FEMA - Corporate Law Reporter

Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Risk takers and Control function staff, etc.

RBI/2011-12/349 DBOD No.BC.72/29.67.001/2011-12 All Private Sector and Foreign Banks operating in India Dear Sir / Madam, Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Risk takers and Control function staff, etc. The compensation practices, especially of large financial institutions, were one of the important factors which contributed to the recent global… Read More

Finance Minister holds Moderation in Inflation Would Continue in Coming Months;

The Union Finance Minister Shri Pranab Mukherjee said that he is confident that moderation in inflation would continue in the coming months, though softening in the prices of manufactured goods, despite the rapid decline in non-food primary inflation, may be more gradual. The Finance Minister Shri Mukherjee maintains that the headline inflation should be between… Read More

Union Finance Minister™s Address at 46th Convocation of Indian Statistical Institute

Please find below the text of the Union Finance Minister Shri Pranab Mukherjee™s Address at 46th Convocation of the Indian Statistical Institute(ISI) in Kolkata today : It is a great pleasure for me to here today on this occasion of the 46th convocation of the Indian Statistical Institute. The opportunity to share some thoughts with… Read More

Export of Goods and Services – Forwarder™s Cargo Receipt

RBI/2011-12/345 A. P. (DIR Series) Circular No.65 To All Authorised Dealers in Foreign Exchange Madam/Sir, Foreign Exchange Management Act, 1999 Export of Goods and Services - Forwarder™s Cargo Receipt Attention of Authorized Dealers is invited to A.P. (DIR Series) Circular No. 27 dated March 2, 2001, in terms of which they may accept Forwarder™s Cargo Receipts… Read More

India’s sovereign credit ratings gets fourth upgrade by Moody’s Investor

On 20th December, 2011, Moody`s Investor Services released a credit rating update for India. It upgraded the rating on long-term government bonds denominated in domestic currency from Bal to Baa3 (from speculative to investment grade). The long-term country ceiling on the foreign currency bank deposits was also upgraded from Bal to Baa3 (from speculative to… Read More

Union Budget 2011-12 Interest Subvention Scheme 2 per cent interest subvention and 3 per cent additionalsubvention for short-term crop loans in 2011-12

RBI / 2011-12/ 344 RPCD.No.PLFS.BC.54/05.04.02/2011-12 January 9, 2012 The Chairman/Managing Director All Public Sector Banks Dear Sir, Union Budget 2011-12 Interest Subvention Scheme 2 per cent interest subvention and 3 per cent additionalsubvention for short-term crop loans in 2011-12 As you are aware, the Hon™ble Finance Minister, in his Budget Speech (paragraph 63) for 2011-12 had… Read More

Govt. allows 100% FDI in Single Brand Retail Trade

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC-I Section) Press Note No.1 (2012 Series) Subject: Review of the policy on Foreign Direct Investment- liberalization of the policy in Single- Brand Retail Trading. 1.0 Present Position: Foreign Direct Investment (FDI), in retail trade, is prohibited except in single brand product retail… Read More

RBI- Implementation of Section 51-A of UAPA, 1967-Updates of UNSCR 1267 (1999) and 1989 (2011) Committee’s Al-Qaida

RBI/2011-12/343; RPCD.CO.RCB.AML.No.6764/07.02.12/2011-12 The Chairmen / CEOs of all State and Central Co-operative Banks 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.BC.No.52/07.02.12/2011-12 dated January 4, 2012. We have since received from Government of India, Ministry of External Affairs, UNP Division copies of… Read More

Payment of Penal Interest for delayed credit/refunds of NEFT transactions

RBI/2011-12/342 DPSS (CO) EPPD No.1204/04.03.01/2011-12 January 05, 2012 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT / Indian Banks™ Association Madam / Dear Sir, Payment of Penal Interest for delayed credit/refunds of NEFT transactions and efficient functioning of Customer Facilitation Centres Please refer to our… Read More

3rd Annual FEMA Summit – FDI Policy & 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

Union Finance Minister, Shri Pranab Mukherjee™s Speech at the IIFCL Foundation Day and Launch of Pilot Credit Enhancement Scheme

Following is the text of the Speech of the Union Finance Minister,Shri Pranab Mukherjee delivered here today at the IIFCL Foundation Day and Launch of Pilot Credit Enhancement Scheme I am happy to join you all on the Foundation Day of India Infrastructure Finance Company Limited (IIFCL) and launch of Pilot Transaction of Credit Enhancement. On this day, in the… Read More

Need for Developing New Instruments, like Credit Enhancement to Enable Increased Financing for Infrastructure Projects, Says FM; Launches the Pilot Transaction under Credit Enhancement Scheme, a Major Initiative of IIFCL

The Union Finance Minister, Shri Pranab Mukherjee has emphasized on the need for developing new instruments, like credit enhancement for providing increased financing for infrastructure projects in the country. The Finance Ministerwas speaking after launching the Pilot transaction under Credit Enhancement Scheme, a major initiative of Indian Infrastructure Finance Company Limited (IIFCL) here today. The… Read More

Press Note on Arrear Demand Communication

It has been reported in some sections of the press that the Central Processing Centre , Bangalore is sending notices for payment of taxes which are as small as Rs. 1/- , 4/- , 6/-, causing unnecessary hardship to assesses . It has been stated that when the refunds for amounts less than Rs. 100/- are not issued by the… Read More