FEMA - Corporate Law Reporter

Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by Resident Indians while on a visit outside India

RBI/2011-12/102 A. P. (DIR Series) Circular No.102 To All Authorised Persons in Foreign Exchange Madam/ Sir, Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by Resident Indians while on a visit outside India Attention of all Authorised Persons, who are authorised to issue foreign currency pre-paid cards to resident Indians visiting outside India, is… Read More

Overseas Direct Investments Liberalisation / Rationalisation

RBI/2011-12/481 A. P. (DIR Series) Circular No.101 To All Category-I Authorised Dealer Banks Madam / Sir, Overseas Direct Investments Liberalisation / Rationalisation Attention of the Authorised Dealer (AD - Category I) banks are invited to the Notification No. FEMA 10/2000-RB dated May 3, 2000 [Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations,… Read More

RBI has decided to permit non-bank entities to setup, own and operate ATMs

Reserve Bank of India (RBI) has decided to permit non-bank entities to setup, own and operate ATMs. The draft guidelines on deployment of White Label ATMs were placed on RBI website for public comments till March 6, 2012. The reasons for permitting non-bank entities to set up ATMs are the following: (i) ATM penetration on… Read More

Discounting of Bills by UCBs Restricted Letters of Credit (LC)

RBI/2011-12/476 UBD.BPD.(PCB). Cir.No. 29/13.05.000/ 2011-12 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Madam / Dear Sir, Discounting of Bills by UCBs Restricted Letters of Credit (LC) Please refer to our Circular UBD.No.BPD.PCB.Cir.37/13.05.00/2003-2004 dated March 16, 2004 wherein UCBs were advised, inter alia, that they should purchase / discount / negotiate bills under… Read More

Discontinuation of Supplying Printed GR forms by Reserve Bank

RBI/2011-12/477 A. P. (DIR Series) Circular No. 98 To, All Category I Authorised Dealer Banks Madam / Sir, Discontinuation of Supplying Printed GR forms by Reserve Bank Attention of Authorised Dealer Category I banks is invited to A.P. (DIR Series) Circular No. 60 dated March 26, 2009, in terms of which GR forms were made available… Read More

Interest Rates on Export Credit in Foreign Currency

RBI/2011-12/480 DBOD.DIR.No.91/04.02.001/2011-12 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Interest Rates on Export Credit in Foreign Currency Please refer to our circular DBOD.DIR.No.52/04.02.001/2011-12 dated November 15, 2011 relating to export credit in foreign currency. 2. It has been decided that the prescriptions regarding ceiling rates on export credit in foreign currency and overseas line of credit… Read More

SLBC website Standardisation of information/data

RBI/2011-12/475 RPCD.CO.LBS.BC.No.68 /02.01.001/2011-12 The CMDs of all SLBC convenor banks Dear Sir/Madam SLBC website Standardisation of information/data As you are aware, all the SLBC convenor banks have been advised vide circular RPCD.CO. LBS.HLC.BC. No. 56/02.19.10/2009-10 dated February 26, 2010, to maintain the SLBC websites where all instructions pertaining to the Lead Bank Scheme and Government Sponsored… Read More

Overseas Investments by Resident Individuals Liberalisation / Rationalisation

RBI/2011-12/474 A. P. (DIR Series) Circular No.97 March 28, 2012 All Category-I Authorised Dealer Banks Overseas Investments by Resident Individuals Liberalisation / Rationalisation Attention of the Authorised Dealer (AD - Category I) banks is invited to the Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security)… Read More

RBI- Overseas Direct Investments by Indian Party Rationalisation

RBI/2011-12/473 A.P. (DIR Series) Circular No. 96 March 28, 2012 All Category-I Authorised Dealer Banks Overseas Direct Investments by Indian Party Rationalisation Attention of the Authorised Dealer (AD - Category I) banks is invited to the Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment)… Read More

Guidelines issued under Section 36(1) (a) of the Banking Regulation Act, 1949 (AACS) – Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010

RBI/2011-12/472 UBD. CO. BPD. (PCB).No 28/12.05.001/2011-12 March 27, 2012 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Dear Sir, Guidelines issued under Section 36(1) (a) of the Banking Regulation Act, 1949 (AACS) - Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010 The Reserve Bank, considering the public interest and on being… Read More

oreign Exchange Management (Deposit) Regulations, 2000 – Credit to Non Resident (External) Rupee Accounts

RBI/2011-12/465 A. P. (DIR Series) Circular No.95 To All Category-I Authorised Dealer Banks and Authorised banks Madam / Sir, Foreign Exchange Management (Deposit) Regulations, 2000 - Credit to Non Resident (External) Rupee Accounts Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to Regulation 5(6) of Foreign Exchange Management (Borrowing or Lending… Read More

NBFCs – KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of banks under PMLA, 2002- Assessment and Monitoring of Risk

RBI/2011-12/466 DNBS(PD).CC. No 264/03.10.42/2011-12 March 21, 2012 All Non Banking Financial Companies / Residuary Non Banking Companies Dear Sir, Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002- Assessment and Monitoring of Risk Please refer to our Master Circular DNBC(PD)CC No 231/03.10.42/2011… Read More

Lending Against Security of Single Product Gold Jewellery

RBI/2011-12/467 DNBS.CC.PD.No.265/03.10.01/2011-12 To All NBFCs Dear Sir, Lending Against Security of Single Product Gold Jewellery It is observed that NBFCs that are predominantly engaged in lending against the collateral of gold jewellery have recorded significant growth in recent years both in terms of size of their balance sheet and physical presence. This in turn, has… Read More