FEMA - Corporate Law Reporter

RBI Memorandum of Instructions governing money changing activities

RBI/2013-14/259 A.P. (DIR Series) Circular No. 45 September 16, 2013 To, All Authorised Persons in Foreign Exchange Madam/ Dear Sir, Memorandum of Instructions governing money changing activities Location of Forex Counters in International Airports in India Attention of Authorised Persons is invited to Para 2 (b) of the A.P.(DIR Series) Circular No.38 dated October 25, 2011.… Read More

RBI Review of FDI policy :: Definition for Control and Sector Specific Conditions

RBI/2013-14/255 A.P. (DIR Series) Circular No. 44 September 13, 2013 To All Category - I Authorised Dealer Banks Madam/ Sir, Foreign Direct Investment (FDI) in India Review of FDI policy definition for control and sector specific conditions Attention of Authorised Dealer Category I (AD Category-I) banks is invited to Annex B of Schedule 1 to the… Read More

RBI releases Handbook of Statistics on the Indian Economy 2012-13

The Reserve Bank of India today released the fifteenth volume of its annual statistical publication titled Handbook of Statistics on the Indian Economy (HBS) 2012-13. One of the major initiatives of the Reserve Bank, this publication is aimed at improving data dissemination to public. Through this publication, the Reserve Bank has been providing time series data… Read More

RBI Guidelines on Foreign Investment in India Calculation of total foreign investment in Indian companies, transfer of ownership and control of Indian companies and downstream investment by Indian companies (Corrected)

RBI/2013-14/251 A. P. (DIR Series) Circular No.42 September 12, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign Investment in India Guidelines for calculation of total foreign investment in Indian companies, transfer of ownership and control of Indian companies and downstream investment by Indian companies Attention of Authorised Dealers Category I (AD Category… Read More

RBI Implementation of Core Banking Solution by UCBs

RBI/2013-14/249 UBD CO BPD PCB Cir No.14/09.18.300/2013-14 September 11, 2013 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Dear Sir / Madam, Implementation of Core Banking Solution (CBS) by Urban Co-operative Banks (UCBs) Please refer to our circular UBD BPD (PCB) Cir. No.42/09.18.300/2012-13 dated March 13, 2013 on the captioned subject advising UCBs to implement CBS… Read More

RBI’s creation of Central Repository on Large Credits

RBI/2013-14/250 DBS.Dir.OSMOS. No. 3327/33.01.001/2013-14 September 11, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Creation of a Central Repository of Large Common Exposures - Across Banks This has a reference to the statement made on September 4, 2013 by Dr. Raghuram Rajan on his taking over the charge as Governor, RBI wherein it was stated RBI proposes to collect… Read More

RBI Expert Committee on Monetary Policy Framework

It has been decided to constitute an Expert Committee to examine the current monetary policy framework of the Reserve Bank of India and recommend what needs to be done to revise and strengthen it with a view to, inter alia, making it transparent and predictable. The Expert Committee will comprise: Chairman: 1. Dr. Urjit Patel,… Read More

RBI Circular w.r.t. Housing Sector: Innovative Housing Loan Products

RBI/2013-14/247 RPCD.RRB. BC. No. 29 /03.05.33/2013-14 September 11, 2013 All RRBs Dear Sir, Housing Sector: Innovative Housing Loan Products Upfront disbursal of housing loans It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with developers/builders, e.g. upfront disbursal of sanctioned individual housing loans to the builders without linking the… Read More

RBI Publishes FAQs on Basic Savings Bank Deposit Account

RBI /2013-14/246 DBOD.No. Leg.52 / 09.07.005/2013-14 September 11, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Financial Inclusion- Access to Banking Services Basic Savings Bank Deposit Account (BSBDA) - FAQs Please refer to Circular DBOD.No. Leg.BC.35 / 09.07.005/2012-13 dated August 10, 2012 on the above subject wherein banks have been advised to offer ˜Basic Savings Bank… Read More

RBI Monthly Bulletin, September 2013

The Reserve Bank of India today released the September 2013 issue of its monthly Bulletin. The Bulletin includes four special articles: (1) Corporate Investment: Growth in 2012-13 and Prospects for 2013-14; (2) Developments in India™s Balance of Payments during Fourth Quarter (January-March) of 2012-13; (3) India™s External Debt as at end-March 2013; and (4) Consumer Confidence Survey… Read More

RBI Clarification w.r.t. KYC Procedure under PMLA – Recognising online Aadhaar authentication

RBI/2013-14/242 RPCD.RRB.RCB.AML.BC.No.32/07.51.018/2013-14 September 10, 2013 The Chairmen / CEOs of all Regional Rural Banks / State and Central Co-operative Banks Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 e-KYC Service of UIDAI Recognising on-line Aadhaar authentication… Read More

RBI Simplification of Procedure Settlement of Claims of Deceased Depositor

RBI/2013-14/245 RPCD.CO.RRB.BC.No. 33/03.05.33 /2013-14 September 10, 2013 The Chairmen All Regional Rural Banks Dear Sir/Madam, Settlement of Claims of Deceased Depositor Simplification of Procedure Placing of claim forms on bank™s website Please refer to circular RPCD.CO.RRB.BC.22/03.05.33/2005-06 dated July 19, 2005 and wherein simplified procedure has been specified for settlement of claims of deceased depositors. We have been… Read More

RBI Clarification w.r.t. Alternative Avenues for Distribution of Banknotes and Coins

RBI/2013-14/244 DCM (Plg) No.G12/10.65.03/2013-14 September 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… Read More