In view of the recent measures adopted to provide more flexibility to the Authorised Persons in selecting the location for their branches, it has now been decided to remove the criteria relating to increase in outreach and locational advantage while considering the applications for issuance of fresh licenses for Full Fledged Money Changers (FFMC).
Notification No. LAD-NRO/GN/2011-12/34/2499 These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2012. They shall come into force on the date of their publication in the Official Gazette.
Insurance companies are required to conduct detailed due diligence while taking insurance risk exposure to individuals/entities connected with countries identified by FATF as having deficiencies in their AML/CFT regime …
At present, Reserve Bank of India operates Liquidity Adjustment Facility (LAF) to inject/absorb liquidity through daily Repo/Reverse Repo auctions. While the LAF Repo operations are conducted in the forenoon between 9.30 A.M. and 10.30 A.M., the LAF Reverse Repo operations are conducted in the afternoon between 4.30 P.M. and 5.00 P.M., along with the Marginal Standing Facility.
Vide SEBI circulars Cir/IMD/DF/14/2011 and Cir/IMD/FII&C/3/2012 dated August 09, 2011 and January 13, 2012 respectively, Qualified Foreign Investors (QFI) were allowed to invest in schemes of Indian mutual funds and Indian equity shares subject to terms and conditions mentioned therein, including opening a demat account with qualified Depository Participant. The eligibility criteria for a SEBI registered Depository Participant (DP) to act as qualified Depository Participant were provided in the aforementioned circulars.
The Reserve Bank in its Third Quarter Review of Monetary Policy 2011-12 issued on January 24, 2012, decided to reduce the Cash Reserve Ratio (CRR) of Scheduled State Co-operative Banks / Regional Rural Banks by 50 basis points from 6.00 per cent to 5.50 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning January 28, 2012.
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000 and the A.P. (DIR Series) Circular No. 5 dated August 1, 2005 relating to the External Commercial Borrowings (ECB), as amended from time to time.
It has now been decided that the designated AD Category – I banks should certify the leverage ratio (i.e. outside liabilities/owned funds) of IFCs desirous of availing ECBs under the approval route while forwarding such proposals to the Reserve Bank of India.
Based on the references received from banks, we clarify that the revised guidelines issued vide our circular referred to above would be applicable to domestic savings bank deposits held by residents in India. Further, the interest rates applicable on the domestic savings deposit will be determined on the basis of end-of-day balance in the account. Accordingly, while calculating interest on domestic savings bank deposits, banks are required to apply the uniform rate set by them on end-of-day balance up to Rs. 1 lakh and for any end-of-day balance exceeding Rs.1 lakh, banks may apply the differential rate(s) as fixed by them.
The Reserve Bank in its Third Quarter Review of Monetary Policy 2011-12 issued on January 24, 2012, decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Primary (Urban) Co-operative Banks by 50 basis points from 6.00 per cent to 5.50 per cent of their net demand and time liabilities (NDTL), with effect from the fortnight beginning January 28, 2012.
