FEMA - Corporate Law Reporter

‘Non Banking Financial Company-Micro Finance Institutions’ (NBFC-MFIs) – Provisioning Norms- Extension of time

RBI/2011-12/463 DNBS.PD/ CC.No.263 / 03.10.038 /2011-12 March 20, 2012 All NBFCs (excluding RNBCs) Dear Sir, 'Non Banking Financial Company-Micro Finance Institutions' (NBFC-MFIs) - Provisioning Norms- Extension of time A new category of NBFCs namely 'Non Banking Financial Company-Micro Finance Institutions' (NBFC-MFIs) was introduced videDNBS.CC.PD.No.250/03.10.01/2011-12 dated December 02, 2011, which also contained guidelines on asset classification… Read More

Special Clearing on March 31, 2012

RBI/2011-12/462 DPSS.CO.CHD.No./1732/03.01.03/2011-2012 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / UCBs / State Co-operative Banks / District Central Co-operative Banks Madam / Dear sir, Special Clearing on March 31, 2012 With a view to facilitating accounting of all the Government transactions of the current financial year (2011-12)… Read More

Clarification – Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors / Non-Resident Indian limits for investments under the Portfolio Investment Scheme

RBI/2011-12/453 A.P. (DIR Series) Circular No. 94 To All Category I Authorised Dealer banks Madam / Sir, Clarification - Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors / Non-Resident Indian limits for investments under the Portfolio Investment Scheme Attention of Authorised Dealers Category I (AD Category - I)… Read More

Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account – Reporting and Accounting of March Transactions – Special Arrangements – Financial Year 2011-2012

RBI/2011-2012/458 DGBA.GAD.No.H - 6160/42.01.029/2011-12 The Chairman & Managing Director / The Chief Executive Officer All Agency Banks Dear Sir / Madam, Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions - Special Arrangements -… Read More

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2011-12)

RBI/2011-12/457 DGBA.GAD.No.H - 6150/42.01.029/2011-12 March 19, 2012 The Chairman & Managing Director/The Chief Executive Officer All Agency Banks Dear Sir/Madam, Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year (2011-12) With a view to facilitating accounting of all Government transactions of the current financial… Read More

Investment in Indian Venture Capital Undertakings and /or domestic Venture Capital Funds by SEBI registered Foreign Venture Capital Investors

RBI/2011-12/452 A.P. (DIR Series) Circular No.93 March 19, 2012 To, All Category I Authorised Dealer banks Madam / Sir, Investment in Indian Venture Capital Undertakings and /or domestic Venture Capital Funds by SEBI registered Foreign Venture Capital Investors Attention of Authorised Dealers Category I (AD Category - I) banks is invited to Schedule 6 to… Read More

Rates of Interest – RIDF and other funds

RBI/2011-12/451 RPCD.CO. Plan.BC.66/04.09.54/2011-12 The Chairman/Managing Director/ Chief Executive Officer (All Scheduled Commercial Banks excluding RRBs) Dear Sir/Madam, Rates of Interest - RIDF and other funds Consequent upon the revision of Bank Rate from 6 percent to 9.5 percent vide RBI's notification dated February 13, 2012, the interest rates applicable to RIDF and other similar funds… Read More

Non- Reckoning Fixed Deposits with Banks as Financial Assets

RBI/2011-12/446 DNBS (PD)CC.No.259 /03.02.59/2011-12 All Non Banking Financial Companies (excluding Residuary Non Banking Companies) Dear Sir, Non- Reckoning Fixed Deposits with Banks as Financial Assets In terms of Section 45IA (1) of the RBI Act 1934, no non-banking financial company shall commence business or carry on the business of a non-banking financial institution without (a)… Read More

RRBs/StCBs/DCCBs Bank Rate Increased

RBI/2011-12/445 RPCD.CO.RRB.RCB.BC.No.63/07.40.06/2011-12 The Chairmen/Chief Executive Officers, All Regional Rural Banks / State and Central Co-operative Banks Dear Sir, Bank Rate Section 49 of the Reserve Bank of India Act, 1934 requires the Reserve Bank to make public (from time to time) the standard rate at which it is prepared to buy or re-discount bills of… Read More

Opening of Diamond Dollar Accounts (DDAs) Change in periodicity of the reporting

RBI/2011-12/440 A.P. (DIR Series) Circular No. 92 To, All Category - I Authorised Dealer Banks Madam / Sir, Opening of Diamond Dollar Accounts (DDAs) Change in periodicity of the reporting Attention of Authorized Dealer Category I (AD Category-I) banks is invited to para 4 of A.P. (DIR Series) Circular No. 51 dated February 13, 2009 in terms… Read More

Section 42(1) of the Reserve Bank of India Act, 1934 – Maintenance of CRR

RBI/2011-12/438 RPCD.CO.RCB.RRB.BC.No.65/03.05.33/2011-12 All Scheduled State Co-operative Banks / Regional Rural Banks Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR Please refer to our Circular RPCD.CO.RCB.BC.No.56/07.02.01/2011-12 dated January 25, 2012, on the captioned subject. 2. On review of the current and evolving liquidity conditions as set out in the… Read More

RBI reduces CRR reduced from 5.50 % to 4.75 %

RBI/2011-12/435 UBD.BPD. (SCB). Cir.No.3/12.03.000/ 2011-12 March 9, 2012 The Chief Executive Officers of All Scheduled Primary (Urban) Co-operative Banks Madam / Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR Please refer to our Circular UBD (PCB).CIR.No.2/12.03.000/2011-12 dated January 25, 2012 on the captioned subject. 2. On review of the… Read More

Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives

RBI/2011-12/433 FMD.MSRG.No.67/02.05.002/2011-12 All Category I Authorised Dealer Banks and Primary Dealers Madam/Sir, Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives As you are aware, the Reserve Bank of India has taken several steps in the past to improve the transparency of the OTC derivatives market in India. It may be recalled that in… Read More