FEMA - Corporate Law Reporter

Cabinet approves Negotiable Instruments (Amendment) Bill, 2015 to be placed in Parliament

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the proposal to introduce the Negotiable Instruments (Amendment) Bill, 2015 in the Parliament. The amendments are focused on clarifying jurisdiction related issues for filing cases of offence committed under Section 138 the Negotiable Instruments Act,1881 (NI Act). The main amendment included in this… Read More

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

RBI/2014-15/561 A.P. (DIR Series) Circular No. 95 April 17, 2015 To All Category I Authorised Dealer Banks Madam/Sir Foreign Direct Investment (FDI) 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 of Security… Read More

Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) – Standards

RBI/2014-15/559 DPSS.CO.AD.No.1925/02.27.005/2014-15 April 16, 2015 To All Payment System Providers, System Participants and Prepaid Payment Instrument Issuers Dear Sir /Madam, Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) - Standards Please refer to our circulars/instructions issued from time to time on the captioned subject. In this regard, we enclose a copy of the… Read More

Interest Rates on deposits

RBI/2014-15/554 DBR.No.Dir.BC.87/13.03.00/2014-15 April 16, 2015 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Interest Rates on Deposits Please refer to our circulars DBOD. No. Dir.BC.36/13.03.00/98 dated April 29, 1998, DBOD. No. Dir.BC.07/13.03.00/2001-02 dated August 11, 2001 and DBOD. No. Dir. BC.74/13.03.00/2012-13 dated January 24, 2013 in terms of which banks are allowed to offer… Read More

NBFCs- Lending against Shares Clarification

RBI/2014-15/551 DNBR (PD).CC.No.028/03.10.001/2014-15 April 10, 2015 All NBFCs with asset size of `.100 cr and above (excluding Primary Dealers) Dear Sirs, NBFCs- Lending against Shares Clarification Please refer to our circular DNBS (PD).CC.No.408/03.10.001/2014-15 dated August 21, 2014. We have since received a number of queries from the industry participants seeking clarification on the applicability of the circular.… Read More

Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Refinancing of Exposures to Borrowers

RBI/2014-15/539 DBR.No.BP.BC.85/21.04.048/2014-15 April 6, 2015 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Refinancing of Exposures to Borrowers In terms of circular DBOD.No.BP.BC.107/21.04.048/2013-14 dated April 22, 2014 and A.P. (DIR Series) Circular No.129 dated May 9, 2014, Indian companies are not permitted to raise… Read More

Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CFT) – Standards

RBI/2014-2015/537 DBR.AML.No.14746/14.01.001/2014-15 April 6, 2015 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks / All India Financial Institutions Dear Sir/ Madam, Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CFT) - Standards Please refer to our letter DBR.AML.No.6704/14.01.001/2014-15 dated November 5, 2014 on risks arising from the deficiencies in AML/CFT regime… Read More

Revision of interest rates for Small Savings Schemes

RBI/2014-15/536 IDMD(DGBA).CDD.No.4521/15.02.001/2014-15 April 01, 2015 The Chairman and Managing Director/Managing Director Head Office, Government Accounts Department State Bank of India/State Bank of Patiala/ State Bank of Bikaner & Jaipur/State Bank of Travancore/ State Bank of Hyderabad/State Bank of Mysore/ Andhra Bank/ Allahabad Bank/Bank of Baroda/Bank of India/Punjab & Sind Bank/ Bank of Maharashtra/Canara Bank/Central Bank… Read More

DIPP moves cabinet to permit composite caps on FDI

In an effort to simplify the foreign direct investment regime, the department of industrial policy and promotion has moved a note to the Cabinet to do away with the distinction between different types of foreign investments through a composite cap on foreign investments. The move, aimed to promote ease of doing business in India, was… Read More

Acquisition/transfer of immovable property Prohibition on citizens of certain countries

RBI/2014-15/495 A.P.(DIR Series) Circular No.83 March 11, 2015 To All Category I Authorised Dealer Banks Madam / Sir, Acquisition/transfer of immovable property Prohibition on citizens of certain countries Attention of Authorised Dealers in Foreign Exchange is invited to Regulation 7 of Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified… Read More

Non-Resident Deposits – Stat 5 and Stat 8 Returns Discontinuation

RBI/2014-15/504 A.P (DIR Series) Circular No.85 March 18, 2015 To, All Banks Authorised to deal in Foreign Exchange Madam/Sir Non-Resident Deposits - Stat 5 and Stat 8 Returns Discontinuation Attention of banks maintaining Non-Resident Deposits (NRD) Accounts is invited to A.P. (DIR Series) Circular No. 4 dated July 12, 2012 and A.P. (DIR Series) Circular No. 19 dated… Read More

Compliance function in banks

RBI/2014-15/489A DBS.CO.PPD.10946/11.01.005/2014-15 March 04, 2015 To, The Chairman / CEO All Scheduled Commercial Banks (excluding RRBs) Dear Sir / Madam, Compliance function in banks Please refer to our circular DBS.CO.PP.BC.6/11.01.005/2006-07 dated April 20, 2007 on compliance function in banks. It has been observed that certain supervisory concerns continue to recur, necessitating the need for tighter compliance regimes… Read More

Refund of overpayment of pension to the Government Account Recovery of excess/ wrong pension payments made to the pensioners

RBI/2014-2015/500 Ref.DGBA.GAD.No.H4054/45.03.001/2014-15 March 13, 2015 The Chairman / Chief Executive Officer All Agency Banks Dear Sir Refund of overpayment of pension to the Government Account Recovery of excess/ wrong pension payments made to the pensioners Please refer to our circular DGBA.GAD.No.H-10450/45.03.001/2008-09 dated June 1, 2009 on the above subject advising that whenever any excess payment… Read More