FEMA - Corporate Law Reporter

Productivity Trends in Indian Banking in the Post Reform Period Experience, Issues and Future Challenges

(Special Address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the FIBAC 2013 organized by FICCI and IBA at Mumbai on August 13, 2013) Shri K.R. Kamath, Chairman, IBA and CMD, Punjab National Bank; Shri H.S.U. Kamath, CMD, Vijaya Bank; Smt. V.R. Iyer, CMD, Bank of India; Shri R.K. Dubey, CMD,… Read More

Import of Gold by Nominated Banks /Agencies/Entities

RBI/2013-14/187 A.P. (DIR Series) Circular No. 25 August 14, 2013 To, All Category - I Authorised Dealer Banks All Scheduled Commercial Banks which are Authorised Dealers (ADs) in Foreign Exchange/ All Agencies nominated for import of gold Madam / Sir, Import of Gold by Nominated Banks /Agencies/Entities Attention of Authorised Persons is drawn to the… Read More

Liberalised Remittance Scheme for Resident Individuals- Reduction of limit from USD 200,000 to USD 75,000

RBI/2013-14/181 A. P. (DIR Series) Circular No.24 August 14, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Liberalised Remittance Scheme for Resident Individuals- Reduction of limit from USD 200,000 to USD 75,000 Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the guidelines regarding the Liberalised Remittance… Read More

Overseas Direct Investments

RBI/2013-14/180 A. P. (DIR Series) Circular No.23 August 14, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Overseas Direct Investments Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the Notification No. FEMA.120/RB-2004 dated July 7, 2004, [Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations,… Read More

RBI announces measures to rationalise Foreign Exchange Outflows by Resident Indians

Keeping in view the current macroeconomic situation, the Reserve Bank of India has today announced the following measures: (i) Reduced the limit for Overseas Direct Investment (ODI) under automatic route for all fresh ODI transactions, from 400% of the net worth of an Indian Party to 100% of its net worth. This reduced limit would… Read More

Distribution of Banknotes and Coins – Review of Incentives and Penalties

RBI/2013-2014/179 DCM (CC) No. G- 10/03.39.01/2013-14 August 12, 2013 The Chairman & Managing Directors / Chief Executive Officers All Scheduled Commercial banks (Including RRBs and UCBs) Dear Sir/Madam Distribution of Banknotes and Coins - Review of Incentives and Penalties Please refer to paragraph 109 of the Monetary Policy Statement 2013-14 announced on May 03, 2013… Read More

Banking Structure in India Looking Ahead by Looking Back

(Speaking notes of Dr. Duvvuri Subbarao, Governor, Reserve Bank of India, at the FICCI-IBA Annual Banking Conference in Mumbai on August 13, 2013) 1. For the fifth year on a trot, you have given me the privilege of inaugurating this prestigious and influential FICCI-IBA Annual Banking Conference. In my fifth year as Governor of RBI,… Read More

Exim Bank’s Line of Credit to the Government of the Federal Democratic Republic of Ethiopia

RBI/2013-14/178 A.P. (DIR Series) Circular No. 22 August 12, 2013 To, All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 300 million to the Government of the Federal Democratic Republic of Ethiopia Export-Import Bank of India (Exim Bank) has entered into an Agreement dated June 13, 2013… Read More

Exim Bank’s Line of Credit to the Republic of Zimbabwe

RBI/2013-14/177 A.P. (DIR Series) Circular No. 21 August 12, 2013 To, All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 28.60 million to the Republic of Zimbabwe Export-Import Bank of India (Exim Bank) has entered into an Agreement dated June 21, 2013 with the Republic of Zimbabwe,… Read More

Compounding of Contraventions under FEMA, 1999

RBI/2013-14/176 A.P. (DIR Series) Circular No. 20 August 12, 2013 To, All Category - I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999 Attention of Authorised Dealers (ADs) and their constituents is invited to paragraph 7.2… Read More

RBI releases its monthly Bulletin for August 2013

The Reserve Bank of India today released the August 2013 issue of its monthly Bulletin. The Bulletin includes one special article: Survey on Computer Software and Information Technology Services Exports: 2011-12, besides regular features, viz., speeches of the top management and current statistics. The Bulletin also includes the First Quarter Review of Monetary Policy 2013-14 and Macroeconomic and Monetary… Read More

RBI announces 35 days & 34 days Cash Management Bills

The Reserve Bank of India announced the auction of the 35 days & 34 days Government of India Cash Management Bills as per the following details: Auction Date Settlement/Issue Date Date of Maturity Notified Amount 1 August 12, 2013 August 13, 2013 September 17, 2013 ` 11,000 crore 2 August 13, 2013 August 14, 2013 September… Read More

Quarterly Report on Debt Management for the Quarter April-June 2013 (Q1 FY14) Released

Since April-June (Q1) 2010-11, Middle Office (MO) is bringing out a quarterly report on debt management. The current report pertains to the quarter April-June 2013 (Q1 FY14). For fiscal year 2013-14 (FY14), gross and net market borrowings were budgeted moderately higher than previous year by 3.4 per cent and 3.6 per cent, respectively. Auctions during… Read More