Salient Features of FCRA, 2010 Comes into Effect from May 1, 2011
The Foreign Contribution (Regulation) Act, 2010 has come into effect from May 1, 2011. The Ministry of Home Affairs has issued the necessary Gazette Notification vide S.O. 999 (E) dated the 29th April, 2011 in this regard. The Ministry of Home Affairs has also issued a Gazette Notification vide G.S.R. 349 (E) dated the 29th… Read More
No Conflict Between the Objectives Of High Growth and Low Inflation: RBI
Third Meeting of Inter Ministerial Group (IMG) on Inflation Held ; no Conflict Between the Objectives Of High Growth and Low Inflation in Long Run: Says RBI Governor A meeting of the Inter-Ministerial Group (IMG) on inflation was held today under the Chairmanship of Dr Kaushik Basu, Chief Economic Advisor, Ministry of Finance. The IMG was set-up at the… Read More
RBI Policy Guidelines for issuance and operation of Prepaid Instruments in India
RBI/2010-11/512 DPSS.CO.No.2501/02.14.06/ 2010-11 May 4, 2011 All System Providers, System Participants And Prospective prepaid Instrument Issuer Madam/ Dear Sir Policy Guidelines for issuance and operation of Prepaid Instruments in India. A reference is invited to Para 124 of the Monetary Policy statement (2011-2012) on the issue of mobile based semi-closed prepaid payment instruments. Attention is also… Read More
Mobile Banking Transactions in India – Limits increased to 5K
RBI/2010-11/511 DPSS.CO.No.2502 /02.23.02/ 2010-11 May 4, 2011 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 Madam/ Dear Sir Mobile Banking Transactions in India - Operative Guidelines for Banks A reference is invited to Para 125 of… Read More
Monetary Policy Statement for 2011-12
Monetary Policy Statement for 2011-12 Press Statement by Dr. D. Subbarao, Governor 1. First of all, on behalf of the Reserve Bank of India, I want to welcome all of you to this announcement of our Annual Monetary Policy. 2. The Annual Policy for 2011-12 is set in conditions significantly different from those a year… Read More
Letters of Credit for Import of rough, cut and polished diamonds restricted to 90 days
RBI/2010-11/514; Circular No. 59 dated May 06, 2011 All Category - I Authorised Dealer Banks Foreign Exchange Management Act, 1999 Import of rough, cut and polished diamonds Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P.(DIR Series) Circular No.12 dated August 28 ,2008, in terms of which AD Category I banks were… Read More
Bank penalised by RBI for not following KYC / AML norms
The Reserve Bank of India has imposed the monetary penalty Rs. 5.00 lakh (Rupees five lakh only) on Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad, Gujarat in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violating guidelines issued by Reserve Bank of India… Read More
RBI Policy Guidelines for issuance and operation of Prepaid Instruments in India
RBI/2010-11/512 DPSS.CO.No.2501/02.14.06/ 2010-11 May 4, 2011 All System Providers, System Participants And Prospective prepaid Instrument Issuer Madam/ Dear Sir Policy Guidelines for issuance and operation of Prepaid Instruments in India. A reference is invited to Para 124 of the Monetary Policy statement (2011-2012) on the issue of mobile based semi-closed prepaid payment instruments. Attention is also… Read More
MFIs to get bank loans on priority for agriculture, micro and small enterprise- RBI
RBI/2010-11/505 RPCD.CO.Plan. 66 /04.09.01/2010-11 May 3, 2011 The Chairman/Managing Director/ Chief Executive Officer (All Scheduled Commercial Banks) Dear Sir/ Madam, Bank loans to Micro Finance Institutions (MFIs) Priority Sector status We invite a reference to paragraphs 92-93 of the Annual Policy Statement for the year 2011-12. 2. It has been decided to regulate microfinance sector by… Read More
Guidelines on Mobile Banking Transaction by Banks
RBI/2010-11/511 DPSS.CO.No.2502 /02.23.02/ 2010-11 May 4, 2011 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 Madam/ Dear Sir Mobile Banking Transactions in India - Operative Guidelines for Banks A reference is invited to Para 125 of… Read More
Interest Rate on Savings Deposits increased
CLR NOTE:- The Reserve Bank of India has notified that the interest rate on saving deposits has increased by 0.5 % with immediate effect from 3.5 % to 4 %. RBI/2010-11/507 DBOD.Dir.BC. 90 /13.03.00/2010-11 May 3, 2011 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Interest Rates on Deposits Please refer to our directive DBOD.No.Dir.BC.75/13.03.00/2002-03 dated… Read More
FCRA 2010 and FCRA Rules 2011 come into Force w.e.f. 1st May, 2011
FCRA Comes into Force W.E.F 1st May 2011 Foreign Contribution Regulation Act (FCRA) 2010 has been notified and it has come into force with effect from 1/5/2011. FCRA Rules 2011 have also come into force from 1/5/2011. Key features of FCRA 2010 include the following: ¢ Concept of ˜permanent™ registration done away with; A five-year… Read More
Overview on the Macroeconomics & Monetary Developments, 2010-11
CLR Note: RBI released Macroeconomic and Monetary Developments in 2010-11, which serves as a background to the Monetary Policy Statement 2011- 12 to be announced today. Overall Outlook Persistence of inflation warrants continuation of anti-inflationary monetary policy stance for sustaining growth over the medium term Growth in 2011-12 is expected to stay close to the trend.… Read More
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