FEMA - Corporate Law Reporter

Grant of Loans and Advances and Award of Contracts to Directors of Banks and their Relatives

RBI/2011-12/385 DBOD.No.BP.BC.79/21.01.001/2011-12 The Chairman and Managing Directors/ Chief Executive Officers of All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam, Grant of Loans and Advances and Award of Contracts to Directors of Banks and their Relatives Please refer to instructions contained in our circulars DBOD.No.GC.BC.34/C.408C(59)S-84 dated April 12, 1984 read with DBOD.No.BC.110/21.01.001/94 dated October 10, 1994… Read More

Housing Loans by Commercial Banks Loan to Value (LTV) Ratio

RBI/2011-12/383 DBOD.No.BP.BC. 78 /08.12.001/2011-12 The Chairmen and Managing Directors / Chief Executive Officers of All Commercial Banks (Excluding Regional Rural Banks) Dear Sir/ Madam Housing Loans by Commercial Banks Loan to Value (LTV) Ratio Please refer to our circular DBOD.No.BP.BC.69/08.12.001/2010-11 dated December 23, 2010 on Housing loans by commercial banks LTV ratio, risk weight and provisioning wherein… Read More

RBI, 2nd Quarter Review of Monetary Policy 2011-12 – Unhedged Foreign Currency Exposure of Corporates

RBI/2011-12/382 DBOD.BP.BC.No.76 /21.04.103/2011-12 February 2, 2012 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Second Quarter Review of Monetary Policy 2011-12 Unhedged Foreign Currency Exposure of Corporates Please refer to paragraphs 102 and 103 of the Second Quarter Review of Monetary Policy 2011-12 (extract enclosed) on ˜Monitoring of Unhedged Foreign Currency Exposure of Corporates by… Read More

RBI- Implementation of Section 51-A of UAPA, 1967

RBI/2011-12/381 RPCD.CO.RCB.AML.No.7695/07.02.12/2011-12 February 1, 2012 The Chairmen / CEOs of all State and Central Co-operative Banks and Regional Rural Banks Dear Sir, Implementation of Section 51-A of UAPA, 1967- Updates of UNSCR 1267 (1999) and 1989 (2011) Committee's Al-Qaida Sanctions List Please refer to our circular RPCD.CO.RCB.AML.No.6764/07.02.12/2011-12 dated January 06, 2012 and RPCD.CO.RRB.AML.No.6723/03.05.28(A)/2011-12 dated January… Read More

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

RBI/2011-12 /380 A.P. (DIR Series) Circular No. 74; February 01, 2012 To All Category - I Authorised Dealer Banks 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. 54 dated… Read More

Master Circular on Memorandum of Instructions governing money changing activities

RBI/2011-12/376 Master Circular No.13 /2011-12 (Updated as on January 31, 2012) To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Circular on Memorandum of Instructions governing money changing activities This Master Circular consolidates the existing instructions on the subject of Memorandum of Instructions governing money changing activities at one place. The list of underlying circulars/… Read More

Appointment of Private Sector Banks as Agency Banks of Reserve Bank of India (RBI)

RBI/2011-2012/377 DGBA.GAD.No.H - 5029/42.01.033/2011-12 The Chairman & Managing Director / Chief Executive Officer All Scheduled Commercial Banks in India Dear Sir/Madam, Government Agency Business Arrangement Appointment of Private Sector Banks as Agency Banks of Reserve Bank of India (RBI) As you are aware, currently all public sector banks are eligible to conduct Government business as… Read More

Memorandum of Instructions governing money changing activities

RBI/2011-12/372 A. P. (DIR Series) Circular No.71 To All Authorised Persons in Foreign Exchange Madam/ Sir, Memorandum of Instructions governing money changing activities Attention of Authorised Persons is invited to the introduction given under Paragraph 2 and Paragraph 2 (iii) (i) of Part A of the Annex I to the Memorandum of Instructions governing money… Read More

Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses

RBI/2011-12/373 A. P. (DIR Series) Circular No.72 To All Category-I Authorised Dealer Banks Madam / Sir, Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses Attention of Authorised Dealer Category I (AD Category I) banks is invited to the Paragraph nos. (A) (1) and (A) (3)… Read More

Deregulation of Savings Bank Deposit Interest Rate – Guidelines

RBI/2011-12/374 RPCD.CO.RRB.BC.No.57 /03.05.33 /2011-12 All State Co-operative Banks (StCBs) / District Central Co-operative Banks (DCCBs) / Regional Rural Banks (RRBs) Dear Sir, Deregulation of Savings Bank Deposit Interest Rate - Guidelines Please refer to our circulars RPCD.CO.RRB.BC.NO.33/03.05.33/2011-12 dated November 23, 2011 and RPCD.CO.RCB.BC.No. 47/07.38.01/2011-12 dated December 26, 2011 on the captioned subject. 2. Based on the references received from… Read More

India Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters

India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of Finance, Government of India in the presence of Deputy Secretary-General of OECD, Mr. Rintaro Tamaki. This instrument hitherto available for… Read More

Additional Repo Operations under Liquidity Adjustment Facility (LAF) on Reporting Fridays

RBI/2011-2012/370 FMD.MOAG. No. 66 /01.01.01/2011-12 All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers Dear Sir, Additional Repo Operations under Liquidity Adjustment Facility (LAF) on Reporting Fridays At present, Reserve Bank of India operates Liquidity Adjustment Facility (LAF) to inject/absorb liquidity through daily Repo/Reverse Repo auctions. While the LAF Repo operations are conducted in the… Read More

3rd Annual FEMA Summit 2012 – FDI Policy and Anti – Money Laundering

It™s a great pleasure to inform you about the upcoming 3rd Annual FEMA Summit 2012, scheduled on 9th & 10th February 2012 in Mumbai. There was a lot of buzz in & around FDI Policy & AML in the country in the recent past, the most hyped political discussion in the winter session on the… Read More