FEMA - Corporate Law Reporter

Investment by FIIs under PIS

The Reserve Bank of India has today notified that the aggregate share holdings in following Banks by Foreign Institutional Investors (FIIs) under the Portfolio Investment Scheme (PIS) have gone below the prescribed trigger limit. Hence, these banks are being removed from the caution list for FII's investment and the restrictions placed on the purchase of… Read More

Cross Border Inward Remittance under Money Transfer Service Scheme

RBI/2011-12/186 A.P. (DIR Series) Circular No. 22 To, All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam/ Sir, Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme Attention of all the Authorised Persons, who are Indian Agents under Money Transfer… Read More

Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards – Money changing activities

RBI/2011-12/185 A.P. (DIR Series) Circular No. 21 To All Authorised Persons Madam/ Sir Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities Attention of the Authorised Persons is invited to A.P.(DIR Series) Circular No. 63 dated May 20, 2011 on risks arising from the deficiencies in AML/CFT… Read More

RBI increases repo rate by 25 basis point, in hope to smoothen down the inflation

The RBI has announced a 25 basis point increase in the policy repo rate, raising it from 8.0 per cent to 8.25. The Union Finance Minister Shri Pranab Mukherjee said that the Reserve Bank of India (RBI)™s today™s step is consistent with its monetary stance for the first half of 2011-12 and the overall concerns on… Read More

BRICS to Coordinate in addressing the Evolving Economic And Financial Situation In The Various Countries

The Union Finance Minister Shri Pranab Mukherjee said that India is convening a meeting of BRICS Finance Ministers in Washington DC on September 22, 2011 on the sidelines of the Fund-Bank and G-20 Meetings. The Finance Minister said that we would explore the manner in which BRICS could coordinate in addressing the evolving economic and… Read More

Standing Liquidity Facilities for Banks and Primary Dealers

RBI/2011-12/181 REF.No.MPD.BC.348/07.01.279/2011-12 To All Scheduled Banks [excluding Regional Rural Banks(RRBs) ] and Primary Dealers Dear Sir/Madam, Standing Liquidity Facilities for Banks and Primary Dealers Please refer to the Mid-Quarter Monetary Policy Review of September 16, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points… Read More

Gift in Rupees by Resident Individuals to NRI close relatives

RBI/2011-12/179 A.P. (DIR Series) Circular No. 17 To All Banks Authorised to Deal in Foreign Exchange Madam / Sir, Gift in Rupees by Resident Individuals to NRI close relatives Attention of the Authorised Dealer (AD) banks is invited to A.P. (DIR Series) Circular No. 24 dated December 20, 2006 and A.P. (DIR Series) Circular No. 9 dated September… Read More

Loans in Rupees by resident individuals to NRI close relatives

RBI/2011-12/180 A.P. (DIR Series) Circular No. 18 To All Banks Authorised to Deal in Foreign Exchange Madam / Sir, Loans in Rupees by resident individuals to NRI close relatives Attention of the Authorised Dealer (AD) banks is invited to Regulation 7 of the Notification No. FEMA 4/2000 dated May 3, 2000, viz. Foreign Exchange Management (Borrowing and… Read More

Repayment of loans of Non-resident close relatives by residents

RBI/2011-12/183 A.P. (DIR Series) Circular No. 19 To All Banks Authorised to Deal in Foreign Exchange Madam / Sir, Repayment of loans of Non-resident close relatives by residents Attention of the AD banks is invited to Regulation 8 (d) of the FEMA Notification No.4/2000- RB dated May 3, 2000 viz. Foreign Exchange Management (Borrowing and Lending in… Read More

Liquidity Adjustment Facility Repo and Reverse Repo and Marginal Standing Facility Rates

RBI/2011-2012/182 FMD.MOAG. No.63/01.01.01/2011-12 All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers Dear Sir, Liquidity Adjustment Facility Repo and Reverse Repo and Marginal Standing Facility Rates As announced today in the Mid-Quarter Monetary Policy Review, September 2011, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points… Read More

Meeting of Medical expenses of NRIs close relatives by Resident Individuals

RBI/2011-12/184 A.P. (DIR Series) Circular No. 20 To All Banks Authorised to Deal in Foreign Exchange Madam / Sir, Meeting of Medical expenses of NRIs close relatives by Resident Individuals Attention of Authorised Dealer (AD) banks is invited to para 2 of the Notification No. FEMA 16/RB-2000 dated May 3, 2000 viz. Receipt from and Payment to,… Read More

Credit of sale proceeds of Foreign Direct Investments in India to NRE/FCNR (B) accounts – Clarification

RBI/2011-12/177 A.P. (DIR Series) Circular No.16 To All Banks Authorised to Deal in Foreign Exchange Madam / Sir, Credit of sale proceeds of Foreign Direct Investments in India to NRE/FCNR (B) accounts - Clarification Attention of the Authorised Dealer (AD) banks is invited to Regulation 11 of the Notification No. FEMA 20/2000-RB dated May 3, 2000 viz.… Read More

Exchange Earners Foreign Currency (EEFC) Account and Resident Foreign Currency (RFC) account Joint holder – liberalisation

RBI/2011-12/176 A.P. (DIR Series) Circular No. 15 To All Banks Authorised to Deal in Foreign Exchange Madam / Sir, Exchange Earners Foreign Currency (EEFC) Account and Resident Foreign Currency (RFC) account Joint holder - liberalisation Attention of the Authorised Dealer (AD) banks is invited to the Regulation 4 and 5 of the Notification No. FEMA 10/2000-RB… Read More