FEMA - Corporate Law Reporter

Statement by Revenue Secretary Regarding Payment of Indirect Taxes

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 The text of the Revenue Secretary Shri Sumit Bose™s Statement made to the media today is as follows: The Finance Minister… Read More

FM Statement on Current Account Deficit

FM Statement on Current Account Deficit (CAD); Confident to Finance the Cad Without Drawing Upon Reserves; Appeal to the People to Moderate the Demand for Gold as IT Leads to Large Imports of Gold The text of the Union Finance Minister Shri P.Chidambaram™s Statement about Current Account Deficit (CAD) is as follows: I have spoken… Read More

RBI Clarification on KYC Norms for Cross Border Inward Remittance under MTSS

RBI has issued a circular to clarify that in order to ease the burden on the prospective customers in complying with KYC requirements for doing money transfer activities under the Money Transfer Service Scheme, it has now been decided that: If the address on the document submitted for identity proof by the prospective customer is… Read More

RBI Clarification on KYC Norms for Money Changing Activities

RBI has issued a circular stating that in order to ease the burden on the prospective customers in complying with KYC requirements for doing money changing activities, it has now been decided that: If the address on the document submitted for identity proof by the prospective customer is same as that declared by him/her, the… Read More

Implementation of Swarna Jayanti Shahari Rozgar Yojana

Swarna Jayanthi Shahari Rozgar Yojana (SJSRY) is a centrally sponsored urban poverty alleviation programme initiated in 1997. 75% of the funds for SJSRY is provided by Government of India while the State Government contributes 25%. The Reserve bank of India has published a circular on the implementation of SJSRY as given under. RBI/2012-13/360 RPCD GSSD. BC. No.… Read More

RBI releases guidelines on White Label Automated Teller Machines (WLAs)

The Reserve Bank of India, today released on its website, the final guidelines on "White Label Automated Teller Machines(WLAs) in India". White Label ATMs are ATMs set up, owned and operated by non-bank entities incorporated in India under the Companies Act, 1956. Till now, only banks were permitted to set up Automated Teller Machines (ATMs)… Read More

RBI Guidelines for White Label ATMs (WLAs) in India – June 2012

RBI/2011-12/612 DPSS.CO.PD. No. 2298/02.10.002/2011-2012 June 20, 2012 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 Authorised ATM Network Operators / Card Payment Network Operators Prospective White Label ATM Operators. Dear Sir, White Label ATMs (WLAs) in… Read More

RBI Guidelines for White Label ATMs (WLAs) in India – August 2012

RBI/2012-13/183 DPSS.CO.PD. No.391/02.10.002/2012-13 August 31, 2012 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 Authorised ATM Network Operators /Card Payment Network Operators Prospective White Label ATM Operators. Dear Sir, White Label ATMs (WLAs) in India… Read More

RBI Guidelines for White Label ATMs (WLAs) in India – October 2012

RBI/2012-13/257 DPSS.CO.PD. No.670/02.10.002/2012-13 October 19, 2012 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 Authorised ATM Network Operators /Card Payment Network Operators Prospective White Label ATM Operators Dear Sir, White Label ATMs (WLAs) in India… Read More

White Label ATMs in India – Submission of Applications

RBI/2012-13/356 DPSS.CO.PD. No. 1067 /02.10.002/2012-13 December 31, 2012 The Chairmen and Managing Directors / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Authorised ATM Network Operators /Card Payment Network Operators Prospective White Label ATM Operators Madam/Dear Sir, White Label ATMs (WLAs)… Read More

RBI extends Time for Submitting Applications for White Label ATMs

The Reserve Bank of India has extended the date for submission of application for deployment of White Label ATMs up to January 15, 2013. The timeline, however, has been extended only for those entities that satisfy all the other criteria stipulated in the Reserve Bank guidelines dated June 20, 2012, but are waiting for capital… Read More

List of districts for roll-out of Direct Benefits Transfer

List of districts for roll-out of Direct Benefits Transfer Direct Benefits Transfer is being rolled out from 1.1.2013 in the following districts: S. No. District State/UT 1 Tumkur Karnataka 2 Mysore Karnataka 3 Dharwar Karnataka 4 Puducherry Puducherry 5 Chandigarh Chandigarh 6 SBS Nagar/Nawanshahar Punjab 7 North-East Delhi Delhi 8 North-West Delhi Delhi 9 Hoshangabad… Read More

Rollout of Direct Benefits Transfer to begin from 1 January 2013

A decision was taken in the meeting of the National Committee on Direct Cash Transfers held by the Prime Minister that Direct Benefit Transfers will be rolled out from 1 January 2013 in 43 identified districts. The purpose of Direct Benefits Transfer is to ensure that benefits go to individuals bank accounts electronically, cutting down… Read More