FEMA - Corporate Law Reporter

Banks™ Exposures to Central Counterparties

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 Capital requirements for bank exposures to central counterparties Please refer to the paragraph 88 (extract enclosed) of the Second Quarter Review of Monetary… Read More

Draft Guidelines on Capital requirements for bank exposures to central counterparties

The Reserve Bank of India today released on its website, Draft Guidelines on ˜Capital requirements for bank exposures to central counterparties™ for comments and feedback. Comments/feedback on the draft guidelines may be sent by January 31, 2013 to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Reserve Bank of India, Central Office Building,… Read More

No headway in tax avoidance agreement with Mauritius

The Finance Minister Mr. P. Chidambaram today clarified that there has been no headway in the talks on tax avoidance agreement with Mauritius. The discussion process with the island nation has been under way for quite some time, however, no real progress has been seen till date. The Joint Working Group (JWG), which had been constituted… Read More

Exim Bank’s Line of Credit to the Government of the Kingdom of Swaziland

RBI//2012-13/380 A.P. (DIR Series) Circular No.75 January 15, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 37.90 million to the Government of the Kingdom of Swaziland Export-Import Bank of India (Exim Bank) has concluded an Agreement dated October 01, 2012 with the Government of the… Read More

Four FDI Proposals Approved by FIPB

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2012, the Central Government has approved four (04) proposals of Foreign Direct Investment (FDI) amounting to Rs. 1286.75 crore approximately. The following four (04) proposals have been approved. Sl. No. Name of theapplicant Particulars of the proposal FDI/NRIinflows (` In crore) INDUSTRIAL POLICY & PROMOTION 1 M/s PranBeverages (India) Pvt. Ltd., Kolkata Change in foreign collaborator and increase in foreign equity participation to carry out the business of… Read More

Major Recommendations of Expert Committee on GAAR Accepted

The Central Government has carefully considered the report of the Expert Committee on General Anti Avoidance Rules (GAAR) and accepted the major recommendations of the Expert Committee with some modifications. This was announced by the Union Finance Minstar Shri P.Chidambaram here today in a press conference. The Finance Minister said that the following decisions have been taken… Read More

Wholesale price indices – Review of December’12 Numbers

The Ministry of Commerce and Industry released a review of the numbers for wholesale price index for the month of December 2012. The official Wholesale Price Index for ˜All Commodities™ (Base: 2004-05 = 100) for the month December, 2012 declined by 0.1 percent to 168.6 (Provisional) from 168.8 (Provisional) for the previous month. INFLATION The… Read More

Rupee Export Credit Interest Subvention – Procedure & Tariff Lines (Annexures)

RBI/2012-13/376 DBOD.Dir.(Exp)BC.No.70/04.02.001/2012-13 January 14, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Rupee Export Credit - Interest Subvention Please refer to our circular DBOD.Dir.(Exp).BC.No.112/04.02.001/2011-12 dated June 19, 2012 wherein interest subvention of 2% was extended w.e.f. April 1, 2012 to March 31, 2013 on pre and post shipment rupee export credit for certain employment orientated… Read More

Rupee Export Credit Interest Rate Subvention Scheme Extension to other sectors

DBOD.Dir.(Exp).BC.No.69/04.02.001/2012-13 January 14, 2013 Rupee Export Credit - Interest Subvention In exercise of the powers conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, in partial modification of directive DBOD.Dir.(Exp).BC.No.111 / 04.02.001… Read More

Performance Audit of Agricultural Debt Waiver and Debt Relief Scheme, 2008

RBI/2012-13/377 RPCD.CO.FSD. No. BC. 58/05.04.02/2012-13 January 14, 2013 The Chairman/ Managing Director/ Chief Executive Officer All scheduled commercial banks & Local Area Banks Madam/Dear Sir, PERFORMANCE AUDIT OF AGRICULTURAL DEBT WAIVER AND DEBT RELIEF SCHEME, 2008 1. As you are aware, the Performance Audit of the Agricultural Debt Waiver and Debt Relief Scheme (ADWDRS), 2008… Read More

FDI in India – Issue of equity shares under the FDI scheme allowed under the Government route

RBI/2012-13/375 A. P. (DIR Series) Circular No.74 January 10, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI scheme allowed under the Government route Attention of Authorised Dealers Category I (AD Category - I) banks is invited to Para 3… Read More

Uploading of Reports on FINnet Gateway

RBI/2012-13/374 A.P. (DIR Series) Circular No. 73 January 10, 2013 To All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme Madam/ Dear Sir, Uploading of Reports on FINnet Gateway Please refer to our A.P.(DIR Series) Circular No. 43 dated October 12, 2012, advising all Authorised Persons, who are Indian Agents under Money Transfer… Read More

Submission of Reports on FINnet Gateway

RBI/2012-13/373 A.P. (DIR Series) Circular No. 72 January 10, 2013 To All Authorised Persons Madam/Sir, Uploading of Reports on FINnet Gateway Please refer to our A.P.(DIR Series) Circular No. 42 dated October 12, 2012, advising all Authorised Persons to initiate submission of reports on the FINnet Gateway in 'Test Mode' from August 31, 2012. 2. FIU-IND… Read More