised Dealer Category- l (AD Category-l) banks to offer the facility of repatriation of export related remittances by entering into standing arrangements with OPGSPs, subject to the following conditions.
UCBs satisfying the above mentioned norms may prepare ABP for opening of branches/ ECs/ up gradation of ECs into full-fledged branches, in their existing area of operation, for the next 12 months, with the approval of their Board of Directors, and submit the ABP in duplicate to the Regional Office concerned. The Annexes accompanying the ABP should be as per the formats prescribed vide our circular dated June 16, 2008.
In modification of our instructions dated May 06, 2009, well managed and financially sound Uni-state Tier II UCBs satisfying the norms at a) to f) above, will be permitted to extend their area of operations to the entire State of registration.
Further, the path to access the directory of the scheduled commercial banks given in Annex-I of the above mentioned circular is changed and therefore, the revised access path to generate the report on the Directory of AD Category branches is given in the Annex-II. The path to access the Application Software package is given in Annex I. In case of any assistance / clarification, AD banks may communicate by e-mail.
In the Second Quarter Review of Monetary Policy of the Reserve Bank of India for the Year 2010-11, it was announced that Urban Co-operative Banks (UCBs) would be allowed current account and SGL account with the Reserve Bank as also membership of INFINET and RTGS. The relevant paragraph of the Review is reproduced below.
The modification of the previous directive referred to in this directive shall not in any manner whatsoever affect any action taken by the Reserve Bank under the previous directive and shall not absolve any primary cooperative bank from its liability in respect of any contravention of or any non compliance with the provisions of the said directive.
The above limits of credit exposure to housing, real estate and commercial real estate would be applicable from the date of this circular. UCBs having exposure in excess of the above limits may initiate steps to align their exposure to the revised limits within a period of six months from the date of this circular.
