FEMA - Corporate Law Reporter

AML Standards – Cross Border Inward Remittance under Money Transfer Service Scheme

RBI/2012-13/372 A.P. (DIR Series) Circular No. 71 January 10, 2013 To All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam/ Dear Sir, Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme Please refer to our A.P.(DIR Series) Circular No. 18 dated… Read More

AML standards – Money changing activities

RBI/2012-13/371 A.P. (DIR Series) Circular No. 70 January 10, 2013 To All Authorised Persons Madam/Sir, Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities Please refer to our A.P.(DIR Series) Circular No. 17 dated August 23, 2012 on risks arising from the deficiencies in AML/CFT regime of certain jurisdiction. 2. Financial Action… Read More

MoF Guidelines for Preparation of Outcome Budget 2013-2014

Introduction Outcome budgets have become an integral part of the budgeting process since 2005-06 OUTCOME BUDGET 2013-14 will broadly indicate the physical dimensions of the financial budgets as also the actual physical performance in 2011-12, performance for the first 9 months of the year 2012-13 and the targeted performance during 2013-14. Scope of Coverage in… Read More

Modified Special Incentive Package Scheme

Modified Special Incentive Package Scheme (M-SIPS) has been introduced to offset disability and attract investment in Electronics Systems Design and Manufacturing (ESDM) Industries. With the release of Guidelines for M-SIPS by the Ministry of Communication and IT, appointment of Nodal officer, and notification of application fee, M-SIPS is now ready to receive applications. The M-SIPS scheme… Read More

Disinvestment of Engineers India Ltd.

The Cabinet Committee on Economic Affairs approved the disinvestment of 10 percent paid up equity in Engineers India Ltd. (EIL) out of its equity capital holding of 80.40 percent through a prospectus based Further Public Offering (FPO), in the domestic market as per SEBI Rules and Regulations. After this disinvestment, Government of India™s shareholding in… Read More

Review of India™s Foreign Trade during December, 2012

The Ministry of Commerce released a review of the Foreign trade done in India during the month of December 2012. The following is the excerpt of the same. EXPORTS (including re-exports) Exports during December, 2012 were valued at US $ 24877.57 million (Rs. 135950.47 crore) which was 1.92 per cent lower in Dollar terms (1.75… Read More

FIPB approves 14 FDI Proposals

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 21, 2012, the Government has approved 14 proposals of Foreign Direct Investment (FDI) amounting to Rs. 1310.60 croreapproximately. Following fourteen (14) proposals have been approved. Sl. No. Name of theapplicant Particulars of the proposal FDI/NRIinflows (` In crore) COMMERCE… Read More

RBI Allots Lead Bank Responsibility in Arunachal new district

RBI/2012-13/370 RPCD.CO.LBS.BC.No. 57/02.08.001/2012-13 January 10, 2013 The Chairmen & Managing Directors All Lead Banks Dear Sir/Madam, Formation of new District in the State of Arunachal Pradesh - Allotment of Lead Bank Responsibility The Government of Arunachal Pradesh vide Gazette Notification No. 200, Vol XVIII dated December 9, 2011 had notified the formation of one new… Read More

Recapitalization of Public Sector Banks

The Union Cabinet today approved the following: (i) To provide capital funds to Public Sector Banks (PSBs) during the year 2012-13 to the tune of Rs.12,517 crore to maintain their Tier-l CRAR at comfortable level, so that they remain compliant with the stricter capital adequacy norms under BASEL-III as well as to support internationally active… Read More

Statement by Revenue Secretary Regarding Payment of Indirect Taxes

PRESS INFORMATION BUREAU GOVERNMENT OF INDIA ***** STATEMENT BY REVENUE SECRETARY REGARDING PAYMENT OF INDIRECT TAXES; URGES ALL ASSESSEES TO ENSURE THAT THEY MAKE TIMELY AND CORRECT PAYMENT OF CUSTOMS DUTY, CENTRAL EXCISE DUTY AND SERVICE TAX FOR CONTINUED TRADE FACILITATION New Delhi, Pausa 12, 1934 January 2, 2013 The text of the Revenue Secretary… Read More

Changes made by UNSCR Committee on Al-Qaida Sanctions List

RBI/2012-13/369 DPSS. CO. AD. No. 1121/02.27.005/2012-13 January 8, 2013 CEOs of all the Payment System Operators Authorised under the PSS Act, 2007 Dear Sir Implementation of Section 51-A of UAPA, 1967 -Updates of the UNSCR 1267 (1999) and 1989(2011) Committee's Al Qaida Sanctions List Please refer to our circular DPSS.CO.AD.No.666/02.27.005/2012-13dated October 19, 2012. We have since… Read More

Standards for Anti- Money Laundering Regime

RBI/2012-13/368 DPSS. CO. AD. No. 1120/02.27.005/2012-13 January 8, 2013 Chief Executive Officers of All the Payment System Operators Authorised under the PSS Act, 2007 Dear Sir Anti- Money Laundering (AML) / Combating of Financing of Terrorism (CFT) - Standards Please refer to our circular DPSS.CO.AD.No.426 /02.27.005/2012-13 dated September 6, 2012 on risk arising from the deficiencies in… Read More

Existence of Efficient Financial Markets is Paramount for Achieving Economic Growth: FM

The Union Finance Minister Shri P .Chidambaram said that existence of efficient financial markets i.e. both banks and capital markets, is paramount for achieving economic growth. He said that without vibrant and viable financial market architecture, there cannot be any sustainable economic growth. The Finance Minister said that efficient intermediation by financial markets lead to… Read More