FEMA - Corporate Law Reporter

RBI issues draft norms for marginal cost computation

September 1, 2015 RBI seeks comments/feedback on Draft Guidelines on Computation of Base Rate based on Marginal Cost of Funds methodology The Reserve Bank of India has today placed on its website for comments/feedback, the draft guidelines on interest rates on advances-Base Rate methodology. Comments/feedback… Read More

Changes in RTGS time window

RBI/2015-16/168 DPSS (CO) RTGS No.492/04.04.002/2015-16 September 1, 2015 The Chairman / Managing Director / Chief Executive Officer of participants of RTGS Madam / Sir, Changes in RTGS time window A reference is invited to the Reserve Bank of India press release number 2015-2016/528 dated August 28, 2015 on Bank Holiday on Second & Fourth Saturdays from September… Read More

Sectoral Deployment of Bank Credit July 2015

September 02, 2015 Data on sectoral deployment of bank credit collected on a monthly basis from select 46 scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, for the month of July 2015 are set out in Statements I and II. These data are also… Read More

Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)

RBI/2015-16/165 DBR.AML.BC.No.36/14.01.001/2015-16 August 28, 2015 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks/ All India Financial Institutions/ All Non-banking Financial Companies/ All Primary (Urban) Co-operative Banks /State and Central Co-operative Banks (SCBs / CCBs) / All authorised persons Dear Sir/ Madam, Reporting requirement under Foreign Account Tax Compliance Act… Read More

Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions Issuance of EMV Chip and PIN Cards

RBI/2015-16/163 DPSS.CO.PD.No.448/02.14.003/2015-16 August 27, 2015 All Scheduled Commercial Banks including RRBs / Co-operative Banks / State Co-operative Banks / Central Co-operative Banks / Authorised Card Payment Networks Dear Madam / Sir, Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions Issuance of EMV Chip and PIN Cards A reference is invited to… Read More

Detection of Counterfeit Notes

RBI/2015-16/162 DCM (FNVD) No. 776/16.01.05/2015-16 August 27, 2015 The Chairman / Managing Director / Chief Executive Officer All Banks Madam / Sir, Detection of Counterfeit Notes Please refer to our Circular DCM (FNVD) No. 5840/16.01.05/2012-13 dated June 27, 2013 on Detection and Reporting of Counterfeit Notes. The procedure for detection of counterfeit notes has been reviewed in… Read More

Streamlining flow of credit to Micro and Small Enterprises (MSEs) for facilitating timely and adequate credit flow during their ˜Life Cycle™

RBI/2015-16/160 FIDD.MSME & NFS.BC.No.60/06.02.31/2015-16 August 27, 2015 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir / Madam, Streamlining flow of credit to Micro and Small Enterprises (MSEs) for facilitating timely and adequate credit flow during their ˜Life Cycle™ Micro and small units are more prone to facing financial difficulties during their Life Cycle… Read More

Foreign Direct Investment Reporting under FDI Scheme on the e-Biz platform

RBI/2015-16/157 A.P. (DIR Series) Circular No. 9 August 21, 2015 To All Category - I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment Reporting under FDI Scheme on the e-Biz platform Attention of Authorised Dealers Category-I (AD Category - I) banks is invited to the provisions of the Foreign Exchange Management (Transfer or Issue… Read More

Rate of exchange of conversion of the foreign currency with effect from 21st August, 2015

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No.81/2015 - Customs (N.T.) Dated the 20th August, 2015 In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise… Read More

Exchange rate of Foreign Currency relating to Imported and Export Goods notified

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise & Customs (CBEC) No.73/2015-CUSTOMS (N.T.), dated 6th August, 2015, except as respects things done or omitted to be done before such supersession, the Central Board… Read More

Recent Relaxations in FDI Sectoral Caps

FDI policy is reviewed on an ongoing basis and significant changes are made in the FDI policy regime, from time to time, to ensure that India remains increasingly attractive and investor-friendly investment destination. Changes are made in the Policy after having intensive consultation with stakeholders including concerned Ministries/ Departments, Apex Industries Chambers and other organization.… Read More

Spending limit to be raised by RBI on e-wallets

The Reserve Bank will raise the spending limit on e-wallets, which are fast becoming the preferred mode of payment for utility bills and online purchases. An e-wallet is an electronic card, which works like credit and debit card for making secure online transactions.Many mobile wallet companies have asked the central bank to hike the limit.… Read More

Section 23 of the Banking Regulation Act, 1949 – Relaxations in Branch Authorisation Policy

RBI/2015-16/148 DBR.No.BAPD.BC.34/22.01.001/2015-16 August 6, 2015 All Domestic Scheduled Commercial Banks (excluding RRBs) Madam / Dear Sir Section 23 of the Banking Regulation Act, 1949 - Relaxations in Branch Authorisation Policy Please refer to circulars DBOD.No.BAPD.BC.54 and 60/22.01.001/2013-14 dated September 19, 2013 and October 21, 2013 respectively on the above subject, permitting domestic scheduled commercial banks (other than RRBs) to… Read More