FEMA - Corporate Law Reporter

Auction for Sale (Re-Issue) of 1.44% Inflation Indexed Government Stock 2023

Government of India have announced the sale (re-issue) of 1.44% Inflation Indexed Government Stock-2023 for a notified amount of Rs.1,000 crore (nominal) through price based auction. The auction will be conducted using uniform price method. The auction will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on August 27, 2013 (Tuesday). Up to 20% of the notified amount of the sale… Read More

RBI Circular w.r.t. Adoption of Uniform Holiday Calendar under Cheque Truncation System (CTS)

RBI/2013-14/199 DPSS.CO.CHD.No./458/ 04.07.05 / 2013-14 August 23, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir Adoption of Uniform Holiday Calendar under Cheque Truncation System (CTS) Grid-based Cheque Truncation… Read More

RBI Circular w.r.t. Investment portfolio of banks Classification, Valuation and Provisioning

RBI/2013-14/198 DBOD.BP.BC.No. 41/21.04.141/2013-14 August 23, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Investment portfolio of banks Classification, Valuation and Provisioning Please refer to our Circular DBOD.No.BP.BC.92/21.04.141/2012-13 dated May 15, 2013 on ˜SLR Holdings under Held to Maturity Category™ in terms of which banks are permitted to exceed the limit of 25 per cent of total… Read More

StCBs/CCBs – Deregulation of Interest Rates on NRE Deposits

RBI/2013-14/197 RPCD.RCB.BC.No. 26 /07.51.014/2013-14 August 22, 2013 All State and Central Co-operative Banks Dear Sir / Madam, Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits Please refer to our circular RPCD.CO.RCB.Dir.BC.No.49/07.38.01/2011-12 dated December 28, 2011 on Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non- Resident (NRO) Accounts. 2.… Read More

Implementation of Section 51-A of UAPA, 1967 – Updates of the UNSCR 1267(1999) / 1989(2011) Committee’s Al-Qaida Sanctions List and Consolidated List

RBI/2013-14/196 RPCD.CO.RRB.RCB.AML.No.1953/07.51.019/2013-14 August 20, 2013 The Chairmen / CEOs of all Regional Rural Banks / State and Central Co-operative Banks Dear Sir, Implementation of Section 51-A of UAPA, 1967 - Updates of the UNSCR 1267(1999) / 1989(2011) Committee's Al-Qaida Sanctions List and Consolidated List Please refer to our circular RPCD.CO.RRB.RCB.AML.No.11424/07.51.018/2012-13 dated April 22, 2013 on the captioned subject.… Read More

Interest Rates on FCNR(B) Deposits AD Category 1 UCBs

RBI/2013-14/195 UBD.BPD.AD.CIR.No. 2/13.01.000/2013-14 August 21, 2013 The Chief Executive Officers All AD Category -1 UCBs Dear Sir/Madam, Interest Rates on FCNR(B) Deposits Please refer to our circular No. UBD.BPD.AD.CIR.No.7/13.01.000/2011-12 dated May 17, 2012 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that with effect from… Read More

RBI releases Minutes of the July 24, 2013 Meeting of the Technical Advisory Committee on Monetary Policy

The thirty third meeting of the Technical Advisory Committee (TAC) on Monetary Policy was held on July 24, 2013 in the run up to the First Quarter Review of Monetary Policy 2013-14 on July 30, 2013. The main points of discussion in the meeting are set out below. Members were of the view that the… Read More

RBI directs two NBFCs to stop allowing premises for accepting deposits

The Reserve Bank of India has directed two Non-Banking Financial Companies (NBFCs), viz., Muthoot Fincorp Ltd. (MFCL) and Manappuram Finance Ltd. (MAFIL) to stop allowing the use of its premises / branches to accept deposits from public by their associate unincorporated bodies. Muthoot Estate Investment (MEI), was collecting public deposits through the branches of MFCL… Read More

RRBs – Interest Rates on FCNR(B) Deposits

RBI/2013-14/194 RPCD.CO.RRB.BC.No.22 /03.05.33/2013-14 August 19, 2013 All Regional Rural Banks Dear Sir, Interest Rates on FCNR(B) Deposits Please refer to our circular RPCD.CO.RRB.No.76/03.05.33(C)/2011-12 dated May 8, 2012 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close… Read More

RRBs – Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits

RBI/2013-14/193 RPCD.CO.RRB. BC.No.24/03.05.33/2013-14 August 19, 2013 The Chairmen All Regional Rural Banks (RRBs) Dear Sir/Madam, Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits Please refer to our circular RPCD.CO.RRB.BC.No.45/03.05.33(C)/2011-12 dated December 19, 2011 on Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non- Resident (NRO) Accounts. 2. In terms of para… Read More

Investments by Non-resident Indians (NRIs) under Portfolio Investment Scheme (PIS) Liberalisation of Policy

RBI/2013-14/192 A. P. (DIR Series) Circular No.29 August 20, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Investments by Non-resident Indians (NRIs) under Portfolio Investment Scheme (PIS) Liberalisation of Policy Attention of Authorised Dealers Category-I (AD Category - I) banks is invited to Schedule 3 of the Foreign Exchange Management (Transfer or Issue… Read More

Foreign Investments in Asset Reconstruction Companies (ARC)

RBI/2013-14/191 A.P. (DIR Series) Circular No.28 August 19, 2013 To All Banks Authorised to Deal in Foreign Exchange Madam/Sir, Foreign Investments in Asset Reconstruction Companies (ARC) Attention of Authorized Dealers is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified by the Reserve Bank… Read More

RRBs/Scheduled StCBs FCNR (B)/NRE deposits Exemption from Maintenance of CRR/SLR

RBI/2013-14/190 RPCD.CO.RRB/RCB.BC.No. 20 /03.05.33/2013-14 August 19, 2013 All Regional Rural Banks/ Scheduled State Cooperative Banks Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 and Section 24 of the Banking Regulation Act, 1949 FCNR(B)/NRE deposits exemption from maintenance of CRR/SLR At present, banks are required to include all Foreign Currency Non-Resident Bank… Read More