FEMA - Corporate Law Reporter

Master Circular on Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad

RBI/2014-15/2 Master Circular No. 11/2014-15 July 01, 2014 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… Read More

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 a contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999. This Circular consolidates the existing instructions on the subject of "Compounding of Contraventions under FEMA, 1999" at one… Read More

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

The Reserve Bank of India has issued Master Circular which consolidates the existing instructions on the subject of Establishment of Branch/Liaison/Project Offices in India by Foreign Entities" at one place dated 1.07.2014. The list of underlying circulars/notifications consolidated in this Master Circular is furnished in the Appendix as provided in the circular. This Master Circular… Read More

FIPB to take call on 31 foreign investment proposals next week

The Foreign Investment Promotion Board, headed by finance secretary,Arvind Mayaram, is scheduled to meet up next week to discuss and take a call on many foreign direct investment proposals next week. The top most amongst the agenda is the booming pharmaceutical sector, while India allows direct investment in many segments through automatic route but investments… Read More

Three Divisions of RBI™s Foreign Exchange Department to shift to New Delhi from July 15, 2014

The Reserve Bank of India has today informed banks and other stakeholders that from July 15, 2014, three divisions of Foreign Investment Division (FID) will shift to New Delhi Regional Office of the Reserve Bank of India. The divisions are Liaison/ Branch/Project Office (LO/BO/PO) Division, Non Resident Foreign Account Division (NRFAD) and Immovable Property (IP)… Read More

Pledge of shares for business purposes in favour NBFCs

RBI/2013-14/633 A.P. (DIR Series) Circular No.141 June 6, 2014 To All Category I Authorised Dealer Banks Madam/ Sir, Pledge of shares for business purposes in favour NBFCs Attention of Authorised Dealer Category I (AD Category I) banks is invited to the provisions of Para. 2 (i) of A. P. (DIR Series) Circular No. 57 dated… Read More

Foreign investment in the Insurance Sector Amendment to the Foreign Direct Investment Scheme

RBI/2013-14/629 A.P. (DIR Series) Circular No.139 June 5, 2014 To All Category I Authorised Dealer Banks Madam/ Sir, Foreign investment in the Insurance Sector Amendment to the Foreign Direct Investment Scheme Attention of Authorised Dealers Category I (AD Category - I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange Management… Read More

Opening of Bank Accounts in the Names of Minors

RBI/2013-14/581 DBOD.No.Leg.BC.108/09.07.005/2013-14 May 6, 2014 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Opening of Bank Accounts in the Names of Minors Please refer to our circular DBOD.No.Leg.BC.158/C.90(H)-76 dated December 29, 1976 wherein banks were advised to allow minors' accounts (fixed and savings deposit accounts) with mothers as guardians to be opened subject to safeguards… Read More

Growing NPAs in Banks: Efficacy of Ratings Accountability &Transparency of Credit Rating Agencies

Speech delivered by Shri R. Gandhi, Deputy Governor, Reserve Bank of India at the Conference conducted by ASSOCHAM on May 31, 2014, at Le-Meridian, New Delhi Shri Jajodia, Shri Narang, Shri Dubey, Shri Kulkarni, Shri Dogra, Shri Khanna, Shri Pathak, other distinguished speakers, Ladies and Gentlemen, a very good morning to everyone! To start with… Read More

Liberalised Remittance Scheme (LRS) for resident individuals-Increase in the limit from USD 75,000 to USD 125,000

RBI/2013-14/624 A.P. (DIR Series) Circular No.138 June 3, 2014 To All Category I Authorised Dealer Banks Madam/Sir, Liberalised Remittance Scheme (LRS) for resident individuals-Increase in the limit from USD 75,000 to USD 125,000 Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the A.P.(DIR Series) Circular No 24 dated August 14, 2013 and the subsequent… Read More

Statutory Liquidity Ratio (SLR) reduced to usher liquidity

RBI/2013-14/626 RPCD.CO.RRB.BC.No.106/03.05.33/2013-14 June 4, 2014 The Chairmen All Regional Rural Banks Dear Sir/Madam, Section 24 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR) Please refer to our circular RPCD.CO.RRB.BC.No.22/03.05.28(B)/2012-13 dated August 1, 2012 on the captioned subject. 2. As announced in the Second Bi-monthly Monetary Policy statement 2014-15 by Reserve… Read More

Operations of foreign branches and subsidiaries of the Indian banks Compliance with statutory/regulatory/administrative prohibitions/restrictions

RBI/2013-14/588 DBOD.No.BP.BC.111/21.04.157/2013-14 May 12, 2014 All Scheduled Commercial Banks (Excluding RRBs and LABs) & All India Term-Lending & Refinancing Institutions Madam / Sir, Operations of foreign branches and subsidiaries of the Indian banks Compliance with statutory/regulatory/administrative prohibitions/restrictions Please refer to the Circular DBOD.No.BP.BC.89 /21.04.141/2008-09 dated December 1, 2008 on the captioned subject. In terms of… Read More

Pay IT dues in advance at RBI or at authorised bank branches

The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks. These will obviate… Read More