FEMA - Corporate Law Reporter

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts

RBI/2011-12/303 DBOD.Dir.BC. 64 /13.03.00/2011-12 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts Please refer to paragraph 4 of our circular DBOD.Dir.BC.42/13.03.00/ 2011-12 dated October 25, 2011 on Deregulation of Savings Bank Deposit Interest Rate and paragraph 1 of our circular DBOD.Dir.BC.59/13.03.00/2011-12 dated November… Read More

Amendment to Mortgage Guarantee Company (Reserve Bank) Guidelines, 2008

RBI/2011-12/302 DNBS (PD-MGC) CC. No. 10/03.11.01/2011-12 To The Chairman/CEOs of all Mortgage Guarantee Companies Dear Sir Amendment to Mortgage Guarantee Company (Reserve Bank) Guidelines, 2008 Please refer to Para 27 of the Mortgage Guarantee Company (Reserve Bank) Guidelines 2008 issued vide Notification DNBS(PD)MGC No.3 /CGM (PK) - 2008 dated February 15, 2008 wherein it has… Read More

Formation of two new districts Fazilka & Pathankot in the State of Punjab Assignment of Lead Bank responsibility

RBI/2011-12/301 RPCD.CO.LBS. BC.No. 42/02.08.01/2011-12 The Chairman/CMD All Lead Banks Dear Sir, Formation of two new districts Fazilka & Pathankot in the State of Punjab Assignment of Lead Bank responsibility The Department of Revenue & Rehabilitation, Government of Punjab vide their Gazette Notification No. 1/1/2011-RE-II(I)/14544 & 14554 dated July 27, 2011 has advised about the constitution… Read More

Risk Management and Inter Bank Dealings

RBI/2011-12/300 A.P. (DIR Series) Circular No. 58 To, All Authorised Dealer Category - I Banks Madam / Sir, Risk Management and Inter Bank Dealings Attention of Authorized Dealers Category I (AD Category I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 [Notification No.FEMA/25/RB-2000 dated May… Read More

Amendment to Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) Payment of commission to the agents

RBI/2011-12/299 DGBA.CDD. No. H- 3764 /15.02.001/2011-12 The Chairman and Managing Director/Managing Director Head Office, Government Accounts Department State Bank of India/State Bank of Patiala/ State Bank of Bikaner & Jaipur/State Bank of Travancore/ State Bank of Hyderabad/State Bank of Mysore/ Andhra Bank/ Allahabad Bank/Bank of Baroda/Bank of India/ Bank of Maharashtra/Canara Bank/Central Bank of India/… Read More

Finance Minister™s Inaugural Address at the International Conference on Economic Policies for Emerging Economies

Following is the text of the inaugural address of Union Finance Minister, Shri Pranab Mukherjee at the International Conference on Economic Policies for Emerging Economies delivered here today: It gives me great pleasure to deliver the inaugural address at the International Conference on Economic Policies for Emerging Economies organized jointly by the Ministry of Finance,… Read More

Further Understanding of Issues Required to Sustain Growth and Create Inclusive Outcomes for the People : FM

The Union Finance Minister Shri Pranab Mukherjee has said that we need to further our understanding of issues where greater and coordinated policy actions are needed to sustain growth and create inclusive outcomes for the people. He was delivering the inaugural address at the International Conference on Economic Policies for Emerging Economies here today. The… Read More

Revival Package for Long Term Cooperative Loans Structure

Based on the recommendations of the Vaidyanathan Task Force-II, the Government had approved the Revival Package for Long Term Cooperative Credit Structure (LTCCS) in February, 2009. However, a Task Force was constituted to examine the impact of the Agricultural Debt Waiver and Debt Relief Scheme (ADWDRS), 2008 and the implementation of the revival package for… Read More

Interest Subvention Scheme

The Interest Subvention Scheme is being implemented by the Government of India since 2006-07 to make short-term crop loans upto Rs. 3 lakh for a period of one year available to farmers at the interest rate of 7 percent per annum. The Government of India has since 2009-10 been providing additional interest subvention to prompt… Read More

New Pension Scheme

New Pension Scheme (NPS) is a defined contribution scheme, its pay out depends upon the amount of contribution and the growth on the investment over a period of time for an individual while defined benefit schemes pay out is defined and is based on salary and number of years in service etc. at the time… Read More

Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999

Related Press Release RBI/2011-12/298 A.P. (DIR Series) Circular No.57 December 13, 2011 To, All Category I Authorised Dealer banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999 Attention of all the Authorised Dealer Category - I (AD Category -… Read More

Investments in subsidiaries and other companies Guidelines

RBI/2011-12/297 DBOD. FSD. BC.62/24.01.001/2011-12 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Section 19 of the Banking Regulation Act, 1949- Investments in subsidiaries and other companies Guidelines Please refer to the instructions contained in paragraphs 2 and 3 of our Master Circular DBOD. No. FSD.BC.15 / 24.01.001/ 2011-12 dated July 1, 2011 on Para-Banking Activities which deal… Read More

Norms of Health Insurers

Insurance Regulatory and Development Authority (IRDA) has issued guidelines vide circular dated 9.9.2011 implementing portability of health insurance policies amongst non-life insurance companies w.e.f. 1.10.2011. The Health Insurance Policy Holder can at the time of Renewal of his/her policies can shift to another Insurance Company for a similar product, if he is not satisfied with… Read More