FEMA - Corporate Law Reporter

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011

The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 in the next session of Parliament. The proposed amendments would enable banks to improve their operational efficiency, deploy more funds for credit disbursement to retail investors, home loan borrowers, etc. without fearing for recovery, thus… Read More

Enhancement of limits for Export related receipts facilitated by Online Payment Gateways

To, All Category - I Authorised Dealer Banks Madam / Sir, Processing and Settlement of Export related receipts facilitated by Online Payment Gateways - Enhancement of the value of transaction Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P.(DIR Series) Circular No. 17 dated November 16, 2010, in terms of… Read More

Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF) -Revision of Rating Symbols and Definitions of Credit Rating Agencies

The Chairman / CMD / MD / CEO All Scheduled Commercial Banks (excluding LABs and RRBs) Dear Sir, Prudential Guidelines on Capital Adequacy and Market Discipline - New Capital Adequacy Framework (NCAF) -Revision of Rating Symbols and Definitions of Credit Rating Agencies Please refer to the Master Circular No. DBOD.No.BP.BC.11/21.06.001/2011-12 dated July 1, 2011 on 'Prudential Guidelines on Capital… Read More

Memorandum of Instructions governing money changing activities

BI/2011-12/216 A.P. (DIR Series) Circular No.33 To, All Authorised Persons in Foreign Exchange Madam/ Sir, Attention of Authorised Persons is invited to Parts A and E of the Annex I to the Memorandum of Instructions governing money changing activities, issued vide A. P. (DIR Series) Circular No. 57 [A.P. (FL/RL Series) Circular No. 04] dated March… Read More

Rupee Export Credit Interest Rates

To All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Rupee Export Credit Interest Rates Please refer to our circulars DBOD.Dir.(Exp). BC. No. 94/04.02.001/2009-10 dated April 23, 2010 and DBOD.Dir.(Exp).BC.No.36/04.02.001/2010-11 dated August 9, 2010 extending the scheme of interest subvention of 2% from April 1, 2010 to March 31, 2011 on pre and post shipment rupee export credit for… Read More

Liberalised Remittance Scheme for Resident Individuals- Revised Application cum Declaration form

To, All Authorised Persons in Foreign Exchange Madam/ Sir, Liberalised Remittance Scheme for Resident Individuals- Revised Application cum Declaration form Attention of Authorised Dealer Category I (AD Category I) banks is invited to the Annex to the A. P. (DIR Series) Circular No. 51 dated May 8, 2007 containing the Application cum Declaration form for purchase of foreign exchange… Read More

AML/CFT Guidelines – Cash Acceptance Threshold

Insurance sector has entered into sixth year of effective AML/CFT regime. In this context, extant AML/CFT guidelines to the insurance sector are being reviewed to assess the need for changes to facilitate Risk Based Approach. Due consideration is placed on the threats posed by the money laundering/terrorist financing vulnerabilities in the insurance sector. The following modifications… Read More

Domestic Money Transfer- Relaxations

The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Authorised Card Payment Networks Madam / Dear Sir Domestic Money Transfer- Relaxations At present only banks are permitted to initiate money transfers in the country subject to adherence… Read More

Calendar of Reviews for Board/Local Management Committee of foreign banks

The Chief Executives All foreign banks operating in India Dear Sir/Madam, Calendar of Reviews for Board/Local Management Committee of foreign banks Reserve Bank of India vide its circular DBS.ARS.BC. No. 4/ 08.91.020/ 2010-11 dated November 10, 2010 has issued instructions to Indian public and private sector banks regarding a comprehensive calendar of reviews to be placed before… Read More

Appointment of Agents / Franchisees by Authorised Dealer Category-I banks, Authorised Dealer Category-II and Full Fledged Money Changers Revised guidelines

To, All Authorised Persons in Foreign Exchange Madam/ Sir, Appointment of Agents / Franchisees by Authorised Dealer Category-I banks, Authorised Dealer Category-II and Full Fledged Money Changers Revised guidelines Attention of Authorised Persons is invited to the paragraph C of the Annex I the Memorandum of Instructions governing money changing activities, issued vide A. P. (DIR… Read More

Consolidated FDI Policy w.e.f. October 1, 2011

The consolidated FDI policy document is a single reference point for investors and regulators. The first such consolidation was released in March, 2010 after which it has been updated every six months. This˜Circular 2 of 2011™-is the fourth edition of the consolidated policy document. 2. The significant changes introduced in this edition of the Circular are: (i) Exemption… Read More

Alavi Co-operative Bank, Vadodara penalised for violation of AML and KYC norms

The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Alavi Co-operative Bank Ltd., Vadodara, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know… Read More

External Commercial Borrowings (ECB) in Renminbi (RMB)

RBI/2011-12/205 A.P. (DIR Series) Circular No. 30 To All Authorised Dealer Category I Banks Madam / Sir, External Commercial Borrowings (ECB) in Renminbi (RMB) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or lending in foreign exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3,… Read More