FEMA - Corporate Law Reporter

MoF clarification on expenditure ceilings

Some Ministries /Departments had sought clarification in relation to the scheme-wise restriction of 33% and 15% on expenditure ceilings, in the last quarter / month of the year. The matter has been examined in this Ministry, and it is reiterated that the restriction of 33% and 15% expenditure ceilings is to be enforced both scheme-wise… Read More

Agenda for FIPB’s 186th Meeting to be held on 24th Jan 2013

Special Messenger Most Immediate No. 7(01)/2013-FIPB Government of India Ministry of Finance Department of Economic Affairs (FIPB Unit) **** New Delhi, the January 8, 2013. Office Memorandum Subject: Meeting of the Foreign Investment Promotion Board (FIPB) - regarding. The 186th Meeting of the Foreign Investment Promotion Board (FIPB) is scheduled to be held on Friday,… Read More

FIPB – Postponement Notice for 186th Meeting to be held now on 24th January,2013

Special Messenger Most Immediate No. 7(01)/2013-FIPB Government of India Ministry of Finance Department of Economic Affairs (FIPB Unit) New Delhi, the January 18, 2013. Office Memorandum Subject: Meeting of the Foreign Investment Promotion Board (FIPB) - regarding. The undersigned is directed to refer to this Department™s Office Memorandum of even number dated the January 8,… Read More

Simplification of Procedures for settlement of Claims with respect to deceased depositors

RBI/2012-13/386 UBD.BPD.(PCB)CIR No. 32/13.01.000/2012-13 January 21, 2013 The Chief Executive Officers All Primary (Urban) Co-operative Banks Dear Sir, Settlement of Claims in respect of Deceased Depositors Simplification of Procedure - UCBs Please refer to paragraph 2 of our circular UBD. BPD.CIR No.4/13.01.000/ 2005-06 dated July 14, 2005 on the captioned subject. In case of access to balance in… Read More

Amendments in External Commercial Borrowings Policy for Manufacturing, Infrastructure and Hotel Sectors

The RBI has made some amendments in the policies governing External Commercial Borrowings with respect to repayment of Rupee Loans and infusion of capital expenditure. It the current changes, it has allows, manufacturing and infrastructure companies to to avail ECBs for repayment of loans taken from Indian Banks. They can also avail this for fresh… Read More

Identification of ‘beneficial ownership’ under PMLA

RBI/2012-13/385 DBOD.AML.BC. No.71/14.01.001/2012-13 January 18, 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 paragraph 2.4 (a) of Master Circular… Read More

Exim Bank’s Line of Credit to Nigerian Export-Import Bank

RBI/2012-13/384 A.P. (DIR Series) Circular No.77 January 18, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit (LOC) of USD 20 million to Nigerian Export-Import Bank Export-Import Bank of India (Exim Bank) has concluded an agreement dated November 15, 2011 with the Nigerian Export-Import Bank , making… Read More

Reporting under Foreign Exchange Management Act, 1999 (FEMA)

RBI/2012-13/383 A.P. (DIR Series) Circular No. 76 January 17, 2013 To All Category - I Authorised Dealer Banks Madam /Sir, Reporting under Foreign Exchange Management Act, 1999 (FEMA) In terms of Section 11 (2) of FEMA, 1999, the Reserve Bank may, for the purpose of ensuring the compliance with the provisions of the Act or… Read More

Reporting of declines in ATM transactions

RBI/2012-13/382 DPSS.CO.PD.No.1207/02.10.002/2012-2013 January 17, 2013 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir Declines in ATM transactions reporting of Please refer to our circular DPSS. No. 101/02.10.02/2009-2010, dated July 17, 2009 on… Read More

Aligning ˜National Investment Fund™ operation to enhance ˜Disinvestment Policy™

The Cabinet Committee on Economic Affairs today approved the following: (i) The disinvestment proceeds with effect from the fiscal year 2013-14 will be credited to the existing public account under the head National Investment Fund (NIF), and they would remain there until withdrawn/invested for the approved purposes. (ii) The NIF will be used for the following purposes:… Read More

Cabinet Committee Approves Budgetary Ceiling for Annuity Payments for PPP Projects

The Cabinet Committee on Economic Affairs has approved the recommendations made by the Inter-Ministerial Task Force under the chairmanship of Member (B.K. Chaturvedi), Planning Commission on budgetary ceilings for annuity commitments under Public Private Partnership (PPP) projects across sectors. The recommendation of the committee would ensure that future budgetary options do not get restricted due… Read More

RBI Releases Draft Guidelines on Composition of Capital Disclosure Requirements

The Reserve Bank of India today released on its website, Draft Guidelines on ˜Composition of Capital Disclosure Requirements™ for comments and feedback. Comments/feedback on the draft guidelines may be sent by February 9, 2013 to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Reserve Bank of India, Central Office Building, 12th Floor, S.B.… Read More

Basel III Disclosure Requirements on Regulatory Capital Composition

RBI/2012-13/ DBOD.No.BP.BC. /21.06.201/2012-13 January 10, 2013 The Chairman and Managing Directors/ Chief Executives Officers of All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Dear Sir, Draft Guidelines on Composition of Capital Disclosure Requirements Please refer to the paragraph 87 (extract enclosed) of the Second Quarter Review of Monetary Policy Statement 2012-13 announced… Read More