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Payment of Cheques/Drafts/Pay Orders/Banker™s Cheques
RBI/2011-12/251 DBOD.AML BC.No.47/14.01.001/2011-12 The Chairmen/Chief Executive Officers All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks Dear Sir, Payment of Cheques/Drafts/Pay Orders/Banker™s Cheques In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date… Read More
Collection of Account Payee Cheques -Prohibition on Crediting Proceeds to Third Party Account
RBI/2011-12/ 252 DBOD.BP.BC.No. 50 / 21.01.001/2011-12 The Chairmen/Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Collection of Account Payee Cheques -Prohibition on Crediting Proceeds to Third Party Account Please refer to our circular DBOD.BP.BC.No.56/21.01.001/2005-06 dated January 23, 2006 in terms of which banks are prohibited from crediting 'account payee' cheques to the account of… Read More
Need to Increase Trade Facilitation in Customs : FM
The Union Finance Minister , Shri Pranab Mukherjee has emphasized on the need to increase trade facilitation in customs . He was addressing the third meeting of the Consultative Committee attached to the Ministry of Finance during inter-session period of Parliament 2011, here yesterday. The subject matter of the meeting was Trade facilitations in customs.… Read More
Foreign investment in India by SEBI registered FIIs in other securities
RBI/2011-12/244 A.P. (DIR Series) Circular No. 42 To, All Category I Authorized Dealer banks Madam / Sir, Foreign investment in India by SEBI registered FIIs in other securities Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P.(DIR Series) Circular No.55 dated April 29, 2011, in terms of which the limit for FII investment… Read More
Guidelines on Commercial Real Estate (CRE)
RBI/2011-12/245 DBOD.BP.BC.No. 45 /08.12.015/2011-12 All Scheduled Commercial Banks (excluding RRBs ) Dear Sir, Guidelines on Commercial Real Estate (CRE) Please refer to the circular DBOD.No.Dir.(Hsg).BC.31/08.12.001/2009-10 dated August 27, 2009 on ˜Finance for Housing Projects™. Banks were advised, inter-alia, to stipulate a clause, in the terms and conditions of granting finance to specific housing/development projects, regarding disclosure of… Read More
Task Force on an IT Strategy for PDS Submits Report to Finance Minister
The Task Force on an IT strategy for PDS submitted its report to the Finance Minister today. Following the announcement by the Finance Minister in his Budget Speech for 2011-12, the Task Force on Direct Transfer of Subsidies on Kerosene, LPG and Fertiliser was constituted by the Ministry of Finance in February 2011 under the Chairmanship of Shri Nandan Nilekani, Chairman, UIDAI.… Read More
Conference of CVOs Organized by Department of Financial Services, Ministry of Finance
During the Vigilance Awareness Week, Department of Financial Services, Ministry of Finance organised a full day Conference of Chief Vigilance Officers in Public Sector Banks, Public Sector Insurance Companies and Financial Institutions, here today. The conference was inaugurated by Shri Pradeep Kumar, Chief Vigilance Commissioner. Shri JM Garg, Vigilance Commissioner and Shri Balwinder Singh, Special… Read More
Tariff Values of Edible Oils, Brass Scrap (All Grades) and Poppy Seeds Notified
Central Board of Excise and Customs (CBEC), Department of Revenue, Government of India hasissued a Notification No.76/2011-Customs (N.T.) dated October 31, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below. T A B L E S. No. Chapter/… Read More
Grant of DEPB against free Shipping Bills converted by the Customs Authorities
Government of India Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi-110011 Policy Circular No. 44 (RE-2010)/2009-14 To All Regional Authorities (RAs); All Commissioners of Customs; Exporting Community. Subject: Grant of DEPB against free Shipping Bills converted by the Customs Authorities. Para 2.56 of HBP v.1 provides for conversion of EP copy… Read More
Comprehensive Guidelines on Derivatives: Modifications
RBI/2011-12/243 DBOD.No.BP.BC. 44 /21.04.157/2011-12 The Chairman and Managing Directors/ Chief Executive Officers of All Scheduled Commercial Banks (excluding RRBs and LABs), All India Term-Lending & Refinancing Institutions & Primary Dealers Dear Sir, Comprehensive Guidelines on Derivatives: Modifications Please refer to our Circular DBOD No.BP.BC.86/21.04.157/2006-07 dated April 20, 2007 on Comprehensive Guidelines on Derivatives. The guidelines with regard… Read More
All Industry Rates of Duty Drawback, 2011-12 -CBEC
F.No. 609/82/2011-DBK Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs Circular No. - 48/2011-Customs To All Chief Commissioners of Customs / Customs (Preventive). All Chief Commissioners of Customs & Central Excise / Central Excise / Authorized Representative. All Director Generals under CBEC. All Commissioners of Customs / Customs (Preventive). All… Read More
Deferred Payment Protocols between Government of India and erstwhile USSR
RBI/2011-12/240 A.P. (DIR Series) Circular No. 39 To, All Category - I Authorised Dealer Banks Madam / Sir, Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.10 dated September 07, 2011,… Read More
Export of Goods and Software Realisation and Repatriation of export proceeds Liberalisation
RBI/2011-12/241 A.P. (DIR Series) Circular No.40 To, All Category - I Authorised Dealer Banks Madam / Sir, Export of Goods and Software Realisation and Repatriation of export proceeds Liberalisation Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 47 dated March 31, 2011 enhancing the period of realization and repatriation… Read More
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