The Core Group constituted by the Ministry of Corporate Affairs, Government of India had approved in March 2010, a road map for convergence of Indian Accounting Standards (IAS) with International Financial Reporting Standards (IFRS). In the Annual Policy Statement 2010-2011 of the Reserve Bank issued on April 20, 2010, it was stated that UCBs having net worth in excess of Rs. 300 crore would, in the preparation of their accounts, converge with IFRS in tandem with the time schedule given for scheduled commercial banks and accordingly convert their opening balance sheet as on April 1, 2013 in compliance with IFRS converged IAS.
Notification No.105 (RE-2010)/2009-2014 In respect of exports to Iran, export proceeds realized even in Indian rupees will be eligible to avail export benefits and incentives.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby amends Notification No. 87(Re-2010)/2009-14 dated 05.12.2011 as follows.
In Notification No. 99 (RE-2010)/2009-14 dated 23.02.2012, the “Subject” heading at the top was mentioned as Permission for export of wheat through Land Custom Stations (LCS) on Indo-Bangladesh and Indo-Nepal border. The contents of the notification, however, covered some other issues in addition to export through Land Custom Stations (LCS). Hence the Subject of the notification was not an accurate description of the contents. To avoid any chance of mis-interpretation, it is decided to amend the Subject to read as Re-notification of Sl. No. 46 A of Chapter 10 of ITC(HS) Classification of export & import items for export of wheat.
(i) Export of cotton [ITC(HS) Codes 5201 & 5203] has been prohibited till further orders. (ii) Transitional arrangements will not be applicable for the export of cotton. (iii) Export against registration certificates already issued will also not be allowed.
Please refer to our Circular DBOD.No.Leg.BC.24 /09.07.005/2009-10 dated July 21, 2009 wherein banks were, inter alia, advised to display the names and other details of the officials at their Head Office / Zonal Offices / Regional Offices including the names of the Nodal Officers / Principal Nodal Officers appointed under the Banking Ombudsman Scheme, 2006 on their web-sites who can be contacted for redressal of complaints. Banks were also advised to display the names, addresses, telephone numbers and fax numbers of their CMD / CEO, Line Functioning Heads for operations such as, Credit Cards, Loans and Advances, Retail Banking, Personal Banking, Rural / Agricultural Banking, SME Banking, etc on their web-sites to enable their customers to approach them, if necessary.
In terms of circular IDMD.DOD.11/11.08.36/2009-10 dated June 30, 2010, all RBI-regulated entities are mandated to report their OTC transactions in CDs and CPs on the FIMMDA reporting platform within 15 minutes of the trade for online dissemination of market information. Such trades, however, are being settled between the counterparties on a bilateral basis.
We advise that, on March 5, 2012, we have issued ‘Certificate of Registration’ to Credit Information Bureau (India) Limited (CIBIL) to carry on the business of credit information. The address of the company is as follows:
In Notification No. 98 (RE-2010)/2009-14 dated 23.02.2012, the Subject heading at the top was mentioned as Permission for export of non-basmati rice through Land Custom Stations (LCS) on Indo-Bangladesh and Indo-Nepal border. The contents of the notification, however, covered some other issues in addition to export through Land Custom Stations (LCS). Hence the Subject of the notification was not an accurate description of the contents. To avoid any chance of mis-interpretation, it is decided to amend the Subject to read as Re-notification of Sl. No. 45 A of Chapter 10 of ITC(HS) Classification of export & import items for export of non-basmati rice.
NBFCs-ND-SI are advised to follow the Guidelines which inter alia, stipulate that individual cases of frauds involving amount less than Rs. 25 lakhs shall be reported to the respective Regional Offices(ROs) of DNBS in whose jurisdiction registered office of the company is located whereas individual cases of frauds involving amount of Rs. 25 lakhs and above may be reported to Frauds Monitoring Cell, Department of Banking Supervision, Reserve Bank of India, Central Office, World Trade Centre, Centre -1, Cuffe Parade, Mumbai- 400 005.
