Current account

Administering FEMA – Evolving Challenges

(Inaugural address by Shri G Padmanabhan, Executive Director at the Authorised Dealers' Conference at Agra on November 30, 2013) DG Shri H R Khan, Chairman, Foreign Exchange Dealers Association of India, Officials from the Authorised Dealer Banks, and my colleagues from RBI from all over the country, 1. A very good morning and welcome to… Read More

Tags: Foreign Exchange Management ActForeign Exchange Regulation ActIndiaIndonesian RupiahRun batted inRupeeThai Baht

No Fundamental Reason for Rupee Volatility, Says Dr. Raghuram Rajan

Good afternoon. There has been some turmoil in financial markets across the world as fears of a sooner-than-anticipated Fed tapering have grown. In India, we have had added volatility as the market has become concerned about policy rates and about oil marketing company demand for dollars. There are issues we have to worry about and… Read More

Tags: $32 billionComputer-aided designFederated InvestorsIndiaInflationrbiRun batted in

RBI Clarification on Unclaimed Scholarship deposits

RRBs - Unclaimed Deposits/Inoperative Accounts in Regional Rural Banks - Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes  --------------------------------------- RBI/2013-14/312 RPCD.CO.RRB.BC.No.41/03.05.33/2013-14 October 4, 2013 The Chairmen Regional Rural Banks Dear Sir/Madam, Unclaimed Deposits/Inoperative Accounts in Regional Rural Banks - Treatment of certain… Read More

Tags: BankCBSCredit (finance)Direct Benefit TransferGeneral managerRegional Rural Bank

Unclaimed Deposits/Inoperative Accounts in UCBs – Treatment of certain Savings Bank Accounts opened for credit of Scholarship

RBI/2013-14/300 UBD.BPD.(PCB)CIR No. 23/13.01.000/2013-14 September 30, 2013 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Unclaimed Deposits/Inoperative Accounts in UCBs - Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes Please refer to Circular No.UBD.BPD.(PCB)CIR.No.9/13.01.000/2013-14 dated September 1, 2008 on unclaimed deposits/ inoperative… Read More

Tags: BankCBSDirect Benefit TransferPrinted circuit boardUrbanUrban area

Developments in India™s Balance of Payments during the First Quarter (April-June) of 2013-14

Preliminary data on India™s balance of payments (BoP) for the first quarter (Q1), i.e., April-June 2013, of the financial year 2013-14, are now available and presented in Statements I and II. While Statement I presents BoP data in BPM6 format, Statement II provides the same as per the old format. Developments in India™s BoP during April-June 2013 India™s current account… Read More

Tags: Balance of paymentsFederal Reserve SystemFederated InvestorsFIIGDPGross domestic productIndia

Customs Duty on Articles of Jewellery, Gold and Silver wares revised

As part of measures to contain the current account deficit, the customs duty on gold has been revised upwards periodically in the past two years. Prior to 17th January 2012, the import duty on standard gold (of purity 99.5% & above) was Rs. 300 per 10 gm. The duty was raised to 2% w.e.f. 17th… Read More

Tags: GoldIndiaJanuary 2012JewelleryPrecious metalSilverTariff

RBI :: 20th Half Yearly Report on Management of Foreign Exchange Reserves – October 2012-March 2013

The Reserve Bank of India has today released the 20th half-yearly report on management of foreign exchange reserves with reference to March 2013. It may be recalled that in February 2004, the Reserve Bank had commenced a process of compiling half yearly reports and placing them in the domain for bringing about more transparency and also for… Read More

Tags: Central bankForeign Exchange ReservesIndiaReserve BankReserve Bank of IndiaRun batted inUnited States dollar

No Proposal to convert Idle Gold into Bullion: RBI clarifies

There have been some news stories in the media in the last couple of days about the Reserve Bank of India discussing/considering various options of converting idle gold, including that available with temple trusts, into bullion. The Reserve Bank clarifies that no such proposal is under its consideration at this juncture. Alpana Killawala Principal Chief… Read More

Tags: Anand SharmaBusinessFinancial servicesIndiaReserve BankReserve Bank of IndiaRun batted in

FM Speak :: No Cause for Panic due to Currency Market Volatility; No Intention to Introduce Capital Controls

The Union Finance Minister Shri P. Chidambaram said that revival and encouragement of growth will continue to be the focus of the Government. Shri Chidambaram said that stronger growth will, in course of time, alleviate many of the challenges that we face. He said that there is no cause for the panic that seems to… Read More

Tags: BaselComputer-aided designEconomy of IndiaForeign exchange marketGovernmentIndiaP. Chidambaram

Foreign Exchange Management (Permissible Capital Account Transactions) (Amendment) Regulations, 2013

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION NO. 282/2013-RB Mumbai, the 14th August, 2013 Foreign Exchange Management (Permissible Capital Account Transactions) (Amendment) Regulations, 2013 G.S.R. 551(E).”In exercise of the powers conferred by sub-section (2) of Section 6,Sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Reserve Bank of India, in… Read More

Tags: Foreign Exchange ManagementForeign Exchange Management ActIndiaMumbaiReserve BankReserve Bank of India

RBI announces measures to rationalise Foreign Exchange Outflows by Resident Indians

Keeping in view the current macroeconomic situation, the Reserve Bank of India has today announced the following measures: (i) Reduced the limit for Overseas Direct Investment (ODI) under automatic route for all fresh ODI transactions, from 400% of the net worth of an Indian Party to 100% of its net worth. This reduced limit would… Read More

Tags: AsiaFederal Reserve SystemIndiaList of companies of IndiarbiReserve Bank of IndiaRun batted in

Statement by Shri P Chidambaram, Union Finance Minister in Parliament

Following is the Text of the Statement made by the Union Finance Minister Shri P. Chidambaram in Parliament today: Last year, at this time, the foremost challenge to the Indian economy was the growing fiscal deficit.  Hence, on August 6, 2012 I made a statement on the path of fiscal consolidation that we intended to take.  Following… Read More

Tags: CADComputer-aided designEconomy of IndiaGross domestic productIndiaP. ChidambaramReserve Bank of India

Macroeconomic and Monetary Developments – First Quarter Review 2013-14

The Reserve Bank of India today released the Macroeconomic and Monetary Developments First Quarter Review 2013-14. The document serves as a backdrop to the First Quarter Review of Monetary Policy Statement 2013-14 to be announced on July 30, 2013. Highlights: Overall Outlook Amplifying macro-financial risks warrant cautious monetary policy stance Growth is expected to improve slowly… Read More

Tags: CADComputer-aided designEconomy of IndiaIndiaMiddle EastReserve BankReserve Bank of India

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