FEMA - Corporate Law Reporter

RBI Issues SARFAESI Act, 2002 guidelines and directions as amendment upto 30th June 2015

RBI/2015-16/94 DNBR.(PD).CC.No. 03/SCRC/26.03.001/2015-16 July 01, 2015 Notification as amended up to June 30, 2015 - The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003 As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars / notifications. The… Read More

Master Circular ‘Know Your Customer’ (KYC) Guidelines Anti Money Laundering Standards (AML) – ‘Prevention of Money Laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder™

RBI/2015-16/108 DNBR (PD) CC No. 051/03.10.119/2015-16 July 1, 2015 To All Non-Banking Financial Companies (NBFCs), Miscellaneous Non-Banking Companies (MNBCs), and Residuary Non-Banking Companies (RNBCs) Dear Sir/Madam, Master Circular 'Know Your Customer' (KYC) Guidelines Anti Money Laundering Standards (AML) - 'Prevention of Money Laundering Act, 2002 - Obligations of NBFCs in terms of Rules notified thereunder™… Read More

Economy rises: More reforms needed to accelerate growth

Reserve Bank of India Governor Raghuram Rajan commented that India's economy may be on course for revival with stalled projects moving again. Country needed growth to accelerate to 8-10% from 6-8% levels in order to pull the country's most disadvantaged sections out of poverty. RBI plans to review the limit on overseas ownership of Indian… Read More

Prevention of Money Laundering: Govt notifies 3 month compliance window till Sept 30 for disclosure

The new black money law has triggered defaulters to face criminal prosecution with a jail term of up to ten years. Government yesterday gave three months time till September 30 for people to declare their undisclosed foreign income and assets to escape prosecution under the new black money law, while tax and penalty on such… Read More

Master Circular on Foreign Investment in India

RBI/2015-16/96 Master Circular No. 15/2015-16 July 01, 2015 To, All Category - I Authorised Dealer banks Madam / Sir, Master Circular on Foreign Investment in India Foreign investment in India is governed by sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as… Read More

Master Circular on Memorandum of Instructions governing money changing activities

RBI/2015-16/92 Master Circular No.10/2015-16 July 01, 2015 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Circular on Memorandum of Instructions governing money changing activities This Master Circular consolidates the existing instructions on the subject of Memorandum of Instructions governing money changing activities at one place. The list of underlying circulars/ notifications is… Read More

Master Circular on Miscellaneous Remittances from India Facilities for Residents

RBI/2015-16/91 Master Circular No.6/2015-16 July 1, 2015 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Circular on Miscellaneous Remittances from India Facilities for Residents Miscellaneous remittance facilities for residents are allowed in terms of section 5 of the Foreign Exchange Management Act, 1999, read with Government of India Notification No. G.S.R 381(E)… Read More

Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses

RBI/2015-16/89 Master Circular No. 3/2015-16 July 01, 2015 To, All Authorised Dealer Category-I Banks Madam / Sir, Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses This Master Circular consolidates the existing instructions on the subject of Memorandum of Instructions for Opening and Maintenance… Read More

Master Circular on Money Transfer Service Scheme

RBI/2015-16/88 Master Circular No.1 /2015-16 July 1, 2015 To All Authorised Persons, who are Indian Agents under the Money Transfer Service Scheme Madam / Sir, Master Circular on Money Transfer Service Scheme Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward… Read More

Master Circular on Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals

RBI/2015-2016/80 Master Circular No.8/2015-16 July 01, 2015 To, All Authorised Dealer Category I banks and Authorised banks Madam / Sir, Master Circular on Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals Remittance facilities for Non-Residents /Persons of Indian Origin /Foreign Nationals are governed by sub-section (1) and (2) of section… Read More

Master Circular on Risk Management and Inter-Bank Dealings

RBI/2015-16/84 Master Circular No. 5/2015-16 July 1, 2015 To, All Authorised Dealers - Category I Banks Madam / Sir, Master Circular on Risk Management and Inter-Bank Dealings Foreign Exchange Derivative Contracts, Overseas Commodity & Freight Hedging, Rupee Accounts of Non-Resident Banks, Inter-Bank Foreign Exchange Dealings, etc. are governed by the provisions in Notification No. FEMA 1/2000-RB,… Read More

Master Circular on Export of Goods and Services

RBI/2015-16/83 Master Circular No.14/2015-16 July 01, 2015 To, All Category I Authorised Dealer Banks Madam / Sir, Master Circular on Export of Goods and Services Export of Goods and Services from India is allowed in terms of clause (a) of sub-section (1) and sub-section (3) of Section 7 of the Foreign Exchange Management Act 1999… Read More

Master Circular on Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin

RBI/2015-16/79 Master Circular No. 4/2015-16 July 1, 2015 To, All Category - I Authorised Dealer banks Madam / Sir Master Circular on Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin Acquisition and transfer of immovable property in India by NRIs / PIOs / Foreign Nationals of Non-Indian Origin is… Read More