FEMA - Corporate Law Reporter

Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concerns

RBI/2011-12/511 RPCD.CO.RRB.RCB.AML.BC.No.70/07.40.00/2011-12 April 18, 2012 The Chairmen / CEOs of all Regional Rural Banks/ State and Central Co-operative Banks Dear Sir, Know Your Customer (KYC) Guidelines - Accounts of Proprietary Concerns Please refer to our circulars RPCD.CO.RRB AML.No.67/ 03.05.33(E)/2009-10 dated April 9, 2010; RPCD. CO. RF. AML. BC. No. 83/07.40.00/ 2009-10 dated May 12, 2010… Read More

RBI- Grant of Certificate of Registration for carrying on the business of Credit Information

RBI/2011-12/510 RPCD.CO RRB.BC No.71/03.05.33/2011-12 April 18, 2012 The Chairman All Regional Rural Banks Dear Sir/Madam, Grant of ˜Certificate of Registration™ For carrying on the business of Credit Information Credit Information Bureau (India) Limited Please refer to our circulars RPCD.CO.RRB.BC.No.62 /03.05.33 /2009-10 dated March 23, 2010, RPCD. CO. RRB. BC. No.70 / 03.05.33 / 2009-10 dated… Read More

RBI- Liquidity Adjustment Facility Repo and Reverse Repo and Marginal Standing Facility Rates

RBI/2011-2012/503 FMD.MOAG. No. 68 /01.01.01/2011-12 April 17, 2012 All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers Dear Sir, Liquidity Adjustment Facility Repo and Reverse Repo and Marginal Standing Facility Rates As announced today by the Governor in the Annual Monetary Policy 2012-13, it has been decided to reduce the Repo rate under the Liquidity… Read More

AML/CFT Standards – Cross Border Inward Remittance under MTSS

RBI/2011-12/508 A. P. (DIR Series) Circular No. 108 April 17, 2012 To, All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam/ Dear Sir, Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme Please refer to our A.P. (DIR Series)… Read More

RBI- Section 24 of the Banking Regulation Act, 1949 Maintenance of Statutory Liquidity Ratio (SLR) Marginal Standing Facility (MSF)

RBI/2011-12/509 Ref: DBOD.No.Ret.BC.95/12.02.001/2011-12 April 17, 2012 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Section 24 of the Banking Regulation Act, 1949 Maintenance of Statutory Liquidity Ratio (SLR) Marginal Standing Facility (MSF) Please refer to our circular DBOD.No.Ret.BC.No.92/12.02.001/2010-11 dated May 09, 2011 wherein it was advised that Scheduled Commercial Banks (SCBs) may borrow… Read More

National Electronic Funds Transfer (NEFT) – Acceptance of NEFT inward for credit to Loan Accounts

RBI/2011-2012/496 DPSS (CO) EPPD No.1894/04.03.01/2011-12 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT Madam / Dear Sir, National Electronic Funds Transfer (NEFT) - Acceptance of NEFT inward for credit to Loan Accounts National Electronic Funds Transfer launched in year 2005 has been working successfully over the years and… Read More

Foreign Direct Investment (FDI) Policy – Circular No. 2 of 2012 – Effective from 1st April, 2012

The consolidated FDI policy document is a single reference point for investors and regulators. The first such consolidation was released in March, 2010 after which it has been updated every six months. This ˜Circular 1 of 2012™-is the fifth edition of the consolidated policy document. In view of the fact that Government has undertaken substantial rationalization/ liberalization… Read More

Notes on ˜Circular 1 of 2012™- Consolidated FDI Policy Document

The consolidated FDI policy document is a single reference point for investors and regulators. The first such consolidation was released in March, 2010 after which it has been updated every six months. This ˜Circular 1 of 2012™-is the fifth edition of the consolidated policy document. The significant changes introduced in this edition of the Circular are: (i) Policy… Read More

Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

RBI/2011-12/490 A.P. (DIR Series) Circular No. 105 April 10, 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. 91… Read More

Relief and Savings bonds-Compensation structure for delay in payment of interest and/or principal

RBI/2011-12/491 DGBA.CDD.H-6614 /13.01.298/2011-12 April 10, 2012 The Chairman and Managing Director/Managing Director Head Office (Government Accounts Department) State Bank of India and Associates, All Nationalized Banks (excluding Punjab and Sind Bank & Andhra Bank), IDBI Bank Ltd. /ICICI Bank Ltd./Axis Bank Ltd./HDFC Bank Ltd., SHCIL Dear Sir/Madam, Relief and Savings bonds-Compensation structure for delay in… Read More

Access criteria for payment systems sub-membership to centralised payment systems

RBI/2011-12/489 DPSS.CO.OD. 1848 /06.07.003/2011-2012 April 9, 2012 The Chairman/Managing Director/Chief Executive Officer All Scheduled Commercial Banks including RRBs/ Urban Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks Dear Sir/Madam Access criteria for payment systems sub-membership to centralised payment systems Under the overall guidance of the Board for Payment and Settlement Systems, the Reserve Bank over the… Read More

Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) – Revision of interest rates

RBI/2011-12/483 DGBA.CDD. No. H- 6506 /15.02.001/2011-12 April 3, 2012 The Chairman and Managing Director/Managing Director Head Office, Government Accounts Department State Bank of India/State Bank of Patiala/ State Bank of Bikaner & Jaipur/State Bank of Travancore/ State Bank of Hyderabad/State Bank of Mysore/ Andhra Bank/ Allahabad Bank/Bank of Baroda/Bank of India/ Bank of Maharashtra/Canara Bank/Central… Read More

Authorised Dealer Category II Permission for additional activity and opening of Nostro account

RBI/2011-12/488 A. P. (DIR Series) Circular No. 104 To All Authorised Persons in Foreign Exchange Madam/Sir, Authorised Dealer Category II Permission for additional activity and opening of Nostro account Attention of all the Authorised Persons in foreign exchange is invited to Para 3 and Para 5 of Annex I to the A. P. (DIR Series) Circular… Read More