FEMA - Corporate Law Reporter

RBI lays down ‘Fit and Proper’ Criteria for Directors on the Boards of Banks

RBI/2010-11/541; DBOD. No.BC.No. 95 /29.39.001/2010-11; May 23, 2011 The Chairman & Managing Director of all Nationalised Banks / Managing Directors & CEOs of all Private Sector Banks / The Managing Directors of all the Associate Banks of State Bank of India 'Fit and Proper' Criteria for Directors on the Boards of Banks Please refer to DBOD circulars No.BC.104 &… Read More

RBI places the report on FHC structure in India

CLR Note: The Financial Holding company (FHC) is a financial entity engaged in a broad range of banking-related activities, created by the Gramm-Leach-Bliley Act of 1999. These activities include: insurance underwriting, securities dealing and underwriting, financial and investment advisory services, merchant banking, issuing or selling securitized interests in bank-eligible assets, and generally engaging in any non-banking activity… Read More

AMLS and CFT Standards – Money changing activities

ï»¿ AML standards/CFT Standards - Money changing activities RBI/2010-11/536 ; Circular No. 65; Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities Please refer to our A.P.(DIR Series) Circular No.51 { A.P.(FL/RL Series) Circular No.13} dated April 6, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of… Read More

Cross Border Inward Remittance under Money Transfer Service Scheme – Iran and Republic of Korea

RBI/2010-11/535; Circular No. 64; Dated May 20, 2011 All Authorised Persons, who are Indian Agents under Money Transfer Service Schem Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme Please refer to our A.P. (DIR Series) Circular No.50 {A.P. (FL/RL Series) Circular No.12} dated… Read More

Cross Border Inward Remittance under Money Transfer Service Scheme

RBI/2010-11/537; Circular No. 66; Dated May 20, 2011 All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme Please refer to our A.P.(DIR Series) Circular No.52 { A.P.(FL/RL Series) Circular No.14} dated April… Read More

AML standards/CFT Standards – Money Changing Activities – Iran and Korea

RBI/2010-11/534 A.P. (DIR Series) Circular No. 63 May 20, 2011 All Authorised Persons Madam/ Dear Sir, Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money Changing Activities Please refer to our A.P. (DIR Series) Circular No.49 {A.P. (FL/RL Series) Circular No.11} dated April 6, 2011 on risks arising from the deficiencies in AML/CFT… Read More

Hedging IPO flows by FIIs under the ASBA mechanism

RBI/2010-11/539; Circular No. 68; dated May 20, 2011 All Authorised Dealer - Category I banks Hedging IPO flows by Foreign Institutional Investors (FIIs) under the Application Supported by Blocked Amount(ASBA) mechanism Attention of the Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 32 dated December… Read More

Forward cover for FIIs Rebooking of cancelled contracts

RBI/2010-11/538; Circular No. 67; Dated May 20, 2011 All Category - I Authorised Dealer Banks Forward cover for Foreign Institutional Investors Rebooking of cancelled contracts Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to Regulation 5 of Notification No.FEMA.25/RB-2000 dated May 3, 2000, as amended from time to time… Read More

RBI : Increase in Housing Loan Limit under Priority Sector

RBI/2010-11/533 RPCD.CORRB.No.71 /03.05.33/2010-11 May 16, 2011 The Chairman All Regional Rural Banks (RRBs) Please refer to paragraph 7.1 of our circular RPCD.No.RRB.BC.20/03.05.33/2007-08 dated August 22, 2007 on lending to Priority Sector, wherein loans up to Rs.20 lakh irrespective of location, to individuals for purchase / construction of dwelling unit per family, excluding loans granted by… Read More

RBI – Enhancement of Rates of Provisioning for Non-Performing Assets and Restructured Advances

RBI 2010-11/529; DBOD.No.BP.BC. 94/21.04.048/2011-12; May 18, 2011 The Chairman and Managing Directors / Chief Executive Officers; All Scheduled Commercial Banks (Excluding RRBs) Enhancement of Rates of Provisioning for Non-Performing Assets and Restructured Advances Please refer to paragraph 110 of the Monetary Policy Statement for the year 2011-12 (extract enclosed) wherein it was proposed to enhance… Read More

RBI notifies Central Electronic Registry under SARFAESI to curb fraud

RBI/2010-11/530 RPCD.CO RRB.BC.No. 72/03.05.33/2010-11 May 19, 2011 CLR Note: The Government of India, Ministry of Finance notified to set up the Central Registry, to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. This Registry has become operational on March 31, 2011. The Central Registry of Securitisation Asset Reconstruction… Read More

RBI opens its 2nd sub-office in Agartala

The Reserve Bank of India (RBI) opened its sub-office at Agartala. Tripura will be the second state in the North-East region to have an RBI office. The new office was inaugurated by Shri Manik Sarkar, Hon™ble Chief Minister of Tripura. Dr. D. Subba Rao, Governor, Reserve Bank of India presided over the inaugural function. The… Read More

Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks

RBI/2010-11/526 A.P. (DIR Series) Circular No. 60 May 16 , 2011 To All Authorised Dealer - Category I banks Madam / Sir Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks Attention of the Authorised Dealer Category - I (AD Category - I) banks is… Read More