FEMA - Corporate Law Reporter

Non-implementation of Senior Citizens Savings Scheme- 2004 (SCSS)

RBI/2010-11/562 DGBA. CDD. No. H-8545/15.15.001/2010-11 June 09, 2011 The Managing Director/ Chief General Manager Government Accounts Department Government Business Department/Head Office State Bank of India//State Bank of Patiala/ State Bank of Bikaner & Jaipur/State Bank of Travancore/ State Bank of Hyderabad/State Bank of Mysore/ Allahabad Bank/Bank of Baroda/Bank of India/ Bank of Maharashtra/Canara Bank/Central Bank… Read More

Prudential Guidelines on Restructuring of Advances by Banks

RBI/2010-11/ 561 DBOD.BP.BC.No.99 /21.04.132/2010-11 June 10, 2011 The Chairman and Managing Directors/ Chief Executive Officers of All Scheduled Commercial Banks (excluding RRBs & LABs) Dear Sir, Prudential Guidelines on Restructuring of Advances by Banks Please refer to paragraph 3.4.2(v) of our circular DBOD.BP.BC.No.37/21.04.132/ 2008-09 dated August 27, 2008 on ˜Prudential Guidelines on Restructuring of Advances by… Read More

Remittance of assets by foreign nationals – Opening of NRO Accounts

RBI/2010-11/560 A.P. (DIR Series) Circular No. 70 June 9, 2011 To All Category - I Authorised Dealer Banks Madam / Sir, Remittance of assets by foreign nationals - Opening of NRO Accounts The foreign nationals employed in India holding valid visas are eligible to maintain resident accounts with an Authorised Dealer Category - I (AD… Read More

Levy of Processing Charges on Retail Electronic Payment Systems

RBI/2010-11/559 DPSS (CO) EPPD No. /2649/ 04.03.01/2010-11 June 02, 2011 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT / NECS / RECS / ECS Madam / Dear Sir, Retail Electronic Payment Systems NEFT / NECS / RECS / ECS Levy of Processing Charges As you are aware, the… Read More

Liberalisation of FDI policy likely to allow multi brand retail

Amid suggestions for opening up of multi-brand retail for foreign investments, Finance Minister Pranab Mukherjee today said discussions were on to further liberalise the FDI policy. "Discussions are underway to further liberalise the FDI (foreign direct investment) policy," he said at the annual conference of chief commissioners and directors general of Central Board of Excise… Read More

16 FDI Proposals Worth Rs. 923.55 Crore Approved

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 20, 2011, the Central Government has approved 16 Proposals of Foreign Direct Investment (FDI) amountingto Rs. 923.55 crore approximately. Following 16 (Sixteen) proposals have been approved. Sl. No. Name of the applicant Particulars of the proposal FDI/NRIinflows (` In crore) FOOD PROCESSING INDUSTRIES 1 M/s Global Gourmet Pvt. Ltd., Gujarat Ex-post facto approval for issue of shares on partly paid basis to… Read More

India’s high economic growth attracts FDIs

Despite regulatory hurdles, India continues to be among the preferred destinations for FDI due to the country's high economic growth, with both Mumbai and Delhi being touted as among the cities likely to produce the next Microsoft or Google, a survey said. According to the '9th Annual European Attractiveness Survey' by Ernst & Young, India… Read More

Baba Ramdev demands discontinuing Rs. 500 and 1000 currency notes

Amidst demand by Yoga guru Ramdev of banning currency notes of Rs 500 and Rs 1,000, the Reserve Bank today said the decision to demonetise a currency is taken by the government not the regulator. "These decisions (of banning Rs 500 and Rs 1,000 notes) are taken by the government and not the RBI. The… Read More

List of Terrorist Individuals/ Organisations under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation

RBI/2010-11/557 DBOD. AML.No.18819/14.06.001/2010-11 June 3, 2011 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, List of Terrorist Individuals/ Organisations under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation Please refer to our circular letter DBOD. AML No.16832 /14.06.001/2010-11 dated May 2, 2011. We have… Read More

Financing of Self Help Groups and Joint Liability Groups by UCBs

RBI/2010-11/556 UBD.BPD.(PCB)CIR No. 50/13.05.000(B)/2010-11 June 2, 2011 The Chief Executive Officers All Primary (Urban) Co-operative Banks Madam / Dear Sir, Financing of Self Help Groups (SHGs) and Joint Liability Groups (JLGs) by Primary (Urban) Co-operative Banks (UCBs) As announced in the Monetary Policy 2011-12 [para 100 - appended], with a view to further expanding… Read More

India allows duty-free import of goods from Afghanistan

India has extended duty-free market access to Afghanistan as part of its economic package for least developed countries (LDCs). Under the scheme, the import of most products from the neighbouring country will be allowed at zero duty. The Finance Ministry has issued a notification in this regard. India's Duty-Free Tariff Preference (DFTP) scheme, launched by… Read More

Foreign Tourist Arrivals and Foreign Exchange Earnings in May 2011

Foreign Tourist Arrivals (FTAs) during the Month of May 2011 was 3.69 lakh as compared to FTAs of 3.45 lakh during the month of May 2010 and 3.05 lakh in May 2009. There has been a growth of 7.0 % in May 2011 over May 2010 as compared to a growth of 13.0 % registered… Read More

RBI calls for secured systems to check credit card frauds

Amid rising instances of debit and credit card frauds, a RBI panel has recommended that banks should put in place secure systems to check such cases within a year's time. "All acquirers and issuers may put in place adequate fraud risk management systems and processes (within) 12 months," said the panel in its recommendations for… Read More