FEMA - Corporate Law Reporter

RBI Advices Banks to set up a Special Sub-Committee of DLCC to draw Moniterable Action Plans for Improving CDR

Reserve Bank of India has advised Banks to set up a Special Sub-Committee (SSC) of District Level Consultative Committee (DLCC) for those districts having CDR less than 40 per cent to draw up Monitorable Action Plans (MAPs), monitor such action plan on a regular basis and initiate necessary action for improving CDR. Accordingly, CDR is… Read More

Deregulation of Savings Bank Deposit Interest Rate

RBI/2011-12/281 UBD.BPD.(PCB)CIR No.13/13.01.000/2011-12 The Chief Executive Officers All Primary (Urban) Co-operative Banks Dear Sir/Madam, Deregulation of Savings Bank Deposit Interest Rate Please refer to our circular No.UBD.BPD.(PCB)CIR No.45/13.01.00/2010-11 dated May 3, 2011 enclosing a Directive UBD.BPD.DIR. No.3/13.01.00/2010-11 dated May 3, 2011 on interest rates on deposits. 2. As indicated in the Second Quarter Review of Monetary Policy announced on… Read More

Amendment to Senior Citizens Savings Rule, 2004 (SCSS, 2004) To allow verification of Affidavits by Notary Public along with Oath Commissioner in SCSS, 2004.

RBI/2011-12/282 DGBA.CDD. No. H- 3341/15.15.001/2011-12 The Chairman and Managing Director/Managing Director Government Accounts Department/Head Office 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/ Corporation Bank/Dena… Read More

Cabinet clears FDI in Multi brand retail upto 51% and upto 100% in Single Brand Retail

Despite political resistance from alliance and opposition, the Union Cabinet - at a two-hour meeting chaired by Prime Minister Manmohan Singh - on Thursday allowed 51% foreign direct investment (FDI) in multi-brand retail as well as 100% FDI in single brand retail. The FDI clearance in Multi Brand retail comes with several caveats,… Read More

Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR (B) Deposits

RBI/2011-12/277 RPCD.CO.RRB.BC.No. 36/03.05.33 (C) /2011-12 The Chairmen All Regional Rural Banks Dear Sir, Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR (B) Deposits 1. Interest Rates on Non-Resident (External) Rupee (NRE) Deposits Please refer to paragraph 1 of our circular RPCD.CO.RRB.BC.No. 63/03.05.33(C) /2008-09 dated November 17, 2008 on Interest Rates on Deposits held in Non-Resident (External)… Read More

Deregulation of Savings Bank Deposit Interest Rate – Guidelines

RBI/2011-12/272 RPCD.CO.RRB.BC.No.33/ 03.05.33/2011-12 All Regional Rural Banks Dear Sir, Deregulation of Savings Bank Deposit Interest Rate - Guidelines Please refer to our circular RPCD.CO.RRB.BC.No.68/03.05.33/2010-11 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 savings bank deposit interest rate with… Read More

External Commercial Borrowings (ECB) Policy Parking of ECB proceeds

RBI/2011-12/274 A.P. (DIR Series) Circular No. 52 To All Authorised Dealer Category I Banks Dear Madam / Sir, External Commercial Borrowings (ECB) Policy Parking of ECB proceeds Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 26 dated October 22, 2008 relating to the External Commercial Borrowings (ECB). 2. At… Read More

Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR(B) Deposits

RBI/2011-12/275 DBOD.Dir.BC. 59/13.03.00/2011-12 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR(B) Deposits 1. Interest Rates on Non-Resident (External) Rupee (NRE) Deposits Please refer to paragraph 1 of our circular DBOD.No.Dir.BC.82/13.03.00/2008-09 dated November 15, 2008 on Interest Rates on Deposits held in Non-Resident (External) Rupee (NRE) Accounts. In… Read More

Payment of Cheques/Drafts/Pay Orders/Banker’s Cheques

RBI/2011-12/270 RPCD.CO RCB. AML.BC.No.32/07.40.00/2011-12 The Chairmen / CEOs of All State and Central Co-operative Banks Dear Sir, Payment of Cheques/Drafts/Pay Orders/Banker's Cheques In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date… Read More

Foreign Investments in Infrastructure Debt Funds

RBI/2011-12/271 A.P. (DIR Series) Circular No. 49 To, All Category I Authorised Dealer banks Madam / Sir, Foreign Investments in Infrastructure Debt Funds Attention of Authorised Dealers Category I (AD Category - I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India)… Read More

Frauds Classification and Reporting

RBI 2011-12/266 DBS.FrMC.BC.No.4/23.04.001/2011-12 The Chairmen & Chief Executive Officers of all Scheduled Commercial Banks (excluding RRBs) and All India Select Financial Institutions Dear Sir, Frauds Classification and Reporting Please refer to our letter DBS. FrMC. BC. No.1 /23.04.001/2011-12 dated July 01, 2011 forwarding the Master Circular on 'Frauds Classification and Reporting'. 2. Following the constitution of Financial… Read More

Mid Sea Trans-shipment of catch by Deep Sea Fishing Vessel

RBI/2011-12/267 A.P. (DIR Series) Circular No. 48 To All Category-I Authorised Dealer Banks Madam / Sir, Mid Sea Trans-shipment of catch by Deep Sea Fishing Vessel Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Regulation 3 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 notified vide Notification No. FEMA 23/2000-RB… Read More

Infrastructure Debt Funds (IDFs)

RBI/2011-12/268 DNBS.PD.CC.No.249/03.02.089/2011-12 To All NBFCs excluding RNBCs Infrastructure Debt Funds (IDFs) The Finance Minister had in his budget speech for the year 2011-2012 announced the setting up of Infrastructure Debt Funds (IDFs), to facilitate the flow of long-term debt into infrastructure projects. The IDF will be set up either as a trust or as a… Read More