FEMA - Corporate Law Reporter

Banks as sponsors to Infrastructure Debt Funds (IDFs)

RBI/2011-12/269 DBOD.FSD.BC.No. 57/24.01.006/2011-12 The Chairmen and Managing Directors / Chief Executive Officers of All Scheduled Commercial Banks (Excluding RRBs) Dear Sir, Banks as sponsors to Infrastructure Debt Funds (IDFs) In order to accelerate and enhance the flow of long term funds to infrastructure projects for undertaking the Government™s ambitious programme of infrastructure development, Union Finance… Read More

Listing Provides an Oppurtunity to the People of India to become Shareholders in CPSES while Government Retains Management Control:FM

The Union Finance Minister, Shri Pranab Mukherjee has said that listing provides an opportunity to the people of India to become shareholders in Central Public Sector Enterprises(CPSEs); while Government retains management control and at least 51% shareholding in the Government companies. The Finance Minister was delivering the inaugural address after inaugurating the Seminar on PSU Disinvestment through Listing… Read More

Union Finance Minister Shri Pranab Mukherjee™s Speech at Business World Best Bank Awards in Mumbai on November 19, 2011

Following is the text of the speech : I am very happy to be here at the Businessworld Best Bank awards once again. Your event is becoming popular in highlighting the importance of banking activities and their expansion for economic development. I am happy to see some of our distinguished bankers in this room today.… Read More

Direct Access to Negotiated Dealing System-Order Matching (NDS-OM)

RBI/2011-12/265 IDMD.DOD.No.13 /10.25.66/2011-12 November 18, 2011 To All SGL/CSGL Account holders, Dear Sir/Madam, Direct Access to Negotiated Dealing System-Order Matching (NDS-OM) Please refer to our circular IDMD.DOD.No. 5893 /10.25.66/ 2007-08 dated May 27, 2008 on access to NDS-OM. 2. With a view to widening the secondary market in Government Securities to more number of participants, it has… Read More

Citibank fraud: I-T initiates re-assessment of investors

The I-T department's various tax assessment wings will undertake the process of re-checking of I-T returns and issuing subsequent notices after a high-level probe by its investigation wing found `capital gains' at the hands of some of the high-networth individuals New Delhi: In a double whammy for investors who lost their money in the Rs400… Read More

Overseas forex trading through electronic / internet trading portals

RBI/2011-12/262 A.P. (DIR Series) Circular No. 46 To, All Authorised Dealer Category I Banks Madam/ Sir, Overseas forex trading through electronic / internet trading portals Attention of the Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 53 dated April 07, 2011 wherein AD Category I banks were… Read More

Repayment of Term/Fixed Deposits in banks

RBI/2011-12/261 UBD.BPD.(PCB)CIR No. 11/13.01.000/2011-12 The Chief Executive Officers All Primary (Urban) Co-operative Banks Dear Sir, Repayment of Term/Fixed Deposits in banks It has come to our notice that some banks insist on the signatures of both the depositors to allow repayment of money in fixed/term deposits, though the deposit account is opened with operating instructions… Read More

NEFT – Access Criteria for Regional Rural Banks (RRBs)

RBI/2011-12/263 DPSS (CO) EPPD No. /838/04.03.01/2011-12 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks / Regional Rural Banks Madam / Dear Sir, NEFT - Access Criteria for Regional Rural Banks (RRBs) Please refer to our circular DPSS.CO.OD. 494 / 04.04.009 / 2011-12 dated September 21, 2011 laying down the access criteria for… Read More

Set-off of export receivables against import payables- Liberalization of Procedure

RBI/2011-12/264 A.P. (DIR Series) Circular No. 47 To All Category I Authorized Dealer Banks Madam/Sir, Set-off of export receivables against import payables- Liberalization of Procedure Attention of Authorized Dealer Category I (AD Category I) banks is invited to the fact that the requests received from the exporters through their AD branches for set-off of export… Read More

Union Finance Minister Shri Pranab Mukherjee™s Address on the Conclusion of 150 Years Celebrations of the C&AG of India

Following is the text of the speech of Union Finance Minister Shri Pranab Mukherjee™s address delivered, here today on the occasion of conclusion of 150years Celebrations of the C&AG of India: I am happy to be here today as the Indian Audit & Accounts Department concludes its year-long celebrations to commemorate 150 years of valuable service by the institution of Comptroller and Auditor… Read More

FDI Reporting of Issue / Transfer of ˜Participating Interest/Right™ in Oil Fields to a Non-Resident as an FDI Transaction

RBI/2011-12/259 A.P. (DIR Series) Circular No. 45 To, All Category I Authorised Dealer banks Madam / Sir, Foreign Direct Investment Reporting of issue / transfer of ˜participating interest/right™ in oil fields to a non resident as an Foreign Direct Investment transaction Attention of Authorized Dealers Category I (AD Category-I) banks is invited to Regulations 9… Read More

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

RBI/2011-12/260 RPCD.CO RRB. AML.BC.NO. 31 /03.05.33(E)/2011-12 The Chairmen All Regional Rural Banks (RRBs) 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 of the… Read More

UCBs – PMLA, 2002 – Reporting to FIU-India Reporting Format under Project FINnet

RBI/2011-2012/254 UBD. CO. BPD. No.10/12.05.001 / 2011-12 November 9, 2011 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Dear Sir, Prevention of Money Laundering Act, 2002 (PMLA) and Rules thereunder -Reporting of CTR,STR etc to FIU-India Reporting Format under Project FINnet Please refer to para 3 of our circular UBD. CO. BPD (PCB) No.… Read More