FEMA - Corporate Law Reporter

RTGS Service charges for Members

RBI/2011-12/166 DPSS (CO) RTGS No.388/04.04.002/2011-2012 Chairman and Managing Director / Chief Executive Officer of all RTGS participants Madam / Dear Sir, RTGS service charges for members As you are aware, the Reserve Bank of India has not been levying any service charges on the members for the usage of the RTGS system since its inception.… Read More

Submission of Credit Information to Credit Information Companies

RBI/2011-12/165 DBOD.No. CID.BC.30 /20.16.042/2011-12 Chairmen/Managing Directors/CEOs All Scheduled Commercial Banks (excluding RRBs and LABs) All India Notified Financial Institutions Dear Sir, Submission of Credit Information to Credit Information Companies Defaulters of Rs. 1 Crore and above and Wilful Defaulters of Rs. 25 lakh and above Dissemination of Credit Information of suit-filed accounts Please refer to our Circulars… Read More

Legislation for Protection of Interest of Depositors

The Reserve Bank of India (RBI) Act, 1934 provides adequate protection to small depositors in financial institutions. The interest of Depositors in financial establishments can be broadly divided into two segments (a) companies registered as Non-Banking Financial Companies (NBFCs) which are under the regulatory purview of RBI, (b) Un-incorporated Bodies (UIBs) accepting public deposits unauthorisedly.… Read More

Mechanisms to Monitor and Assess Foreign Institutional Investments

The Government and the Securities and Exchange Board of India have put in place mechanisms to monitor and assess foreign institutional investments. These mechanisms help to promote safe, transparent and efficient markets and protect market integrity. The systems established include advanced risk management mechanisms comprising of on-line monitoring and surveillance, circuit filters, prescription of limits… Read More

Show Cause Notices issued for FEMA Violations

The Foreign Exchange Management Act, 1999 is a civil act in nature as such there is no provision for launching the prosecutions. During the last three years i.e. 2009-10,2010-11 and 2011-12 (upto July 2011) , the Directorate of Enforcement has issued 990 Show Cause Notices to various persons/firms under Foreign Exchange Management Act,1999 (FEMA), for initiating the adjudication proceedings. The… Read More

Bank penalised for not reporting cash transactions in excess of Rs. 10 lacs

Shri Janata Sahakari Bank Limited, Halol, Dist. Panchmahal Penalised The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Shri Janata Sahakari Bank Limited, Halol, Dist. Panchmahal, 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… Read More

Sectoral Deployment of Bank Credit July 2011

Data on sectoral deployment of credit collected on a monthly basis from select 47 scheduled commercial banks accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of July 2011 are set out in Statements I and II .These data are also available in the Real-Time Handbook of Statistics… Read More

Auction for Sale (Re-issue ) of ˜8.30 per cent Government Stock, 2040™

Government of India Ministry of Finance Department of Economic Affairs Budget Division New Delhi, dated August 26, 2011 NOTIFICATION Auction for Sale (Re-issue ) of ˜8.30 per cent Government Stock, 2040™ F. No.4 (4) W&M/2011(ii): Government of India hereby notifies sale (re-issue) of ˜8.30 per cent Government Stock, 2040™ (hereinafter called 'the Stock') for an… Read More

RBI releases Draft Guidelines for Licensing of New Banks in the Private Sector

The Reserve Bank of India released on its website today, the Draft Guidelines for Licensing of New Banks in the Private Sector. The Reserve Bank has sought views/comments on the draft guidelines from banks, non-banking financial institutions, industrial houses, other institutions and the public at large. Suggestions and comments on the draft guidelines may be sent… Read More

RBI releases Report of the Working Group on the Issues and Concerns in the NBFC Sector

The Reserve Bank of India today placed on its website the Report of the Working Group on the Issues and Concerns in the NBFC Sector, chaired by Smt. Usha Thorat, Director, Centre for Advanced Financial Research and Learning (CAFRAL). Other members of the Group were Sanjay Labroo, Rajiv Lall, Bharat Doshi, Pratip Kar and Uma Subramaniam (Member… Read More

Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses

RBI/2011-12/160 A.P. (DIR Series) Circular No.09 A.P.(FL/RL Series) Circular No.01 To All Authorised Dealer Category-I Banks Madam / Sir, Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the A.P.(DIR Series) No.28 [A.P(FL/RL Series) Circular No.02] dated February 06, 2008 on… Read More

Auction of Government of India Dated Securities

Ref.No.IDMD / 1054/08.02.033/2010-11 All Scheduled Commercial Banks / All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers Dear Sirs, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) of (a) 7.99 percent Government Stock 2017 for a notified amount of Rs.3,000 crore… Read More

RBI launches the 25th Round of Inflation Expectations Survey of Households

The Reserve Bank of India has been conducting Inflation Expectations Survey of Households (IESH) on a quarterly basis since September 2005. The 25th round of the Survey with July-September 2011 as the current reference period has been launched today. The Survey seeks qualitative responses from households on price changes (general prices as well as prices… Read More