FEMA - Corporate Law Reporter

New Cheque formats under New Cheque Truncation System introduced by RBI

Replace your old Cheque books The latest directive RBI's says that one may not be able to use the old cheques with the implementation of the new Cheque Truncation System (CTS-2010) from next year onwards. The CTS 2010, eliminates physical movement of cheques for the purpose of clearing. Instead, only the electronic images of the cheques,… Read More

RBI-Branch Authorisation Policy- Opening of Administrative/ Controlling Offices in Tier 1 Centres

RBI/2012-13/299 DBOD.NO.BAPD.BC. 60/22.01.001/2012-13 November 20, 2012 Kartika 29, 1934 (Saka) All Domestic Scheduled Commercial Banks (excluding RRBs) Madam/Dear Sir, Branch Authorisation Policy- Opening of Administrative/ Controlling Offices in Tier 1 Centres Please refer to paragraphs 104-105 of the Second Quarter Review of Monetary Policy 2012-13 (extract enclosed), announced on October 30, 2012, wherein it has… Read More

RBI- ECB by Small Industries Development Bank of India (SIDBI)

RBI/2012-13/284 A.P. (DIR Series) Circular No. 48 November 6, 2012 To All Category - I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy ECB by Small Industries Development Bank of India (SIDBI) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign… Read More

Supply of Goods and Services by Special Economic Zones (SEZs) to Units in Domestic Tariff Areas (DTAs) against payment in foreign exchange

RBI/2012-13/259 A. P. (DIR Series) Circular No. 46 October 23, 2012 To All Category - I Authorised Dealer Banks Dear Madam/ Sir, Supply of Goods and Services by Special Economic Zones (SEZs) to Units in Domestic Tariff Areas (DTAs) against payment in foreign exchange Attention of the Authorised Dealer (AD) Category - I banks is… Read More

Export of Goods and Services Simplification and Revision of Softex Procedure

RBI/2012-13/260 A. P. (DIR Series) Circular No. 47 October 23, 2012 To All Authorised Dealers in Foreign Exchange Madam / Sir, Export of Goods and Services Simplification and Revision of Softex Procedure Attention of the Authorised Dealers is invited to Regulation 6 of the Notification No. FEMA 23/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Export… Read More

RBI-Facilities for Persons Resident outside India FIIs

RBI/2012-13/258 A.P. (DIR Series) Circular No.45 October 22, 2012 To, All Authorised Dealer Category I Banks Madam / Sir, Facilities for Persons Resident outside India FIIs Attention of Authorised Dealers Category I (AD Category I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 [Notification No. FEMA/25/RB-2000] and A.P.… Read More

National Electronic Funds Transfer (NEFT) Requirement of Indian Financial System Code (IFSC) in transactions

RBI/2012-13/244 DPSS (CO) EPPD No. 622/04.03.01/2012-13 October 12, 2012 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT Madam / Dear Sir, National Electronic Funds Transfer (NEFT) Requirement of Indian Financial System Code (IFSC) in transactions NEFT system provides for an efficient, affordable, safe mode of funds transfer in… Read More

RBI-Uploading of Reports on FINnet Gateway

RBI/2012-13/243 DBOD. AML.BC.No.49/14.01.001/2012-13 October 11, 2012 The Chairmen/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir Uploading of Reports on FINnet Gateway Please refer to our circular DBOD.AML.BC.No.39/14.01.001/2012-13 dated September 7, 2012 advising all banks/AIFIs to initiate submission of reports on the FINnet Gateway in ˜TEST MODE™ from… Read More

Foreign investment in NBFC Sector – Amendment to the Foreign Direct Investment (FDI) Scheme

RBI/2012-13/241 A. P. (DIR Series) Circular No. 41 October 10, 2012 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign investment in NBFC Sector - Amendment to the Foreign Direct Investment (FDI) Scheme Attention of Authorised Dealer Category I (AD Category-I) banks is invited to Schedule 1 to Foreign Exchange Management (Transfer or Issue… Read More

External Commercial Borrowings (ECB) Policy Review of all-in-cost ceiling

RBI/2012-13/240 A.P. (DIR Series) Circular No. 40 October 09, 2012 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy Review of all-in-cost ceiling Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 99 dated March 30, 2012 relating to ECB. 2. It has been decided… Read More

Deferred Payment Protocols between Government of India and erstwhile USSR – RBI Circular Oct 4 2012

RBI/2012-13/233 A.P. (DIR Series) Circular No. 38 October 4, 2012 To All Category - I Authorised Dealer Banks Madam / Sir, Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A. P. (DIR Series) Circular No.… Read More

RBI-Policy Guidelines for issuance and operation of Prepaid Payment Instruments in India- Amendments

RBI/2012-13/230 DPSS.CO.PD.No.560/02.14.006/2012-13 October 01, 2012 All System Providers, System Participants and all other prospective prepaid payment instrument issuers Dear Sir, Policy Guidelines for issuance and operation of Prepaid Payment Instruments in India- Amendments A reference is invited to our circulars RBI/2008-09/458 DPSS. CO. PD. No. 1873/02.14.06/2008-09 dated April 27, 2009;RBI/2009-10/123 DPSS.CO.PD.No.344/02.14.06/2009-10 dated August 14, 2009; RBI /… Read More

RBI-Uploading of Reports in ˜Test Mode™ on FINnet Gateway

RBI/2012-13/226 UBD.BPD (PCB) Cir. No.13/14.01.062/2012-13 September 27, 2012 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Uploading of Reports in ˜Test Mode™ on FINnet Gateway Please refer to our circular UBD.CO.BPD.No.10/12.05.001/2011-12 dated November 9, 2011 advising Primary (Urban) Co-operative Banks regarding introduction of single XML reporting format under Project FINnet for furnishing reports… Read More