FEMA - Corporate Law Reporter

Risk Management and Inter Bank Dealings: Hedging under Past Performance Route- Liberalisation of Documentation Requirements in the OTC market

RBI/2014-15/401 A.P. (DIR Series) Circular No.58 January 14, 2015 To All Category - I Authorised Dealer Banks Madam / Sir, Risk Management and Inter Bank Dealings: Hedging under Past Performance Route- Liberalisation of Documentation Requirements in the OTC market Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Foreign… Read More

Inter-Governmental Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) – Registration

RBI/2014-15/397 DNBR.CC.PD.No.010/03.10.01/2014-15 January 09, 2015 To All Non Banking Financial Companies Dear Sirs, Inter-Governmental Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) - Registration Please refer to circulars DNBS (PD).CC.No 401/03.10.42/2014-15 dated July 25, 2014 and DBR.AML.No.9644/14.07.018/2014-15 dated December 30, 2014 on the captioned subject. 2. Government of… Read More

Implementation of Basel III Capital Regulations in India Revised Framework for Leverage Ratio

RBI/2014-15/396 DBR.No.BP.BC.58/21.06.201/2014-15 January 8, 2015 The Chairman and Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (Excluding Regional Rural Banks and Local Area Banks) Madam / Sir, Implementation of Basel III Capital Regulations in India Revised Framework for Leverage Ratio Please refer to paragraph 20 of the Fourth Bi-Monthly Monetary Policy Statement, 2014-15 announced… Read More

Security for External Commercial Borrowings

RBI/2014-15/377 A.P. (DIR Series) Circular No. 55 January 01, 2015 To All Authorised Dealer Category-I Banks Madam/ Sir Security for External Commercial Borrowings Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to Paragraphs 1 (A)(vii) and 1 (B) (vi) of Annex to A P (DIR Series) Circular No. 5 dated August 1, 2005and A P… Read More

Obligation of NBFCs under Prevention of Money laundering Act, 2002 – Client Due Diligence measures

RBI/2014-15/383 DNBR(PD).CC.No.009/03.10.42/2014-15 January 2, 2015 All NBFCs Dear Sirs, Know your Customer (KYC) Norms/Anti-Money Laundering (AML) standards/ Combating of Financing of Terrorism (CFT)/ Obligation of NBFCs under Prevention of Money laundering Act (PMLA), 2002 - Client Due Diligence measures Please refer to our Master Circular DNBS(PD) CC.No.387/03.10.42/ 2014-15 July 1, 2014, as per which NBFCs are… Read More

RBI resets Interest Rate on FRB, 2017

The rate of interest on the Floating Rate Bonds, 2017 (FRB, 2017) applicable for the half-year (January 02, 2015 to July 01, 2015) shall be 8.66 per cent per annum. It may be recalled that the rate of interest on the FRB, 2017 was set at a mark-up (as decided in the auction held on… Read More

RBI cautions Public against Multi Level Marketing Activities

The Reserve Bank of India has cautioned the public against Multi-level Marketing (MLM) activities so that investors do not fall prey to unscrupulous entities. Explaining the functioning of these entities, the Reserve Bank stated that MLM/Chain Marketing/Pyramid Structure schemes promise easy or quick money upon enrolment of members. Income under such schemes majorly comes from… Read More

RBI releases Statistical Tables Relating to Banks in India 2013-14

The Reserve Bank of India yesterday placed on its website 'Statistical Tables Relating to Banks in India 2013-14' an annual publication that provides key information on banks. The volume, 69th in the series published by Reserve Bank of India, is the 94th in the series including the volumes brought out by the then Department of… Read More

Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1988(2011) Taliban Sanctions List

RBI/2014-15/367 DBR.AML.No. 9476/14.06.001/2014-15 December 26, 2014 The Chairpersons / CEOs of all Scheduled Commercial Banks/ Regional Rural Banks /Local Area Banks / All India Financial Institutions Madam/Dear Sir, Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1988(2011) Taliban Sanctions List Please refer to our circulars DBOD. AML. No. 1416 /14.06.001/2013-14 dated July… Read More

Deadline for exchanging currency notes printed pre 2005 ends on 1st January, 2015

The deadline for exchanging the pre-2005 notes is January 1, 2015. The Reserve Bank has so far shredded 144.66 crore such notes valued at Rs 52,855 crore since the launch of the drive to take out the pre-2005 notes from the circulation. Post-2005 notes have added security features and help in curbing the… Read More

Special Deposit Scheme 1975 Payment of interest for the calendar year 2014

RBI/2014-15/350 IDMD (DGBA).CDD.No.2600/15.01.001/2014-15 December 12, 2014 The Chairman & 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 Allahabad Bank / Bank of Baroda / Bank of India /… Read More

RBI releases Data on India™s International Trade in Services: October 2014

The Reserve Bank of India today released the data on India's International Trade in Services for October 2014. The value of exports and imports of services during October 2014 was: Table: International Trade in Services (US$ Million) Month Receipts (Exports) Payments (Imports) July 2014 13,344 6,822 August 2014 12,242 6,767 September 2014 12,940 6,174 October… Read More

Levy of Penal Charges on Non-maintenance of Minimum Balances in Savings Bank Accounts

RBI/2014-15/349 DCBR.BPD (PCB/RCB) Cir. No. 3/12.05.001/2014-15 December 12, 2014 The Chief Executive Officer All Primary (Urban) Co-operative Banks / State and Central Co-operative Banks (St CBs / CCBs) Madam / Dear Sir, Levy of Penal Charges on Non-maintenance of Minimum Balances in Savings Bank Accounts Please refer to UBD circular UBD.PCB.Cir.No.15/12.05.001/2008-09 dated September 18, 2008 on ˜Display… Read More