FEMA - Corporate Law Reporter

RBI update w.r.t. ˜At par™ cheque facility extended to Cooperative Banks by Scheduled Commercial Banks

RBI/2013-14/332 UBD.BPD (PCB) Cir. No. 32/14.01.062/2013-14 October 22, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 ˜At par™ cheque facility extended to Cooperative Banks by Scheduled… Read More

RBI Governor launches new ISO 20022 compliant RTGS System

Dr. Raghuram Rajan, Governor, Reserve Bank of India, today launched the new Real Time Gross Settlement (RTGS) system of the Reserve Bank of India. Complimenting the entire team for successfully completing the project, the Governor said, "The new RTGS system is a great example of what we are capable of when we put our minds… Read More

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Thirteenth Amendment) Regulations, 2013

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) (CENTRAL OFFICE) NOTIFICATION No. 289/2013-RB Mumbai, the 4th October, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Thirteenth Amendment) Regulations, 2013 G.S.R. 681 (E).”In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act,… Read More

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourteenth Amendment) Regulations, 2013

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION No. FEMA. 290/2013-RB Mumbai, the 4th October, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourteenth Amendment) Regulations, 2013 G.S.R. 682 (E).”In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management… Read More

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Sixteenth Amendment) Regulations, 2013

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) (CENTRAL OFFICE) NOTIFICATION No. FEMA. 292/2013-RB Mumbai, the 4th October, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Sixteenth Amendment) Regulations, 2013 G.S.R. 683 (E).” In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management… Read More

Sharing of Information Technology Resources by banks Guidelines

RBI/2013-14/327 UBD CO BPD No.31/09.18.300/2013-14 October 17, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Sharing of Information Technology Resources by banks guidelines As announced in the Monetary Policy Statement 2013-14 (paragraph 101), with the increased use of information technology (IT) infrastructure by banks, there is a need to… Read More

Change of Name of SME Rating Agency of India Limited to SMERA Ratings Limited (SMERA)

RBI/2013-14/326 DBOD.BP.BC.No.59/21.06.007/2013-14 October 17, 2013 The Chairman and Managing Director/The Chief Executive Officer All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Dear Sir, Change of Name of SME Rating Agency of India Limited to SMERA Ratings Limited (SMERA) Please refer to the Master Circular No. DBOD.No.BP.BC.9/21.06.001/2012-13 dated July 1, 2013 on 'Prudential Guidelines… Read More

Closing of Old Outstanding Bills:Export-Follow-up XOS Statements

RBI/2013-14/325 A.P. (DIR Series) Circular No. 62 October 14, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Closing of Old Outstanding Bills:Export-Follow-up XOS Statements Attention of Authorized Dealer Category I (AD Category I) banks is invited to A. P. (DIR Series) Circular No. 12 dated September 9, 2000 in terms of which AD… Read More

RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: June 2013’

The Reserve Bank of India today released on its website ˜Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: June 2013™. The publication contains data on spatial distribution of aggregate deposits and gross bank credit of scheduled commercial banks including regional rural banks (RRBs) based on Basic Statistical Return (BSR)-7 as on last Friday… Read More

Launch of new RTGS System

RBI/2013-14/324 DPSS (CO) RTGS No.801/04.04.017/2013-14 October 11, 2013 The Chairperson / Chief Executive Officer RTGS Members Madam / Dear Sir, Launch of new RTGS System Please refer to our Circular RBI/2012-13/355 [DPSS (CO) RTGS No.1052/04.04.017/2012-13 dated December 31, 2012] regarding implementation of new RTGS System conforming to ISO 20022 messaging standard. 2. The new RTGS system… Read More

Overseas Foreign Currency Borrowings by Authorised Dealer Banks

RBI/2013-14/323 A.P. (DIR Series) Circular No. 61 October 10, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Overseas Foreign Currency Borrowings by Authorised Dealer Banks Attention of Authorised Dealer Category I banks is invited to Regulation no. (4)(2)(i) of Notification No. FEMA 3/RB-2000 dated May 3, 2000 as amended from time to time… Read More

Monetary Policy Statement for 2013-14 w.r.t Distribution of Banknotes and Coins

RBI/2013-14/322 DCM (Plg) No. G - 14/10.65.03/2013-14 October 10, 2013 The Chairman & Managing Director / Chief Executive Officer (All Scheduled Commercial banks including RRBs) Madam/ Dear Sir, Monetary Policy Statement for 2013-14-Distribution of Banknotes and Coins Alternative Avenues Please refer to Para 110 of the Monetary Policy Statement 2013-14 wherein it was stated that With a… Read More

Unsecured Exposure Norms for UCBs

RBI/2013-14/321 UBD CO BPD (PCB) Cir. No.29/13.05.000/2013-14 October 10, 2013 The Chief Executive Officers All Primary (Urban) Co-operative Banks Dear Sir / Madam, Unsecured Exposure Norms for UCBs Please refer to our circular UBD BPD (PCB) Cir. No.45/13.05.000/2012-13 dated April 03, 2013 on the captioned subject exempting UCBs fulfilling certain conditions from the extant ceiling of 10%… Read More