Press Release | Corporate Law Reporter

RBI releases Report of the Committee on Financial Benchmarks

The Reserve Bank of India has, today, placed on its website, the Report of the Committee on Financial Benchmarks. It may be recalled that the Reserve Bank had announced the constitution of the Committee on Financial Benchmarks (Chairman: Shri P. Vijaya Bhaskar, Executive Director) on June 28, 2013 with a mandate to study various issues… Read More

Tags: Committee, Executive director, General manager, India, Press Release, Reserve Bank of India, Run batted in, Vijaya Bhaskar

Procedure for PAN allotment to undergo a change w.e.f. 03rd Feb 2014

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated 24th January, 2013 Press Release The procedure for PAN allotment process will undergo a change w.e.f. 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth… Read More

Tags: Commissioner, Government of India, Identity document, Income tax, PAN Facilitation Centre, Press Release, Rekha, Taxation in India

Banknotes issued prior to 2005 to be withdrawn RBI Clarification

Further to our Press Release dated January 22, 2014 on the subject and in response to the queries raised, the Reserve Bank of India (RBI) clarifies that the rationale behind its move to withdraw banknotes printed prior to 2005 is to remove these banknotes from the market because they have fewer security features compared to… Read More

Tags: Banknote, Branch (banking), Legal tender, Press Release, Printing, rbi, Reserve Bank of India, Run batted in

Government Approves one Proposal of Foreign Direct Investment

Further to para 7 of the Press Release dated September 27, 2013, wherein it was stated that decision of the one proposal will be communicated separately, the Government of India has approved the proposal of Foreign Direct Investment (FDI) amounting to Rs. 31.92 crore approximately. Following one (1) proposal has been approved: Sl. No. Name of theapplicant Particulars of the proposal FDI/NRIinflows (Rs. in crore) 1… Read More

Tags: Asia, FDI, foreign direct investment, Foreign Investment Promotion Board, Foreign ownership, Government of India, India, Press Release

Safe Harbour Rules under Section 92CB of IT Act Finalized

Safe Harbour Rules Finalized after Considering Comments of Various Stake Holders ; Rules to be Applicable for 5 Assessment Years Beginning from Assessment Year 2013-14 Section 92CB of the Income-tax Act provides for framing of safe harbour rules. The determination of arms length price u/s 92C or 92CA of the Act is subject to these… Read More

Tags: Business process outsourcing, KPO, National Football League Draft, Order of Australia, Press Release, Tax, Taxation in India, TPO

Safefuards in New Banking Licence Norms

Reserve Bank of India (RBI) issued guidelines for setting up new banks in the private sector vide Press Release dated 22.02.2013. The last date for receipt of applications was 01.07.2013. In all, RBI has received 26 (twenty six) applications. At the first stage, the applications will be screened by RBI to ensure prima facie eligibility… Read More

Tags: Bank, Financial services, India, Press Release, Rajya Sabha, rbi, Reserve Bank of India, Run batted in

CLR Snippets | RBI transfers surplus profit to Government of India

The Reserve Bank's Central Board, at its meeting held today, approved the transfer of surplus profit to the Government of India amounting to ` 330.10 billion for the year ended June 30, 2013 as against ` 160.10 billion for the year ended June 30, 2012. Alpana Killawala Principal Chief General Manager Press Release : 2013-2014/282 Read More

Tags: finance, General manager, Government, Government of India, India, Press Release, Reserve Bank of India, Run batted in

RBI releases data on ˜Weighted Average Lending Rate (WALR)’ of Scheduled Commercial Banks (SCBs)

The Reserve Bank today released annual time-series data on ˜Weighted Average Lending Rate™ of Scheduled Commercial Banks for the period 1992 to 2012 on its website. The data is based on data reported under Basic Statistical Return 1 - Part A (BSR-1A), in which granular data on borrowal accounts with credit limit more than ` 25,000 till 1998 and more… Read More

Tags: Bank, Central bank, Commercial bank, finance, General manager, Press Release, Reserve Bank of India

CLR Snippets | Receipt of applications for new bank licence in the private sector closes on July 1, 2013

The RBI issued a Press Release on June 24, 2013 stating that all offices of Reserve Bank of India situated in Mumbai and Navi Mumbai will remain closed for public transactions on July 1, 2013 to facilitate Annual Closing of RBI™s Accounts. It is clarified that the Reserve Bank of India would receive applications for new… Read More

Tags: Central Office Building, July 1 2013, Mumbai, Navi Mumbai, Press Release, Private sector, Reserve Bank of India, Run batted in

CLR Snippets | First Quarter Review of Monetary Policy 2013-14 on July 30, 2013

Dr. D. Subbarao, Governor, Reserve Bank of India will announce the First Quarter Review of Monetary Policy 2013-14 on Tuesday, July 30, 2013. This will be done in a meeting with the chief executives of major scheduled commercial banks at 11.00 a.m. on July 30, 2013 at the Central Office, Reserve Bank of India, Mumbai.… Read More

Tags: Ajit Prasad, Central Office, General manager, Monetary policy, Mumbai, Press Release, Reserve Bank of India, Telephone exchange

UCBs – Fraud Monitoring Cell of Reserve Bank of India, to function from Bengaluru from July 1, 2013

RBI/2012-13/531 UBD.CO.BPD. (PCB). Cir. No. 55/12.05.001/2012-13 June 13, 2013 Chief Executive Officers All Primary Urban Co-operative Banks Madam/Dear Sir Fraud Monitoring Cell of Reserve Bank of India, to function from Bengaluru from July 1, 2013 Please refer to the Press Release No. 2012-2013/2045 dated June 5, 2013 hosted on the RBI website. 2. It would be observed… Read More

Tags: Bangalore, General manager, India, Press Release, Reserve Bank of India, Urban area

RBI Press Release – RBI™s Fraud Monitoring Cell to function from Bengaluru from July 1

The Reserve Bank of India™s Fraud Monitoring Cell attached to Department of Banking Supervision, Central Office has shifted from the present location at 2nd Floor, World Trade Centre-1, Cuffe Parade, Mumbai - 400005 to Bengaluru Regional Office of the Reserve Bank. The Central Fraud monitoring Cell will continue to be part of Department of Banking… Read More

Tags: Ajit Prasad, Central Fraud Monitoring Cell, Cuffe Parade, General manager, Mumbai, Press Release, Reserve Bank of India

FDI Policy Revised – Circular With Effect from 5th April 2013

The Government of India is seeking to further simplify the foreign investment regime, by releasing a revised consolidated FDI policy guidelines. The changes include investments in sectors like single and multi-brand retail, power exchanges, asset reconstruction companies (ARCs), broadcasting, civil aviation, and non-banking financial companies (NBFCs). The following is the extract from the new guidelines.… Read More

Tags: April 5 2013, foreign direct investment, Government, Government of India, India, Ministry of Commerce & Industry, Press Release, Reserve Bank of India