FEMA - Corporate Law Reporter

RBI circular on Investment in the units of Domestic Mutual funds

RBI/2011-12/148 A.P. (DIR Series) Circular No. 08 August 9, 2011 To, All Category I Authorized Dealer banks Madam / Sir, Investment in the units of Domestic Mutual funds Attention of Authorized Dealers Category I (AD Category - I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a… Read More

Auction for Sale (Re-issue) of ˜7.80 per cent Government Stock, 2021™

Government of India Ministry of Finance Department of Economic Affairs Budget Division New Delhi, dated August 08, 2011 NOTIFICATION Auction for Sale (Re-issue) of ˜7.80 per cent Government Stock, 2021™ F. No.4 (4) W&M/2011(i): Government of India hereby notifies sale (re-issue) of ˜7.80 per cent Government Stock, 2021™ (hereinafter called 'the Stock') for an aggregate… 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 08, 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 aggregate… Read More

RBI Statement on Recent Global Developments

Press Release : 2011-2012/201 Developments relating to the US economy last week have significantly increased uncertainty about its prevailing condition. A sharp fall in US equity markets on Thursday was followed by a downgrade in the long-term US sovereign rating by rating agency Standard & Poor™s from AAA to AA+ with negative outlook on Friday. Two other… Read More

The Sawaimadhopur Urban Co-operative Bank Limited, Sawaimadhopur Penalised

Press Release : 2011-2012/208 The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Sawaimadhopur Urban Co-operative Bank Limited, Sawaimadhopur, 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 (AACS) for violation of Reserve… Read More

FDI in Multi Brand Retail is closer than you think

The long pending issue of opening of multi-brand retail to foreign investment moved one more step, with the top secretaries forwarding 10 recommendations to the commerce and industry ministry yesterday. The CoS headed by cabinet secretary Ajit Kumar Seth has recommended that 51% FDI could be allowed in the sector, which is dominated by mom… Read More

Reconstitution of the Technical Advisory Committee on Monetary Policy

Press Release : 2011-2012/187 With a view to strengthening the consultative process in monetary policy, the Reserve Bank of India had constituted a Technical Advisory Committee on Monetary Policy in June, 2009. The tenure of the Committee was up to June 30, 2011. However, it was decided to continue with the Committee up to the… Read More

Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat) Penalised

Press Release : 2011-2012/200 The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (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 (AACS) for violation of Reserve… Read More

Security Issues and Risk mitigation measures related to Card Not Present (CNP) transactions

RBI/2011-12/145 DPSS.PD.CO. No.223/02.14.003/2011-2012 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 Not Present (CNP) transactions. Please refer to our circular… Read More

Policy Guidelines for issuance and operation of Prepaid Payment Instruments in India

RBI/2011-12/144 DPSS.CO.PD.No. 225/02.14.006/2011-12 August 04, 2011 To All System Providers, System Participants and all other prospective prepaid payment instrument issuers Dear Sir, Policy Guidelines for issuance and operation of Prepaid Payment Instruments in India. A reference is invited to our circular RBI/2010-11/261DPSS.CO.No. 1041/02.14.006/2010-2011 dated November 04, 2010, containing the guidelines for enabling additional category of prepaid… Read More

RBI Notification on Anti-Money Laundering (AML)/Combating of Financing of Terrorism

RBI/2011-12/139 RPCD.CO.RCB.AML.No.1286/07.02.12/2011-12 The Chairmen / CEOs of all State / Central Co-operative Banks Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to our letter RPCD.CO.RCB.AML.No.12293/07.02.12/2010-11 dated April 27, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies. 2. FATF, has further… Read More

RBI – Exim Bank’s Line of Credit of USD 4 million to the Government of the Co-operative Republic of Guyana

RBI/2011-12/138 A.P. (DIR Series) Circular No. 07 August 02, 2011 To All Authorised Dealer Category -I banks Madam / Sir, Exim Bank's Line of Credit of USD 4 million to the Government of the Co-operative Republic of Guyana Export-Import Bank of India (Exim Bank) has concluded an Agreement dated July 26, 2010 with the… Read More

RBI Notification on Comprehensive Guidelines on Derivatives

RBI/2011-12/136 DBOD.No.BP.BC. 27/21.04.157/2011-12 August 2, 2011 The Chairman and Managing Directors/ Chief Executive Officers of All Scheduled Commercial Banks (excluding RRBs and LABs), All India Term-Lending & Refinancing Institutions & Primary Dealers Dear Sir, Comprehensive Guidelines on Derivatives : Modifications Please refer to our Circular DBOD No. BP. BC. 86/21.04.157/2006-07 dated April 20, 2007 on Comprehensive Guidelines… Read More