FEMA - Corporate Law Reporter

CLR Snippets | RBI transfers surplus profit to Government of India

The Reserve Bank's Central Board, at its meeting held today, approved the transfer of surplus profit to the Government of India amounting to ` 330.10 billion for the year ended June 30, 2013 as against ` 160.10 billion for the year ended June 30, 2012. Alpana Killawala Principal Chief General Manager Press Release : 2013-2014/282 Read More

RRBs – Frontloading of branches in unbanked rural areas

RBI/2013-14/175 RPCD.CO.RRB.BC.No.18/03.05.33/2013-14 August 7, 2013 The Chairman All Regional Rural Banks Dear Sir, Frontloading of branches in unbanked rural areas Please refer to paragraph 96 of Monetary Policy Statement 2013-14 (extract enclosed) on the above subject. As stated therein, branch expansion in rural areas is essential to address the existing asymmetries in achieving financial inclusion.… Read More

RBI Study on Impact of Real Interest Rate on Growth and Investment

While lower real interest rates can stimulate growth and investment, central bank cannot adopt a policy of higher inflation tolerance as the means to lower real rates because beyond a threshold the negative impact of inflation on growth outweighs its positive impact through lower real interest rate. This was the conclusion of a study undertaken by… Read More

RBI™s further measures to address volatility in Forex Market

Over the last two months, the Reserve Bank of India (RBI) has instituted several measures to contain the volatility in the foreign exchange market. On a review of the impact of these measures and for effective liquidity management, it has been decided that the RBI will auction Government of India Cash Management Bills for a… Read More

RBI Board meets in Mumbai

The Central Board of the Reserve Bank of India met today at Mumbai. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Dr. Anil Kakodkar, Shri Kiran Karnik, Prof. M.V. Rajeev Gowda, Dr. Nachiket M. Mor, Shri Y.H. Malegam, Shri Azim Premji, Prof. Dipankar Gupta, Shri G.M. Rao, Ms. Ela Bhatt, Dr. Indira… Read More

StCBs/CCBs – Credit Information Companies (Regulation) Act, 2005 Compliance

RBI/2013-14/174 RPCD.CO.RCB.BC.No.19/07.51.010/2013-14 August 07, 2013 The Chairman All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Credit Information Companies (Regulation) Act, 2005 Compliance Please refer to our Circular RPCD.CO.RF.BC.No.44-07.40.06-2009-10 dated December 01, 2009 advising StCBs and CCBs that in terms of Section 15(1) of Credit Information Companies (Regulation) Act, 2005, every credit institution has to… Read More

Non-Resident Deposits – Comprehensive Single Return (NRD-CSR): Submission under XBRL

RBI/2013-14/173 A.P. (DIR Series) Circular No. 19 August 7, 2013 To, All Banks Authorised to deal in Foreign Exchange Madam / Sir, Non-Resident Deposits - Comprehensive Single Return (NRD-CSR): Submission under XBRL Attention of banks maintaining Non-Resident Deposits (NRD) Accounts is invited to A.P. (DIR Series) Circular No.55 dated May 9, 2007 on NRD-CSR software package… Read More

Dr Raghuram Rajan, CEA :: The Government and RBI are Working together to address the Challenges

The Government and RBI are Working together to address the Challenges being Faced by the Indian Economy; No Magic Wand to make the Problems Disappear Instantaneously but has Absolutely no doubt that we Will Deal with them: Dr Raghuram Rajan, CEA Dr Raghuram Rajan, Chief Economic Adviser, Ministry of Finance said that it is a great… Read More

CLR Snippets | Dr. Raghuram Rajan Appointed as Governor of Reserve Bank of India

Prime Minister has approved the appointment of Dr. Raghuram Rajan as the Governor of Reserve Bank of India (RBI) for a term of three years, vice Dr. D. Subba Rao upon completion of his (Dr. Rao™s) tenure .Dr Rao will be completing his tenure on 4.9.2013. Read More

Auction of Government of India Dated Securities

Ref.No. IDMD/372 /08.02.032/2013-14 August 5, 2013 All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers. Dear Sir/Madam, Auction of Government of India Dated Securities Government of India have offered to sell (Re-issue) (a) 8.12 percent Government Stock 2020 for a notified amount of Rs.3,000 crore… Read More

RBI Notification on Financing of Infrastructure – Definition of ‘Infrastructure Lending’

RBI/2013-14/172 DNBS.PD.CC.No. 354/03.10.001/2013-14 August 02, 2013 All NBFCs Dear Sir / Madam, Financing of Infrastructure - Definition of 'Infrastructure Lending' Government of India, vide its Gazette Notifications dated April 5, 2013 and May 9, 2013, has updated the Harmonised Master List of Infrastructure sub-sectors and added the following new sub-sectors to the Notification dated March… Read More

RBI Notification on ATM transactions Enhancement of customer service

RBI/2013-14/171 DPSS. CO.PD.No. 289/02.10.002/2013-2014 August 1, 2013 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, ATM transactions Enhancement of customer service The Reserve Bank of India has, over a period of… Read More

Implementation of Section 51-A of UAPA, 1967 Updates of the UNSCR 1988 (2011) Sanctions List

RBI/2013-14/170 UBD BPD (PCB) Cir. No.3/14.01.062/2013-14 August 1, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam / Dear Sir, Implementation of Section 51-A of UAPA, 1967 Updates of the UNSCR 1988 (2011) Sanctions List - Primary (Urban) Co-operative Banks Please refer to our Circular UBD.BPD.(PCB).Cir.No.23-14.01.062-2012-13 dated November 2, 2012 on the captioned subject. We… Read More