FEMA - Corporate Law Reporter

RBI issues caution notice w.r.t. attempt to defraud using fake bank guarantee-modus operandi

RBI/2011-12/206 DNBS(PD).CC. No.245 /03.10.42 /2011-12 All Non Banking Financial Companies / Residuary Non Banking Companies Dear Sir, Attempt to defraud using fake bank guarantee-modus operandi Instances of fraud have been brought to the notice of the RBI wherein Bank Guarantees (BGs) purportedly issued by a couple of bank branches in favour of different entities were… Read More

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

RBI/2011-12/207 DBOD.AML.BC.No. 36/ 14.01.001/2011-12 September 28, 2011 The Chairmen/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks/All India Financial Institutions 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… Read More

Recent Changes in External Commercial Borrowings (ECB)

The Recent Changes made under External Commercial Borrowing (ECB) Norms by Reserve Bank of India (RBI) External Commercial Borrowings (ECB) from the foreign equity holders[1]: To rationalise the policy RBI has made certain clarifications:- The term ˜debt™ in the debt-equity ratio has been replaced with ˜ECB liability™ to make the term signify true position as… Read More

External Commercial Borrowings (ECB) from the Foreign Equity Holders

RBI/2011-12/204 A.P. (DIR Series) Circular No. 29 To All Authorised Dealer Category I Banks Madam / Sir, External Commercial Borrowings (ECB) from the foreign equity holders 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… Read More

External Commercial Borrowings (ECB) Policy Structured Obligations for Infrastructure Sector

RBI/2011-12/203 A.P. (DIR Series) Circular No. 28 To, All Category - I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy Structured Obligations for infrastructure sector Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 40 dated March 02, 2010 relating to External Commercial… Read More

Norms for Providing Internet Banking for Customers of Urban Cooperative Banks (UCBs)

RBI/2011-12/202 UBD.BPD.(SCB)Cir No. 1/09.18.300/2011-12 The Chief Executive Officers All Scheduled Primary (Urban) Co-operative Banks Madam / Dear Sir, Internet Banking for Customers of UCBs As announced in the Monetary Policy Statement 2011-12, [para 102 - appended], it has been decided to permit scheduled UCBs satisfying certain criteria to provide internet banking facility to their… Read More

Reconstitution of RBI Board

The Government of India has reconstituted the Central Board of Directors of the Reserve Bank of India. In a notification issued on Friday, the Government of India has appointed seven new Directors on the Central Board of the Reserve Bank for a period of four years from the date indicated. The new Directors are: Shri… Read More

External Commercial Borrowings (ECB) for the Infrastructure Sector Liberalisation

RBI/2011-12/199 A.P. (DIR Series) Circular No. 25 To All Authorised Dealer Category I Banks Madam / Sir, External Commercial Borrowings (ECB) for the Infrastructure Sector Liberalisation 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… Read More

External Commercial Borrowings (ECB) Rationalisation and Liberalisation

RBI/2011-12/201 A.P. (DIR Series) Circular No.27 To All Authorised Dealer Category I Banks Madam / Sir, External Commercial Borrowings (ECB) Rationalisation and Liberalisation 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, 2000,… Read More

Security Issues and Risk mitigation measures related to Card Present (CP) transactions

RBI/2011-12/194 DPSS.PD.CO.No.513/02.14.003/2011-2012 The Chairman and Managing Director / Chief Executive Officers 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 Security Issues and Risk mitigation measures related to Card Present (CP) transactions. As you are aware, in its… Read More

Returns to be submitted by NBFCs- Revised Formats

RBI/2011-12/195 DNBS(PD).CC. No.243/03.02.02/2011-12 All Non Banking Financial Companies (excluding RNBCs) Dear Sir, Returns to be submitted by NBFCs- Revised Formats In terms of extant instructions, NBFCs are required to file various returns related to deposit acceptance, Prudential Norms, Capital Market exposure, etc. A few of these returns are as under: Returns to be submitted by… Read More

Access criteria for payment systems

The Chairman/Managing Director/Chief Executive Officer All Scheduled Commercial Banks including RRBs/ Urban Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks/ Primary Dealers Dear Sir/Madam Access criteria for payment systems 1. A reference is invited to circular DPSS.CO. No. 528/04.04.009/2008-09 dated September 22, 2008 prescribing the access criteria for national payment systems. 1.1. With a view to strengthening… Read More

Dishonour of electronic funds transfer for insufficiency of funds in the bank account clarification

The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Dear Sir/Madam, Dishonour of electronic funds transfer for insufficiency of funds in the bank account clarification As you may be aware section 25 of the Payment and… Read More