FEMA - Corporate Law Reporter

Review of Service Charges for Cheque Collection Outstation and Speed Clearing

RBI/2011-12/560 DPSS.CO.CHD.No. / 2080 / 03.01.03 / 2011-12 May 11, 2012 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / UCBs / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir, Review of Service Charges for Cheque Collection Outstation and Speed Clearing… Read More

Transfer of Borrowal Accounts from One Bank to Another

RBI/2011-12/551 DBOD.No.BP.BC-104/21.04.048/2011-12 The Chairman and Managing Director/ Chief Executive Officer of All Scheduled Commercial Banks Dear Sir, Transfer of Borrowal Accounts from One Bank to Another Please refer to our circular IECD.No.20/08.12.01/97-98 dated December 2, 1997, in terms of which banks were advised to incorporate the necessary safeguards to be observed in the case of… Read More

Risk Management and Inter Bank Dealings

RBI/2011-12/546 A.P. (DIR Series) Circular No.123 May 10, 2012 To, All Authorised Dealer Category - I Banks Madam / Sir, Risk Management and Inter Bank Dealings Attention of Authorized Dealers Category I (AD Category I) banks is invited to A.P. (DIR Series) Circular No.58 dated December 15, 2011 on the captioned subject. 2. In terms of the… Read More

RBI-Exchange Earner’s Foreign Currency (EEFC) Account

RBI/2011-12/547 A. P. (DIR Series) Circular No. 124 May 10, 2012 To AD Category I Authorised Dealer Banks Madam/ Sir, Exchange Earner's Foreign Currency (EEFC) Account Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No.15 dated November 30, 2006 in terms of which all foreign exchange… Read More

DGFT-Amendment in paragraph 6.9 of Foreign Trade Policy

Government of India Ministry of Commerce and Industry Department of Commerce Udyog Bhawan Notification No.115 (RE-2010) /2009-2014 New Delhi, the 7th May, 2012 Subject: Amendment in paragraph 6.9 of FTP. S.O (E) : In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, as amended, … Read More

RBI-Interest Rates on FCNR (B) Deposits

RBI/2011-12/543 RPCD.CO RRB.No. 76 /03.05.33 (C) /2011-12 May 8, 2012 The Chairmen All Regional Rural Banks Dear Sir, Interest Rates on FCNR (B) Deposits Please refer to paragraph 2 of our circular RPCD.CO.RRB.BC.No. 36/03.05.33 (C) /2011-12 dated November 24, 2011 on Interest Rates on deposits held in FCNR (B) Accounts. In view of the prevailing market conditions,… Read More

Foreign Direct Investment (FDI) in India – Issue of equity shares under the FDI scheme allowed under the Government route

RBI/2011-12/541 A. P. (DIR Series) Circular No.120 May 08, 2012 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 the A.P. (DIR… Read More

Foreign investment in Commodity Exchanges and NBFC Sector – Amendment to the FDI Scheme

RBI/2011-12/542 A. P. (DIR Series) Circular No.121 May 08, 2012 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign investment in Commodity Exchanges and NBFC Sector - Amendment to the Foreign Direct Investment (FDI) Scheme Attention of Authorised Dealers Category I (AD Category - I) banks is invited to Schedule 1 to the Foreign… Read More

External Commercial Borrowings (ECB) Policy – Utilization of ECB proceeds for Rupee expenditure

RBI/2011-12/539 A. P. (DIR Series) Circular No.119 May 7, 2012 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy - Utilization of ECB proceeds for Rupee expenditure Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 5 dated August 1, 2005 and A.P. (DIR Series) Circular… Read More

Release of Foreign Exchange for Miscellaneous Remittances

RBI/2011-12/537 A. P. (DIR Series) Circular No.118 May 07, 2012 To All Authorised Dealers in Foreign Exchange Madam/ Sir, Release of Foreign Exchange for Miscellaneous Remittances Attention of Authorised Dealers in foreign exchange is drawn to A.P.(DIR Series) Circular No. 16 dated September 12, 2002, in terms of which the Authorised Dealers were advised to release… Read More

Transfer of Funds from Non-Resident Ordinary (NRO) account to Non- Resident External (NRE) Account

RBI/2011-12/536 A. P. (DIR Series) Circular No.117 To All Authorised Dealer banks and Authorised banks Madam/Sir, Transfer of Funds from Non-Resident Ordinary (NRO) account to Non- Resident External (NRE) Account The Committee to Review the Facilities for Individuals Under FEMA, 1999 (Chairperson : Smt. K.J.Udeshi) has recommended that the NRIs/PIOs may be permitted, subject to… Read More

Exemption of Customs Duty

Cut and polished diamonds sent abroad and re-imported after certification/ grading by the laboratories/ agencies as notified in the Foreign trade Policy have been exempted from two percent basic customs duty with effect from 9.3.2012. The exemption is a facilitation measure to ensure that the domestic cutting and polishing industry does not suffer additional duty… Read More

Loans to Companies/ Industrial Houses

The Reserve Bank of India (RBI) maintains data on outstanding credit of Scheduled Commercial Banks (SCBs) to public, private corporate and household sectors and not on loans disbursed to different sectors of the economy. The outstanding credit of SCBs to Private Corporate Sector during the last three years is as under. (Rs.in lakhs) Organisation As on March,… Read More