Notification No. 33/ 2011- Customs- Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 33/2006-Customs, dated the 7th April, 2006, published in the Gazette of India, vide number G.S.R. 211(E), dated the 7th April, 2006, except as respects things done or omitted to be done before such rescission.
DBOD.No. Leg. BC. 83/09.07.005/2010-11- The Banking Companies (Nomination) Rules, 1985- Clarifications. 1. Witness in nomination forms. As you are aware, the Banking Companies (Nomination) Rules, 1985 have been framed in exercise of powers conferred by Section 52 read with Sections 45ZA, 45ZC and 45ZE of the Banking Regulation Act, 1949. The nomination forms (DA1, DA2 and DA3) have also been prescribed in the Nomination Rules. These forms, inter alia, prescribe that the thumb impression of the accountholder is required to be attested by two witnesses. It has come to our notice that some banks also insist on attestation of signature by witnesses.
DNBS.PD/ CC.NO. 214/03.02.002/2010-11- It has come to the notice of the Reserve Bank of India that some NBFCs have large investments in / have contributed capital to partnership firms. In view of the risks involved in NBFCs associating themselves with partnership firms, it has been decided to prohibit NBFCs from contributing capital to any partnership firm or to be partners in partnership firms. In cases of existing partnerships, NBFCs may seek early retirement from the partnership firms.
Insertion of new paragraph 19A– After paragraph 19 of the said Directions, the following paragraph 19A shall be inserted. “NBFCs not to be partners in partnership firms” 19A. (1) No non-banking financial company, which is accepting public deposit shall contribute to the capital of a partnership firm or become a partner of such firm. (2) A non-banking financial company, which is accepting public deposit and which had already contributed to the capital of a partnership firm or was a partner of a partnership shall seek early retirement from the partnership firm.
NOTIFICATION NO. DNBS. 228/CGM(US)-2011, DATED 30-3-2011- Insertion of new paragraph 20A– After paragraph 20 of the said Directions, the following paragraph 20A shall be inserted. “NBFCs not to be partners in partnership firms” 20A. (1) No non-banking financial company shall contribute to the capital of a partnership firm or become a partner of such firm. (2) A non-banking financial company, which had already contributed to the capital of a partnership firm or was a partner of a partnership firm shall seek early retirement from the partnership firm.
In SCHEDULE A,—(a) in entry 9A, in column (2), for the figures, letters and words “31st March 2011 or the date on which the Goods and Services Tax Act comes into force, whichever is earlier” the figures, letters and word “31st March 2012” shall be substituted ; (b) in entry 51, in column (2), for the figures, letters and words “31st March 2011 or the date on which the Goods and Services Tax Act comes into force, whichever is earlier” the figures, letters and word “31st March 2012” shall be substituted.
In exercise of the powers conferred by clause(a) of sub-section(1) of section 642 read with sub-section(1) of section 210A and sub-section (3C) of section 211 of the Companies Act,1956, (1 of 1956), the Central Government hereby makes the following amendment to paragraph 2 of the notification No.447(E) dated the 28th February, 2011:- “The notification shall come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1.4.2011”.
The notification shall come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1.4.2011.
It has been brought to our notice that since co-operative credit societies are not even sub-members of clearing houses, members of such co-operative credit societies who do not have bank accounts face difficulties in collection of account payee cheques drawn in their name. With a view to mitigating the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, it is clarified that collecting banks may consider collecting account payee cheques drawn for an amount not exceeding Rs.50,000/- to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies. While collecting the cheques as aforesaid, banks should obtain a clear undertaking in writing from the co-operative credit societies concerned that, upon realization, the proceeds of the cheques will be credited only to the account of the member of the co-operative credit society who is the payee named in the cheque. This shall, however, be subject to the fulfillment of the requirements of the provisions of Negotiable Instruments Act, 1881, including Section 131 thereof.
we further advise that the RRBs eligible to open branches in Tier 3 to Tier 6 centres may do so without prior approval of RBI and approach the Regional Office of RBI for, post-facto automatic, issue of the licence/s. The licence should be displayed in the premise of the branch so opened for information of its customers/ public to instill confidence in them that the bank branch is authorized to conduct banking business.
