FEMA - Corporate Law Reporter

Capital Requirement for banks™ investments in financial entities exempted from Capital Market Exposure

RBI/2011-12/321 DBOD.No.BP.BC. 69 /21.06.001/2011-12 December 27, 2011 The Chairman and Managing Directors/ Chief Executive Officers of All Scheduled Commercial Banks (Excluding RRBs and LABs) Dear Sir, Capital Requirement for banks™ investments in financial entities exempted from Capital Market Exposure Please refer to paragraph 5.13.4 of our Master Circular No. DBOD.No.BP.BC.11/ 21.06.001/2010-11 dated July 1, 2011 on Prudential Guidelines… Read More

Standardisation and Enhancement of Security Features in Cheque Forms-Implementation of CTS 2010 standard

RBI/2011-12/320 DPSS.CO.CHD.No./ 1112 / 04.07.05 / 2011-12 December 27, 2011 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, Standardisation and Enhancement of Security Features in Cheque Forms-Implementation of CTS 2010 standard… Read More

Credit Default Swaps NBFCs as Users

RBI/2011-12/317 DNBS.CC.PD.No.253/03.10.01/2011-12 December 26, 2011 To All NBFCs(excluding primary dealers) Dear Sir, Credit Default Swaps NBFCs as Users Please refer to the Guidelines on Credit Default Swaps for Corporate Bonds issued vide Circular No.IDMD.PCD.No.5053/14.03.04/2010-11 dated May 23, 2011 in terms of which broad guidelines including the eligible participants and other requirements were outlined. It was also… Read More

Revised Capital Adequacy Framework for Off-Balance Sheet Items for NBFCs

RBI/2011-12/316 DNBS.CC.PD.No.252/03.10.01/2011-12 December 26, 2011 To All NBFCs (excluding RNBCs) Dear Sir, Revised Capital Adequacy Framework for Off-Balance Sheet Items for NBFCs In the normal course of their business, NBFCs are exposed to credit and market risks in view of the asset-liability transformation. With liberalisation in Indian financial markets over the last few years and… Read More

Modified Guidelines in respect of Deregulation of Savings Bank Deposit Interest Rate

RBI/2011-12/315 RPCD.CO.RCB.BC.No.47/ 07.38.01/2011-12 December 26, 2011 All State and Central Co-operative Banks Dear Sir, Deregulation of Savings Bank Deposit Interest Rate - Guidelines Please refer to our circular RPCD.CO.RCB.BC.No.65/07.38.01/2010-11 dated May 3, 2011. 2. As indicated in the Second Quarter Review of Monetary Policy announced on October 25, 2011, it has been decided to deregulate the… Read More

KYC Norms Letter issued by UIDAI containing name, address and Aadhaar number

RBI/2011-12/314 DNBS(PD).CC. No 251 /03.10.42 /2011-12 December 26 , 2011 All Non Banking Financial Companies / Residuary Non Banking Companies Dear Sir, Know Your Customer Norms Letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number Please find enclosed a copy of Government of India Notification No. 14/2010/F.No. 6/2/2007-ES… Read More

KYC Norms/AML Standards/CFT Obligation of Authorised Persons under PMLA, 2002

RBI/2011-12/313 A.P. (DIR Series) Circular No. 60 December 22, 2011 To All Authorised Persons in Foreign Exchange Madam/Sir, Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009… Read More

RBI removes Limits on Mobile Banking Transactions

Press Release : 2011-2012/999 The Reserve Bank of India yesterday removed the ceiling of Rs. 50,000 per customer per day mandated in 2009 under the guidelines on mobile banking. Banks are now free to place per transaction limits based on their own risk perception with the approval of its Board. The first guidelines on mobile… Read More

Farmer Associations Support FDI in Retail

Farmers have reiterated their support for Cabinet™s decision to allow FDI in Multi-Brand Retail. In a meeting with the Minister of Commerce, Industry and Textiles Shri Anand Sharma here today, Secretary General of Consortium of Indian Farmers Associations (CIFA), Shri P. Chengal Reddy conveyed the desire of various farmers™ body to implement the decision as… Read More

ECB for MFIs and NGOs engaged in micro finance activities under Automatic Route

CLR Note: Considering the specific needs of the micro finance sector, the existing External Commercial Borrowings (ECB) policy has been reviewed in consultation with the Government of India and it has been decided that Micro Finance Institutions (MFIs) may be permitted to raise ECB upto USD 10 million or equivalent during a financial year for… Read More

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

RBI/2011-12/305 DBOD. AML.BC. No.65 /14.01.001/2011-12 December 19, 2011 The Chairmen / Chief Executive Officers All Scheduled Commercial Banks (excluding RRBs)/ All India Financial institutions/ Local Area Banks 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… Read More

Non-Investment of NPS Fund

A total amount of Rs. 971.48 crore, collected towards contribution for Government employees, from 2004 to March 2008, under the New Pension System (NPS), was credited to the Public Account of India. The institutional architecture for NPS could not be operationalised by the Interim Pension Fund Regulatory and Development Authority (PFRDA). Therefore, the contribution for… Read More

DFID to Continue its Development Cooperation Programme in India at Rs. 2250 Crores Annually for the Next Four Years until 2014-15; India and UK Reiterate their Commitment to Ensure a Successful Partnership to Promote Prosperity, Combat Poverty and Facilitate Achievement of MDGS

Mr. Andrew Mitchell, Secretary of State for International Development (DFID), UK and Mr. Namo Narain Meena, Minister of State (E&FS) met here today to discuss the strategic development cooperation partnership between India and UK. Both sides expressed satisfaction at the excellent state of bilateral relations between the two countries and agreed to work together to… Read More