FEMA - Corporate Law Reporter

Five Years of Leading the Reserve Bank – Looking Ahead by Looking Back

(Tenth Nani A. Palkhivala Memorial Lecture delivered by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India in Mumbai on August 29, 2013) First of all, my sincere thanks to the Nani Palkhivala Memorial Trust, particularly Shri Y.H. Malegam, the widely respected Chairman of the Trust, for extending me the honour of delivering the Palkhivala Memorial… Read More

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

RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) NOTIFICATION No. FEMA. 285/2013-RB Mumbai, 30th August, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Twelfth Amendment) Regulations, 2013 G.S.R. 597(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, 1999… Read More

FM Speak :: Banks must ensure flow of Credit to Every Sector of Industry

FM: Banks must ensure flow of Credit to Every Sector of Industry; Bankers told to be Sympathetic and have Humane Approach towards Genuine Defaulters The Union Finance Minister Shri P. Chidambaram said that banks must ensure flow of credit to every sector of industry. He said that bankers have been told to be sympathetic and have… Read More

Implementation of Section 51-A of UAPA, 1967 – Primary (Urban) Co-operative Banks

RBI/2013-14/204 UBD.BPD.(PCB).Cir.No.6/14.01.062/2013-14 August 28, 2013 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Dear Madam / Sir, Implementation of Section 51-A of UAPA, 1967 - Updates of the UNSCR 1267 (1999) / 1989 (2011) Committe™s Al Qaida Sanction List - Primary (Urban) Co-operative Banks Please refer to our circular UBD.BPD.PCB).Cir.No.52/14.01.062/2012-13 dated May 31, 2013 on… Read More

UCBs – FCNR (B)/NRE Deposits-Exemption from maintenance of CRR/SLR and exclusion from ABC for Priority Sector Lending

RBI/2013-14/203 UBD.BPD.(PCB) CIR No. 5/13.01.000/2013-14 August 27, 2013 The Chief Executive Officers All Primary (Urban) Co-operative Banks Dear Sir/Madam, Section 42(1) of the Reserve Bank of India Act, 1934 and Section 18 and 24 of the Banking Regulation Act, 1949 (AACS) FCNR (B)/NRE deposits - Exemption from maintenance of CRR/SLR and exclusion from ABC for… Read More

RBI introduces Forex Swap Window for Public Sector Oil Marketing Companies

On the basis of assessment of current market conditions, Reserve Bank of India has decided to open a forex swap window to meet the entire daily dollar requirements of three public sector oil marketing companies (IOC, HPCL and BPCL). Under the swap facility, Reserve Bank will undertake sell/buy USD-INR forex swaps for fixed tenor with… Read More

Constitution of Task Force on Currency Swap Arrangements and Trade

In view of the rising trade deficit and consequent current account deficit, a need has been felt to examine the role of Currency Swap Arrangement/Agreements in order to suggest a possible mechanism to address the issue. It has been decided to constitute a Task Force on Currency Swap Arrangements/Agreements. The Task Force will have the… Read More

UCBs – Compliance with Credit Information Companies (Regulation) Act, 2005

RBI/2013-14/202 UBD CO BPD PCB Cir.No.4/16.74.000/2013-14 August 27, 2013 The Chief Executive Officer All Primary Urban Co-operative Banks Dear Sir / Madam, Compliance with Credit Information Companies (Regulation) Act, 2005 Please refer to circular UBD BPD (PCB) Cir.No.25/09.11.200/2009-10 dated December 3, 2009 in terms of which it was advised that as UCBs fall under the category of… Read More

RBI releases Discussion Paper on ˜Banking Structure in India – The Way Forward™

The Reserve Bank of India today released on its website a Discussion Paper on ˜Banking Structure in India The Way Forward™. The Discussion paper has identified certain building blocks for the reorientation of the banking structure with a view to addressing various issues such as enhancing competition, financing higher growth, providing specialised services and furthering financial… Read More

Safefuards in New Banking Licence Norms

Reserve Bank of India (RBI) issued guidelines for setting up new banks in the private sector vide Press Release dated 22.02.2013. The last date for receipt of applications was 01.07.2013. In all, RBI has received 26 (twenty six) applications. At the first stage, the applications will be screened by RBI to ensure prima facie eligibility… Read More

Reporting of OTC transactions in Securitized Debt Instruments

RBI/2013-14/201 IDMD.PCD. 06 /14.03.06/ 2013-14 August 26, 2013 To All RBI regulated entities Dear Sir/Madam Reporting of OTC transactions in Securitized Debt Instruments As a measure to develop the securitized debt market and improve transparency, the reporting of Over The Counter (OTC) transactions in Securitized Debt Instruments has been enabled in Fixed Income Money Market… Read More

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

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION No. FEMA. 284/2013-RB Mumbai, the 27th August, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eleventh Amendment) Regulations, 2013 G.S.R. 596(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

Rupee Export Credit – Interest Subvention

RBI/2013-14/200 DBOD.Dir.BC.No.43 /04.02.001/2013-14 August 26, 2013 All Scheduled Commercial Banks and Exim Bank (excluding RRBs) Dear Sir/ Madam, Rupee Export Credit - Interest Subvention Please refer to our circulars DBOD.Dir.BC.No.70/04.02.001/2012-13 dated January 14, 2013 and DBOD.Dir.BC.No.94/04.02.001/2012-13 dated May 24, 2013 wherein interest subvention of 2% was extended w.e.f. 01.04.2013 to 31.03.2014 on pre and post shipment rupee export credit… Read More