eMinds Legal - Corporate Law Reporter

Growing NPAs in Banks: Efficacy of Ratings Accountability &Transparency of Credit Rating Agencies

Speech delivered by Shri R. Gandhi, Deputy Governor, Reserve Bank of India at the Conference conducted by ASSOCHAM on May 31, 2014, at Le-Meridian, New Delhi Shri Jajodia, Shri Narang, Shri Dubey, Shri Kulkarni, Shri Dogra, Shri Khanna, Shri Pathak, other distinguished speakers, Ladies and Gentlemen, a very good morning to everyone! To start with… Read More

Liberalised Remittance Scheme (LRS) for resident individuals-Increase in the limit from USD 75,000 to USD 125,000

RBI/2013-14/624 A.P. (DIR Series) Circular No.138 June 3, 2014 To All Category I Authorised Dealer Banks Madam/Sir, Liberalised Remittance Scheme (LRS) for resident individuals-Increase in the limit from USD 75,000 to USD 125,000 Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the A.P.(DIR Series) Circular No 24 dated August 14, 2013 and the subsequent… Read More

Statutory Liquidity Ratio (SLR) reduced to usher liquidity

RBI/2013-14/626 RPCD.CO.RRB.BC.No.106/03.05.33/2013-14 June 4, 2014 The Chairmen All Regional Rural Banks Dear Sir/Madam, Section 24 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR) Please refer to our circular RPCD.CO.RRB.BC.No.22/03.05.28(B)/2012-13 dated August 1, 2012 on the captioned subject. 2. As announced in the Second Bi-monthly Monetary Policy statement 2014-15 by Reserve… Read More

MOU signed by IICA on CSR Implementation

The Indian Institute of Corporate Affairs (IICA) and Grant Thornton India have signed a memorandum of understanding (MoU) to develop capacity of Indian companies to implement their corporate social responsibility (CSR) effectively. According to Ministry of Corporate Affairs, the objective of the MoU, initialled Tuesday, is to implement the new CSR rules laid down as per the… Read More

Comments solicited on Revised Exposure Drafts of Secretarial Standards w.r.t. General and Board meetings (Last date: June 30, 2014)

Dear Members, The Secretarial Standards Board (SSB) of the Institute of Company Secretaries of India (ICSI) had revised its Secretarial Standard on Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) as per the new Act and Rules thereunder and hosted the Exposure Drafts thereon for public comments on its… Read More

Operations of foreign branches and subsidiaries of the Indian banks Compliance with statutory/regulatory/administrative prohibitions/restrictions

RBI/2013-14/588 DBOD.No.BP.BC.111/21.04.157/2013-14 May 12, 2014 All Scheduled Commercial Banks (Excluding RRBs and LABs) & All India Term-Lending & Refinancing Institutions Madam / Sir, Operations of foreign branches and subsidiaries of the Indian banks Compliance with statutory/regulatory/administrative prohibitions/restrictions Please refer to the Circular DBOD.No.BP.BC.89 /21.04.141/2008-09 dated December 1, 2008 on the captioned subject. In terms of… Read More

Pay IT dues in advance at RBI or at authorised bank branches

The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks. These will obviate… Read More

Report of the Committee to Review Governance of Boards of Banks in India released

The Reserve Bank of India has placed on its website, the Report of the Committee to Review Governance of Boards of Banks in India (Chairman: Dr. P.J.Nayak). The comments, if any, on the recommendations of the Report, may be emailed or sent by post to the Chief General Manager, Reserve Bank of India, Department of… Read More

RBI warns about Fake Website in its Name

It has come to the notice of the Reserve Bank of India today that a fake website has been created at http://www.rbi-inonline.org/savings.html by some unknown persons offering various banking facilities and asking members of public to apply on-line for opening RBI Savings Account. The Reserve Bank clarifies that as India's central bank, the Reserve Bank… Read More

MCA General Circular no. 13 /2014: Extension of validity period for names reserved as on 31st March, 2014

General Circular no. 13 /2014 F. No: MCA21/28/2014-e.Gov. Government of India Ministry of Corporate Affairs `A' Wing, 5th Floor, Shastri Bhawan Dr. Rajendra Prasad Road, New Delhi-110001 Date: 23.05.2014 To All Regional Directors, All Registrars of Companies, All Stakeholders. Subject: Extension of validity period for names reserved as on 31st March, 2014. Sir, In continuation… Read More

MCA General Circular 12/2014: Applicability of PAN requirement for Foreign Nationals

General Circular No. 12 / 2014 F.No.1/12/2013 CL-V Government of India Ministry of Corporate Affairs 'A' Wing, 5th Floor, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-110001 Dated: 22nd May, 2014 To AlI Regional Directors, All Registrar of Companies, All Stakeholders. Sub: Applicability of PAN requirement for Foreign Nationals. Sir, Attention of Ministry has been drawn… Read More

Delegation of Powers w.r.t. DIN to Regional Director(RD) Noida

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB SECTION (ii)] GOVERNMENT OF INDIA Ministry of Corporate Affairs Notification New Delhi, the 21st May, 2014 S.O.________ (E).- In exercise of the powers conferred by section 458 of the Companies Act, 2013 (18 of 2013), and in supersession of the notification… Read More

Delegation of Powers to Regional Directors (RDs)