FEMA - Corporate Law Reporter

Buyback of WPI-Linked Inflation Indexed Bond

The Government of India has announced the repurchase of “1.44 per cent Inflation Indexed Government Stock-2023” through reverse auction for an aggregate amount of Rs.3298.72 crore (face value). The repurchase by the Government of India will be undertaken to redeem the Government Stocks prematurely by utilizing surplus cash balances. The above repurchase of the Government… Read More

Government of india proposed merger of 27 PSBs into 6

Below the name of Public sector Banks with the Anchor Bank (with which other Banks will get merged). 1. State Bank of India (Anchor Bank) State Bank of Hyderabad State Bank of Patiala State Bank of Travancore State Bank of Bikaner & Jaipur State Bank of Mysore 2. Punjab National Bank (Anchor Bank) Oriental Bank… Read More

Framework for Revival and Rehabilitation of Micro, Small and Medium Enterprises (MSMEs)

RBI/2015-16/338 FIDD.MSME & NFS.BC.No.21/06.02.31/2015-16 March 17, 2016 All Scheduled Commercial Banks (Excluding RRBs) Madam / Sir, Framework for Revival and Rehabilitation of Micro, Small and Medium Enterprises (MSMEs) In order to provide a simpler and faster mechanism to address the stress in the accounts of MSMEs and to facilitate the promotion and development of MSMEs,… Read More

Participation of Standalone Primary Dealers in Currency Futures Market

RBI/2015-16/339 FMRD.FMD.No. 02.03.183/7/2015-16 March 17, 2016 All Standalone Primary Dealers Dear Sir, Participation of Standalone Primary Dealers in Currency Futures Market A reference is invited to A.P. (DIR Series) Circular No. 05 dated August 06, 2008, in terms of which persons resident in India are permitted to participate in the currency futures market in India… Read More

Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account – Reporting and Accounting of March Transactions – Special Arrangements – Financial Year 2015-16

RBI/2015-16/343 DGBA.GAD.No.2968/42.01.029/2015-16 March 17, 2016 The Chairman/Chief Executive Officer All Agency Banks Dear Sir / Madam, Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions - Special Arrangements - Financial Year 2015-16 Please refer… Read More

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2015-16)

RBI/2015-16/342 DGBA.GAD.No. 2969/42.01.029/2015-16 March 17, 2016 The Chairman / Chief Executive Officer All agency banks Dear Sir/Madam, Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2015-16) The Government of India has desired that all government transactions with banks must be accounted for within… Read More

Recovery of excess payments made to pensioners

RBI/2015-16/340 DGBA.GAD.No.2960/45.01.001/2015-16 March 17, 2016 The Chairman / Chief Executive Officer All Agency Banks Dear Sir, Recovery of excess payments made to pensioners We have been receiving complaints from pensioners stating that the recovery of excess/wrong pension payments are being made in a manner that is not in keeping with the extant guidelines. In this… Read More

NEFT – Customer Service and Charges – Adherence to Procedural Guidelines and Circulars

RBI/2015-16/337 DPSS.CO.EPPD No.2157/04.03.01/2015-16 March 17, 2016 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT NEFT – Customer Service and Charges – Adherence to Procedural Guidelines and Circulars We invite reference to Para 7 of circular DPSS.CO.EPPD No.1583/04.03.01/2013-14 dated January 21, 2014 on the captioned subject wherein banks were… Read More

Banks Holiday List for March, 2016

March 2016 4 7 22 23 24 25 Agartala Ahmedabad • • Aizawl • • Belapur • • • Bengaluru • • Bhopal • • Bhubaneswar • • • Chandigarh • • • Chennai • Dehradun • • • • Gangtok • • Guwahati • • Hyderabad • • Imphal • • Jaipur • Jammu… Read More

Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11 th March, 2016 Subject: - Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor - regarding The Central Board of Direct Taxes had issued directions to… Read More

Finance Minister meets the Directors of the RBI Central Board

Shri Arun Jaitley, Hon’ble Minister of Finance addressed the Central Board of the Reserve Bank of India at its Office in New Delhi today. Explaining the rationale underlying the Union Budget 2016-17, the Hon’ble Finance Minister said that the Budget is guided by the ground situation rather than populism. The key factors of the Budget… Read More

Review of risk weights assigned to sovereign debt

RBI/2015-16/336 DNBR (PD) CC.No.076/03.10.001/2015-16 March 10, 2016 All Non-Banking Financial Companies (excluding RNBCs) Madam/ Sir, Review of risk weights assigned to sovereign debt In terms of the extant directions, deposit accepting NBFCs, systemically important non-deposit taking NBFCs, all NBFC-MFIs and all NBFC-IFCs shall maintain a minimum capital ratio consisting of Tier I and Tier II… Read More

Alteration in the name of “The Shamrao Vithal Co-operative Bank Limited” to “SVC Co-operative Bank Ltd.” in the second schedule to the RBI Act, 1934

RBI/2015-16/334 DCBR.CO.LS.BC.No.11/07.01.000/2015-16 March 10, 2016 All Banks Dear Sir / Madam Alteration in the name of “The Shamrao Vithal Co-operative Bank Limited” to “SVC Co-operative Bank Ltd.” in the second schedule to the RBI Act, 1934 We advise that the name of “The Shamrao Vithal Co-operative Bank Limited” has been changed to “SVC Co-operative Bank… Read More