FEMA - Corporate Law Reporter

Macroeconomic and Monetary Developments – First Quarter Review 2013-14

The Reserve Bank of India today released the Macroeconomic and Monetary Developments First Quarter Review 2013-14. The document serves as a backdrop to the First Quarter Review of Monetary Policy Statement 2013-14 to be announced on July 30, 2013. Highlights: Overall Outlook Amplifying macro-financial risks warrant cautious monetary policy stance Growth is expected to improve slowly… Read More

Address of Dr. (Smt.) Deepali Pant Joshi, Executive Director, Reserve Bank of India at National Seminar on Consumer Protection Agenda for Inclusive Growth, New Delhi on July 24, 2013

I congratulate Assocham on the timely initiative of hosting this event and bringing to the centre stage of debate very critical issues as customer Empowerment and Financial Inclusion. The post crisis world is governed by a new paradigm of customer empowerment. The financial crisis has highlighted the importance of financial consumer protection for the long-term… Read More

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

RBI/2013-14/162 DBOD. AML. No. 1416 /14.06.001/2013-14 July 26, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Implementation of Section 51-A of UAPA, 1967 Updates of the UNSCR 1988(2011) Sanctions List Please refer to our circular DBOD. AML. No. 6328 -14.06.001-2012-13 dated October… Read More

RBI issues Policy Document for Regulation and Supervision of Financial Market Infrastructures

The Reserve Bank of India has today released a policy document on Regulation and Supervision of Financial Market Infrastructures regulated by RBI. The policy on supervision and regulation of the Financial Market Infrastructures regulated by RBI regulated by the Reserve Bank describes in detail the criteria for designating an FMI, applicability of PFMIs to the FMIs, oversight of… Read More

RRBs/StCBs/DCCBs – Simplifying Norms for Periodical Updation of KYC

RBI/2013-14/161 RPCD.RRB.RCB.BC.No.84/07.51.018/2013-14 July 25, 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 - Simplifying norms for Periodical Updation of KYC… Read More

StCBs/RRBs – Change in Daily Minimum Cash Reserve Maintenance Requirement

RBI/2013-14/160 RPCD.CO.RRB.No. 16/03.05.33/2013-14 July 24, 2013 All Scheduled State Cooperative Banks/ Regional Rural Banks Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 Change in Daily Minimum Cash Reserve Maintenance Requirement Please refer to Press Release 2013-2014/154 dated July 23, 2013 announcing additional measures to address exchange market volatility. 2. As mentioned therein, currently,… Read More

UCBs – Change in Daily Minimum Cash Reserve Maintenance Requirement

RBI/2013-14/159 UBD.BPD. (SCB). CIR. No. 1 /12.03.000/2013-14 July 24, 2013 The Chief Executive Officers of All Scheduled Primary (Urban) Co-operative Banks Madam/Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 Change in Daily Minimum Cash Reserve Maintenance Requirement Please refer to Press Release 2013-2014/154 dated July 23, 2013, announcing additional measures to address foreign… Read More

Migration of Post-dated cheques (PDC)/Equated Monthly Instalment (EMI) Cheques to Electronic Clearing Service (Debit)

RBI/2013-14/158 DPSS.CO.CHD.No./209/04.07.05/2013-14 July 24, 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 Migration of Post-dated cheques (PDC)/Equated Monthly Instalment (EMI) Cheques to Electronic Clearing Service (Debit) We invite… Read More

Credit Information Companies (Regulation) Act, 2005 Compliance

RBI/2013-14/157 RPCD.CO.RRB.BC.No.14/03.05.33/2013-14 July 23, 2013 The Chairman All Regional Rural Banks (RRBs) Dear Sir, Credit Information Companies (Regulation) Act, 2005 Compliance Please refer to our Circular RPCD.CO.RRB.No.32-03.05.33-2009-10 dated October 20, 2009 advising RRBs, that in terms of Section 15(1) of Credit Information Companies (Regulation) Act 2005, every credit institution has to become a member of at… Read More

Priority Sector Lending Reporting Definition of disbursement

RBI/2013-14/156 RPCD.CO.Plan. BC 15/04.09.01/2013-14 July 24, 2013 The Chairman/ Managing Director/ Chief Executive Officer [All scheduled commercial banks (excluding Regional Rural Banks)] Madam/Dear Sir, Priority Sector Lending Reporting Definition of disbursement Please refer to the circular RPCD.CO.Plan. BC 56/04.09.01/2012-13 dated January 7, 2013 on Priority Sector Lending Revised Reporting System. 2. Disbursement to be reported in the… Read More

Liquidity Adjustment Facility Standalone Primary Dealers

RBI/2013-14/153 FMD.MOAG. No. 83/01.01.001/2013-14 July 23, 2013 All Standalone Primary Dealers Dear Sir, Liquidity Adjustment Facility As you are aware, Reserve Bank of India announced additional measures today to address the exchange rate volatility. As a part of these measures, it has been decided that the total amount of funds available to a standalone Primary… Read More

Risk Management and Inter-Bank Dealings Reporting of Unhedged Foreign Currency Exposures of Corporates

RBI/2013-14/151 A.P. (DIR Series) Circular No.17 July 23, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Risk Management and Inter-Bank Dealings Reporting of Unhedged Foreign Currency Exposures of Corporates Attention of Authorised Dealer Category I (AD Category I) banks is invited to Section B paragraph 1(i)(h) and Section G Para (ii)… Read More

Section 42(1) of the Reserve Bank of India Act, 1934 – Change in Daily Minimum Cash Reserve Maintenance Requirement

RBI/2013-14/154 DBOD.No.Ret.BC.35/12.01.001/2013-14 July 23, 2013 To All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 - Change in Daily Minimum Cash Reserve Maintenance Requirement Please refer to Press Release 2013-2014/154 dated July 23, 2013 announcing additional measures to address exchange market volatility. 2. As mentioned therein,… Read More