FEMA - Corporate Law Reporter

Bank Finance for Purchase of Gold

RBI/2012-13/413 RPCD.RCB.BC.No. 64/07.51.014/2012-13 February 07, 2013 The Chairmen / CEOs of all State and Central Co-operative Banks Madam / Dear Sir, Bank Finance for Purchase of Gold State and Central Co-operative Banks grant loans for various purposes against the security of gold / gold ornaments as part of their lending policy. 2. In terms of… Read More

MoF Government Statement on GDP Growth

The Government States that as GDP Growth is Turning, it is Likely that the Advance Estimates of 5 Percent will be Revised and the Final Estimate will be Closer to the Government™s Estimate of a Growth Rate of 5.5 Percent or Slightly More The Ministry of Finance states that the advance estimate of the CSO… Read More

Reserve Bank of India Central Board Nomination

Shri Rajiv Takru nominated on RBI Central Board The Central Government has nominated Shri Rajiv Takru, Secretary, Department of Financial Services, Ministry of Finance, New Delhi as a director on the Central Board of Directors of the Reserve Bank of India vice Shri D. K. Mittal. Shri Takru's nomination is with effect from February 4,… Read More

RBI releases Final Report of the Working Group on Issues Related to Gold Imports and Gold Loan NBFCs in India

The Reserve Bank of India has today placed on its website the final Report (Attached) of the Working Group to Study the Issues Related to Gold Imports and Gold Loan NBFCs (non-banking finance companies) in India. Key Recommendations of the Working Group: a. Macro Issues There is a need to moderate the demand for gold imports considering its… Read More

RBI Reference Rate for US $ and Euro

The Reserve Bank of India™s Reference Rate for the US dollar is `53.1445 and the Reference Rate for Euro is `71.9355 on February 7, 2013. The corresponding rates for the previous day (February 6, 2013) were `53.0855 and `72.0165 respectively. Based on the Reference Rate for the US dollar and middle rates of the cross-currency quotes, the exchange rates… Read More

RBI Central Board meets today at Guwahati

The Central Board of Directors of the Reserve Bank of India met today at Guwahati. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Directors, Dr. Anil Kakodkar, Shri Kiran Karnik, Prof. M.V. Rajeev Gowda, Shri Y. H. Malegam, Prof. Dipankar Gupta, Dr. Najeeb Jung, Ms. Ela Bhatt, Dr. Indira Rajaraman and Shri… Read More

DGFT allows exemptions with respect to ban on export of edible oils

(To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Notification No. 32 (RE 2012)/2009-2014 New Delhi, Dated: 5th February, 2013 Subject: Amendment in Notification No 24(RE-2012)/2009-14 dated 19th October 2012 relating to export of edible oils.… Read More

RBI Draft Guidelines on Restructuring of Advances by Banks and Financial Institutions

The Reserve Bank of India released on its website, ˜Review of Prudential Guidelines on Restructuring of Advances by Banks and Financial Institutions™ Draft Guidelines for comments and feedback. Comments / feedback on the draft guidelines may be sent by February 28, 2013 to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Reserve Bank… Read More

RBI Clarification on Bank Finance for Purchase of Gold as per Second Quarter Review of Monetary Policy 2012-13

RBI/2012-13/411 UBD.BPD.(PCB) Cir No.36/13.05.001/2012-13 February 6, 2013 The Chief Executive Officers All Primary (Urban) Co-operative Banks Madam / Dear Sir, Bank Finance for Purchase of Gold Please refer to our circular UBD.PCB.Cir.No 24/13.05.001/08-09 dated November 10, 2008 on ˜Advances against Pledge of Gold / silver ornaments™ advising UCBs to observe certain safeguards while granting loan against pledge… Read More

Corrections/Amendments in Handbook of Procedures Volume I (Appendices and Aayat Niryat Forms) of the Foreign Trade Policy

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-1 SECTION-1 GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE Public Notice No. 46 (RE2012)/2009-14 DATED: 31ST January, 2013 Subject: Corrections/Amendments in Handbook of Procedures Volume I. In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the… Read More

DGFT Clarification of Declaration of Intent for claiming Chapter 3 benefits of Foreign Trade Policy

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi. Policy Circular No. 13 (RE-2012)/2009-14 Dated: 31st January, 2013 To All Customs Authorities All Regional Authorities, Trade Associations. Subject:- Declaration of Intent for claiming Chapter 3 benefits of Foreign Trade Policy regarding. Declaration of… Read More

DGFT Clarification on availability of Deemed Export Benefits for supply of goods to Mega Power Projects

Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi- 110011 Policy Circular No. 14 (RE-2012/2009-14 Dated: 4th February, 2013 To All Regional Authorities All Customs Authorities All Members of Trade Subject: Clarification on availability of Deemed Export Benefits for supply of goods to Mega… Read More

Auction of Government of India Dated Securities

Ref.No.IDMD 2249 / 08.02.032 / 2012-13 February 04, 2013 All Scheduled Commercial Banks / All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers Dear Sir/Madam, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) (a) ˜8.07 percent Government Stock 2017-JUL™ for a notified… Read More