FEMA - Corporate Law Reporter

Trade Credits for Imports into India Review of all-in-cost ceiling

RBI/2011 -12/257 A. P. (DIR Series) Circular No. 44 To, All Category - I Authorised Dealer Banks Madam / Sir, Trade Credits for Imports into India Review of all-in-cost ceiling Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A. P. (DIR Series) Circular No. 27 dated October 27, 2008 relating to the all-in-cost ceiling… Read More

Interest Rates on Export Credit in Foreign Currency

RBI/2011-12/258 DBOD.DIR.No. 52 /04.02.001/2011-12 All Scheduled Commercial Banks Dear Sir/Madam, Interest Rates on Export Credit in Foreign Currency Please refer to our circular DBOD.DIR.(Exp).No.76/04.02.001/2009-10 dated February 19, 2010 as also paragraph 7 of Master Circular on Rupee/Foreign Currency Export Credit and Customer Service to Exporters dated July 01, 2011 relating to export credit in foreign currency. 2.… Read More

Enormous Challenge Posed by the Increased Threat of Drugs not Limited by National Boundaries and must be Tackled by Concerted and Collective Efforts of all Countries

Union Minister of State for Revenue, Shri S.S.Palanimanickam has said that India has put in place an elaborate legislative and administrative mechanism to counter the drug menace in the country and we are conscious of the need to periodically review and strengthen the same. He was inaugurating the Second Paris Pact Working Group meeting on… Read More

Post-Global Financial Crisis, Major Global Economies are Facing an Uphill Task in Engineering their Recovery

The Union Finance Minister Shri Pranab Mukherjee said that India today is among the fastest growing economies and widely believed to be steadily on the course to occupy a place among the top three economies of the world by the year 2050. However, the Finance Minister Shri Mukherjee cautioned that the recent developments in Euro-zone have heightened… Read More

RBI RELAXES NORMS FOR TRANSFER OF SHARES

The transfer of shares of an Indian company, by a person resident in India (Resident) to a person resident outside India (Non-Resident) and vice versa is governed by the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 (Regulations). PRIOR POSITION IN LAW The Regulations stated that prior… Read More

Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account

RBI/2011-12/256 RPCD.CO.RRB.BC.No. 30 /03.05.33/2011-12 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account Please refer to our circular RPCD. CO. RF. BC. No. 78 / 07.38.03 / 2005-06 dated April 27, 2006 in terms of which RRBs are prohibited from crediting 'account payee'… Read More

Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh Guidelines

RBI/2011-12/255 RPCD.MSME & NFS. BC.No. 29/06.11.01/2011-2012 The Chairman / Managing Director All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh Guidelines Please refer to our circular RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 dated April 21, 2011 on the captioned subject. In this connection, it is now… Read More

KYC Norms Letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number

RBI/2011-12/253 UBD. BPD. (PCB) No. 8/12.05.001/2011-12 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir, Know Your Customer Norms Letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number Please refer to circular UBD. BPD. (PCB). No. 38 / 12.05.001/2010-11 dated March 15, 2011 enclosing a copy of… Read More

Prevention of Money Laundering Act, 2002 (PMLA) and Rules thereunder -Reporting of CTR,STR etc to FIU-India Reporting Format under Project FINnet

RBI/2011-2012/254 UBD. CO. BPD. No.10/12.05.001 / 2011-12 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. 1/12.05.001/2008-09 dated July… Read More

Review of the policy on Foreign Direct Investment in pharmaceuticals sectorinsertion of a new paragraph 6.2.25 to ˜Circular 2 of 2011-Consolidated FDI Policy™

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC-I Section) Press Note No.3 (2011 Series) Subject: Review of the policy on Foreign Direct Investment in pharmaceuticals sectorinsertion of a new paragraph 6.2.25 to ˜Circular 2 of 2011-Consolidated FDI Policy™ 1.0 Present Position: Foreign Direct Investment (FDI), up to 100%, under the automatic route, is permitted in… Read More

Customer Service – Non-Issuance of Passbooks to Savings Bank Accountholders (Individuals)

RBI/2011-12/249 DBOD No. Leg. BC 48 /09.07.005/2011-12 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Customer Service - Non-Issuance of Passbooks to Savings Bank Accountholders (Individuals) Please refer to our circular DBOD. No. Leg.BC.32/09.07.005/2006-07 dated October 4, 2006 on the captioned subject wherein banks were advised to invariably offer pass book facility to all its savings banks… Read More

Issue of Demand Drafts for Rs. 20,000/- and above

RBI/2011-12/250 DBOD.BP.BC. No. 49/21.01.001/2011-12 The Chairmen / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Issue of Demand Drafts for Rs. 20,000/- and above As banks are aware, instruments with account payee crossing are required to be credited to the payee's account and not paid in cash over the counter. However, some unscrupulous… Read More

Interest Rates on Rupee Export Credit – UCBs

RBI/2011-12/246 UBD.BPD (AD) Cir.No.3/13.05.000/2011-12 The Chief Executive Officer Scheduled Primary (Urban) Co-operative Banks (holding AD Category I licence) Madam / Dear Sir Interest Rates on Rupee Export Credit - UCBs Please refer to circular UBD.BPD.(PCB) Cir. No. 5/13.05.000/2010-11 dated January 11, 2011 extending the interest subvention on rupee export credit on specified export sectors till March 31,… Read More