FEMA - Corporate Law Reporter

Master Circular on Non-Resident Ordinary Rupee (NRO) Account

RBI/2015-16/78 Master Circular No. 2/2015-16 July 1, 2015 To, All Authorised Dealer Category I banks and Authorised banks Madam / Sir, Master Circular on Non-Resident Ordinary Rupee (NRO) Account The acceptance of deposits by an Authorised Dealer /Authorised bank from persons resident outside India is regulated by the provisions of sub-sections (1) and (2) of… Read More

Master Circular on Compounding of Contraventions under FEMA, 1999

RBI/2015-16/67 Master Circular No. 9/2015-16 July 01, 2015 To, All Authorised Dealer Category - I Banks and Authorised Banks Madam / Sir, Master Circular on Compounding of Contraventions under FEMA, 1999 The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an… Read More

Master Circular on Establishment of Liaison / Branch / Project Offices in India by Foreign Entities

RBI/2015-16/54 Master Circular No.7/2015-16 July 01, 2015 To, All Category I Authorised Dealer banks Madam / Sir, Master Circular on Establishment of Liaison / Branch / Project Offices in India by Foreign Entities Establishment of Branch/Liaison/Project Offices in India is regulated in terms of Section 6(6) of Foreign Exchange Management Act, 1999 read with Notification No.… Read More

Master Circular on Direct Investment in Joint Venture/Wholly Owned Subsidiaries abroad

RBI/2015-16/41 Master Circular No. 11/2015-16 July 01, 2015 To, All Authorised Dealer Category - I banks Madam / Sir, Master Circular on Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad Direct investments by residents in Joint Venture (JV) and Wholly Owned Subsidiary (WOS) abroad are being allowed, in terms… Read More

Master Circular on External Commercial Borrowings and Trade Credits

RBI/2015-16/33 Master Circular No. 12/2015-16 July 01, 2015 To All Authorised Dealer Category I banks and Authorised banks Madam / Sir Master Circular on External Commercial Borrowings and Trade Credits External Commercial Borrowings and Trade Credits availed of by residents are governed by clause (d) of sub-section 3 of section 6 of the Foreign Exchange… Read More

FAQ’s w.r.t FLA return : Submissions to be completed by 15th July, 2015

Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999. Return to be filed under A.P. (DIR Series) Circular No.145 dated June 18, 2014 and submitted to the Department of Statistics and Information Management, RBI, Mumbai It is required to be submitted directly by all the Indian companies which have received FDI… Read More

RBI to work on July 1, 2015 to facilitate public transactions

On a review and in order to facilitate the settlement of market transactions, as also, to aid the transactions of the general public, the Reserve Bank of India has decided that it will remain open for public transactions on July 1, 2015. Normally, the Reserve Bank remains closed for public transactions every July 1 on… Read More

Due Date for withdrawal of all old series of Banknotes issued prior to 2005 deferred to 31st December, 2015

RBI/2014-15/650 DCM(Plg) No.G-15/5486/10.27.00/2014-15 June 26, 2015 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks Primary (Urban) Co-operative Banks/RRBs Dear Sir /Madam Withdrawal of all old series of Banknotes issued prior to 2005 Please refer to our circular DCM (Plg) No. G-19/3880/10.27.00/2013-14 dated March 03, 2014, DCM (Plg) No. G-8/3004/10.27.00/2014-15 dated December 31,… Read More

RBI extends deadline to exchange pre-2005 currency notes till Dec 31

Reserve Bank of India on Thursday extended the deadline for exchanging pre-2005 currency notes of various denominations, including of Rs 500 and Rs 1,000, by six months till December 31, 2015. The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015 as against earlier… Read More

Review of FDI Policy on investments by Non Resident Indians (NRIs), Person of Indian Origins (PIOs) and Overseas Citizens of India (OCIs).

With effect from June 18, 2015, the following changes under the FDI Policy will be made applicable in relation to the investments by NRIs, PIOs and OCIs: Revised definition of Non Resident Indians (NRIs)- As per clause 2.1.27 of the FDI Policy, NRI means an individual resident outside India who is a citizen of India or… Read More

Review of the investment limits for cases requiring prior approval of the Foreign Investment Promotion Board (FIPB)/Cabinet Committee of Economic Affairs (CCEA)

With effect from June 18, 2015, the levels of approval of cases under the government approval route under the Consolidated Foreign Direct Investment Policy, 2015 (FDI Policy) will be changed and the revised position will be as follows: The Minister of Finance (MOF) who is in charge of FIPB would consider the recommendations of FIPB… Read More

Master Circular “Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011”

RBI/2014-15/631 DNBR (PD) CC No. 039/03.01.001/2014-15 June 11, 2015 To All NBFCs Dear Sirs, Master Circular "Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011". 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 instructions contained… Read More

Priority Sector Lending-Targets and Classification

RBI/2014-15/573 FIDD.CO.Plan.BC.54/04.09.01/2014-15 April 23, 2015 The Chairman / Managing Director/ Chief Executive Officer [All Scheduled Commercial Banks, (excluding Regional Rural Banks)] Dear Sir/ Madam, PRIORITY SECTOR LENDING-TARGETS AND CLASSIFICATION An Internal Working Group (IWG) was set up in July 2014 to revisit the existing priority sector lending guidelines. The report of the IWG was placed… Read More