FEMA - Corporate Law Reporter

Change of dates for Auction of GoI Dated Securities

In view of the cash position of Government of India, it has been decided to revise the indicative calendar for marketable dated securities for January-March 2013. The auction of dated securities for Rs. 12,000 crore scheduled in the week ending January 4, 2013 has been shifted to the week ending February 22, 2013. Calendar for Issuance of Government… Read More

Statement of India’s External Debt

India™s Total External Debt Stock Stood at US$ 365.3 Billion, Recording an increase of 5.8 per cent over the Level at End- March 2012; Ministry of Finance Releases India™s External Debt Report at End-September 2012 Department of Economic Affairs, Ministry of Finance has been compiling and releasing quarterly statistics on India™s External Debt for… Read More

Withdrawal of RBI Circulars related to write-off of Bad Debt

RBI has withdrawn all circulars send to Private sector banks for delegation of powers on writing off bad debt, losses and compromise proposals. Read More

RBI to Adopt ISO 20022 Compliant Messaging Standards

The Next Generation - Real Time Gross Settlement (RTGS) systems will be developed to conform to ISO 20022 standards, RBI announced in the final hours of 2012. ISO 20022, is a globally accepted ISO Standard for Financial Services Messaging. It describes a Metadata Repository containing descriptions of messages and business processes, and a maintenance process for the… Read More

Simplification and Revision of Softex Procedures at SEZs

Some modifications have been made in the Softex procedures for organizaitions in SEZs, EPZs, and STPIs. The process has been simplified on all India basis and as per the revised procedure, a software export firm which is either under STPIs or SEZs/EPZs/100%EOU/DTA, and who either annually files at least 600 SOFTEX forms, or whose annual turnover… Read More

Guidelines for Issue of Commercial Paper

The following is a circular that has been issued by the RBI, in the light of some of the recent developments in the financial markets. The directions provided in this document and subsequent notification below, is applicable to issuance of Commercial Paper (CP). The proposed guidelines have been reviewed and issued in consultation with the… Read More

Revisions in existing investment limits for lending to Micro Enterprises

RBI has made a revision in the existing limits for lending related to Micro Enterprises who have investments in plant, machinery and equipment. The lending has been revised in a 40:20 proportion i.e. 40% advances made to the Micro and Small Enterprises (MSME), would go to Micro firms, both service and manufacturing, having investments of… Read More

Exim Bank’s Line of Credit of USD 250 million to the Government of Mozambique

RBI/2012-13/350 A.P. (DIR Series) Circular No. 65 December 27, 2012 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 250 million to the Government of the Republic of Mozambique Export-Import Bank of India (Exim Bank) has concluded an Agreement dated September 20, 2012 with the Government… Read More

Exim Bank’s Line of Credit of USD 19 million to the Government of Guyana

RBI/2012-13/349 A.P. (DIR Series) Circular No. 64 December 27, 2012 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 19 million to the Government of the Co-Operative Republic of Guyana Export-Import Bank of India (Exim Bank) has concluded an Agreement dated October 30, 2012 with the… Read More

Procedure for Incremental Exports Incentivisation Scheme

(To be published in The Gazette of India Extraordinary Part-I-Section-1) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi. Public Notice No. 41/2009-2014 (RE- 2012) The 28th December, 2012 In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General… Read More

Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) – Standards

RBI/2012-13/353 DNBS (PD).CC. No 319/03.10.42/2012-13 December 28, 2012 All Non Banking Financial Companies / Residuary Non Banking Companies Dear Sir/Madam, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to DNBS (PD).CC.No.304/03.10.42/2011-12 dated September 17, 2012 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. Financial Action Task Force (FATF)… Read More

Implementation of Section 51-A of UAPA, 1967 -Updates of the UNSCR Committee’s Sanctions List

RBI/2012-13/352 DNBS (PD).CC.No 318/03.10.42/2012-13 December 28, 2012 All Non Banking Financial Companies / Residuary Non Banking Companies Dear Sir/Madam, Implementation of Section 51-A of UAPA, 1967 -Updates of the UNSCR 1267 (1999) /1989 (2011) Committee's Al Qaida Sanctions List Please refer to DNBS (PD).CC.No 313/03.10.42/2012-13 dated December 10, 2012. The Chairman of UN Security Council's 1267/… Read More

Definition of ‘Infrastructure Loan’ of NBFCs – Harmonisation

RBI/2012-13/351 DNBS.PD.CC.No. 317/03.10.001/2012-13 December 28, 2012 All NBFCs Dear Sir/Madam, Definition of 'Infrastructure Loan' of NBFCs - Harmonisation Please refer to RBI™s circular DBOD.No.BP.BC.58/ 08.12.014/2012-13 dated November 20, 2012 on ˜Second Quarter Review of Monetary Policy 2012-13 Definition of Infrastructure Lending' in terms of which the definition of ˜infrastructure lending for the purpose of financing of infrastructure… Read More