FEMA - Corporate Law Reporter

Memorandum of Instructions governing money changing activities

RBI/2011-12/242 A.P. (DIR Series) Circular No. 41 To, All Authorised Persons in Foreign Exchange Madam/ Sir, Memorandum of Instructions governing money changing activities Attention of Authorised Persons is invited to Para-3 of Part B of the Annex- I to the Memorandum of Instructions to Authorised Money Changers (AMCs), issued vide A. P. (DIR Series) Circular No.… Read More

Revision in Limits of Housing Loans and Repayment Period – Second Quarter Review of Monetary Policy 2011-12

RBI/2011-12/238 UBD.BPD.(PCB). Cir.No.7/09.22.010/2011-12 The Chief Executive Officer, All Primary (Urban) Co-operative Banks. Dear Sir / Madam, Revision in Limits of Housing Loans and Repayment Period - Second Quarter Review of Monetary Policy 2011-12 Please refer to Circular UBD.PCB.Cir.No.42/09.09.001/08-09 dated May 15, 2008 on Revision of Individual Housing Loan Limits and para 4(iii) of Circular UBD.P&O.108/UB.31-88/89 dated April… Read More

Banks’ Exposure to Capital Market – Issue of Irrevocable Payment Commitments (IPCs)

RBI/2011-12/239 DBOD.Dir.BC. 43 /13.03.00/2011-12 All Scheduled Commercial Banks (excluding RRBs) Dear Sir / Madam Banks' Exposure to Capital Market - Issue of Irrevocable Payment Commitments (IPCs) Please refer to our circular No. DBOD.Dir.BC.46 /13.03.00/2010-11 dated September 30, 2010 in terms of which certain risk mitigation measures were prescribed in the context of banks issuing IPCs to various Stock… Read More

Implementation of Green Initiatives by NBFCs

RBI/2011-12/237 DNBS(PD).CC. No 248/03.10.01 /2011-12 All Non Banking Financial Companies / Residuary Non Banking Companies Dear Sir, Implementation of Green Initiative of the Government As part of the ˜Green Initiative™ of the Government, the Government of India has suggested that steps be taken by entities in financial sector, including NBFCs to help better utilisation of… Read More

Monetary Policy to help tame inflation :FM

The Union Finance Minister Shri Pranab Mukherjee has said that the monetary policy announcement by Reserve Bank of India (RBI) would help in getting us back to a more comfortable inflation situation soon while leaving scope for growth to pick up in the second half of current fiscal year. The Finance Minister Shri Mukherjee was… Read More

Second Quarter Review of Monetary Policy 2011-12

Introduction From a macroeconomic perspective, the last quarter witnessed significant developments, both globally and domestically. Growth momentum in the US and the euro area economies has weakened. In the euro area, macroeconomic prospects are intimately tied in to its ability to credibly resolve its sovereign debt and financial sector problems. In turn, trade and financial… Read More

Introduction of Credit Default Swaps (CDS) for Corporate Bonds: Change in effective date for operationalisation

RBI/2011-12/228 IDMD.PCD.No. 12/14.03.04/2011-12 The Chairmen & Chief Executive Officers of all Scheduled Commercial Banks (excluding RRBs), Standalone Primary Dealers and Non Banking Financial Companies Dear Sir/Madam, Introduction of Credit Default Swaps (CDS) for Corporate Bonds: Change in effective date for operationalisation A reference is invited to para 4 of the RBI circular of IDMD.PCD.No. 5053 /14.03.04/ 2010-11… Read More

RBI notifies Credit Default Swaps as a Derivative under RBI Act 1934

Notification of Credit Default Swaps as a derivative under Reserve Bank of India Act, 1934 All market participants Dear Sir/Madam, Notification of Credit Default Swaps as a derivative under Reserve Bank of India Act, 1934 Reserve Bank of India having considered it necessary in public interest and to regulate the financial system of the country… Read More

RBI clarification regarding repatriation of income and sale proceeds of assets held abroad by NRIs

RBI/2011-12/226 A.P. (DIR Series) Circular No. 37 To, All Banks Authorised to Deal in Foreign Exchange Madam / Sir, (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation of income and sale proceeds of assets acquired abroad through remittances under Liberalised Remittance Scheme… Read More

RBI permits opening of FCNR account in any freely convertible currency

RBI/2011-12/225 A.P. (DIR Series) Circular No. 36 To, All Banks Authorised to Deal in Foreign Exchange Madam/Sir, Opening Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR(B)] account in any freely convertible currency liberalisation Attention of Authorised Dealer (AD) banks is invited to the Paragraph 2 of Schedule 2 to the Notification No.FEMA 5/2000-RB dated May 3, 2000,… Read More

Exim Bank’s Line of Credit of USD 27.50 million to the Government of the Republic of Senegal

To, All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 27.50 million to the Government of the Republic of Senegal Export-Import Bank of India (Exim Bank) has concluded an Agreement dated April 21, 2011 with the Government of the Republic of Senegal, making available to the latter,… Read More

Inclusion of Credit under KCC under direct financing for Agriculture

RBI/2011-12/224 RPCD.CO RRB. BC.NO.24 /03.05.33/2011-12 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Inclusion of Credit under KCC under direct financing for Agriculture Please refer to Para 1.1.3 of our circular RPCD.No.RRB.BC.20/03.05.33/2007-08 dated August 22, 2007 on lending to priority sector in terms of which working capital and term loans for financing production and investment requirements… Read More

Aadhar number issued by UIDAI Number to be accepted as a valid KYC by Banks

The Chairmen / CEOs of All State and Central 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 the Government of India Notification No.14/2010/F.No.6/2/2007-ES dated December 16, 2010 which recognises the letter issued by Unique Identification Authority of… Read More