FEMA - Corporate Law Reporter

RBI Notification to UCBs to adjust Bank Rates

RBI/2012-13/404 UBD.BPD.(PCB).Cir.No. 35/16.11.00/2012-13 January 30, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam/Dear Sir, Bank Rate Please refer to our circular UBD.BPD.(PCB).Cir.No.40/16.11.00/2011-12 dated June 5, 2012 on the captioned subject. As announced in the Third Quarter Review of Monetary Policy Statement 2012-13, the Bank Rate stands adjusted by 25 basis points from 9.00 per cent… Read More

RBI Notification to Urban Co-operative Banks on Maintenance of CRR

RBI/2012-13/403 UBD.BPD. (SCB). CIR. No. 3 /12.03.000/2012-13 January 30, 2013 The Chief Executive Officers of All Scheduled Primary (Urban) Co-operative Banks Madam/Dear Sir, Section 42(1) of Reserve Bank of India Act, 1934 Maintenance of Cash Reserve Ratio (CRR) Please refer to our Circular UBD. BPD.(SCB).Cir.No.2/12.03.000/2012-13 dated October 30, 2012 on the captioned subject. 2. As set out… Read More

RBI Adjustments of Bank Rates by 25 basis points

RBI/2012-13/402 Ref:DBOD.No.Ret.BC. 77/12.01.001/2012-13 January 29, 2013 All Scheduled Commercial Banks & Local Area Banks Dear Sir, Bank Rate As announced in the Third Quarter Review of Monetary Policy 2012-13, the Bank Rate stands adjusted by 25 basis points from 9.00 per cent to 8.75 per cent with effect from January 29, 2013. 2. All penal interest… Read More

RBI modification of Maintenance of Cash Reserve Ratio

RBI/2012-13/401 Ref: DBOD.No.Ret. BC.76/12.01.001/2012-13 January 29, 2013 All Scheduled Commercial Banks & Local Area Banks (Excluding Regional Rural Banks) Dear Sir, Maintenance of Cash Reserve Ratio (CRR) Please refer to our Circular DBOD.No.Ret.BC.52/12.01.001/2012-13 dated October 30, 2012 on the captioned subject. 2. As set out in the Reserve Bank's Press Release 2012-2013/1267 dated January 29, 2013, it has… Read More

Third Quarter Review of Monetary Policy 2012-13 – Statement by Dr. D. Subbarao, Governor, Reserve Bank of India

"First of all, on behalf of the Reserve Bank, a warm welcome to you all to this Third Quarter Review of Monetary Policy for 2012-13. 2. Earlier this morning, we put out the Policy Review document. Based on an assessment of the current macroeconomic situation, we have decided to reduce the policy repo rate under… Read More

RBI Change of Liquidity Adjustment Facility with respect to Repo, Reverse Repo and Marginal Standing Facility Rates

RBI/2012-2013/398 FMD.MOAG. No.74/01.01.001/2012-13 January 29, 2013 All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers Dear Sir, Liquidity Adjustment Facility Repo and Reverse Repo and Marginal Standing Facility Rates As announced today by the Governor in the Third Quarter Review of the Monetary Policy 2012-13, it has been decided to reduce the Repo rate under the… Read More

Modifications in Bank KYC norms in the event of transfer of account holder

RBI/2012-13/399 DBOD.AML.BC. No. 78 /14.01.001/2012-13 January 29, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Please refer to… Read More

Standing Liquidity Facilities for Banks and Primary Dealers

RBI/2012-13/400 REF.No.MPD.BC.361 /07.01.279/2012-13 Magha 9, 1934 (Saka) January 29, 2013 To All Scheduled Banks [excluding Regional Rural Banks(RRBs) ] and Primary Dealers Dear Sir/Madam, Standing Liquidity Facilities for Banks and Primary Dealers Please refer to the Third Quarter Review of Monetary Policy 2012-13 dated January 29, 2013, in terms of which the repo rate under the… Read More

Third Quarter Review of Monetary Policy 2012-13

Dr. D. Subbarao, Governor of Reserve Bank of India presented the Third Quarter Review of the Monetary Policy 2012-13. Some highlights of the same are given here. The full report is also available for download. Since the Second Quarter Review (SQR) of Monetary Policy in October 2012, headwinds holding back the global economy have begun to… Read More

4 FDI Proposals Approved by FIPB

Further to Para 5 of the Press Release dated January 11, 2013 regarding Foreign Direct Investment (FDI) proposals approved by FIPB, wherein it was stated that decision in case of the Five (5) proposals will be communicated separately, the Central Government has now approved the following Four (4) proposals out of them amounting to Rs. 280.00 croreapproximately. Following 4… Read More

Amendment of FEMA Rules regarding Transfer or Issue of Security by a Person Resident outside India

Reserve Bank of India Foreign Exchange Department Central Office Mumbai- 400 001 Notification No. FEMA. 255/2013-RB Dated January 19, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2013 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section… Read More

Auction of Government of India Dated Securities

Ref.No. IDMD/2193/08.02.032/2012-13 January 28, 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 Govenment of India have offered to sell (re-issue) (a) 8.12 percent Government Stock 2020 for a notified amount of Rs.3,000 crore (nominal)… Read More

Auction for Sale (Re-issue) of ˜8.12 per cent Government Stock, 2020™

Government of India Ministry of Finance Department of Economic Affairs Budget Division New Delhi, dated January 28, 2013 NOTIFICATION Auction for Sale (Re-issue) of ˜8.12 per cent Government Stock, 2020™ F. No.4 (5) W&M/2012: Government of India hereby notifies sale (re-issue) of ˜8.12 per cent Government Stock, 2020™ (hereinafter called 'the Stock') for an aggregate… Read More