FEMA - Corporate Law Reporter

Credit Information Companies: Seeking New Frontiers

(Inaugural address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the Experian India Conclave 2013 organized in Mumbai on July 5, 2013) Dr. Richard Fiddis, Managing Director Strategic Markets, Experian; Mr. Vikram Narayan and Mr. Mohan Jayaraman, Managing Directors, Experian Credit Information Company of India Pvt. Ltd.; senior members from the financial… Read More

India™s Exports of Computer Services 75.2 per cent of Total Software Services Exports in 2011-12: RBI Survey

The Reserve Bank of India today released, on its website, the data related to the results of Computer Software and Information Technology (IT) Services Exports: 2011-12. The data compiled are based on the annual survey on ˜Computer Software and Information Technology Services Exports™. The survey is intended to provide information on various aspects of computer services exports… Read More

RBI Board meets in Chennai

The Central Board of the Reserve Bank of India met today at Chennai. 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, Shri K.M. Birla, Prof. Dipankar Gupta, Shri G.M. Rao, Dr. Indira Rajaraman,… Read More

RBI releases data on ˜Weighted Average Lending Rate (WALR)’ of Scheduled Commercial Banks (SCBs)

The Reserve Bank today released annual time-series data on ˜Weighted Average Lending Rate™ of Scheduled Commercial Banks for the period 1992 to 2012 on its website. The data is based on data reported under Basic Statistical Return 1 - Part A (BSR-1A), in which granular data on borrowal accounts with credit limit more than ` 25,000 till 1998 and more… Read More

Master Circular on Call/Notice Money Market Operations

RBI/2013-14/103 IDMD.PCD. 03/14.01.01/2013-14 July 1, 2013 The Chairmen/Chief Executives of all Scheduled Commercial Banks (excluding RRBs) / Co-operative Banks / Primary Dealers Dear Sir/Madam, Master Circular on Call/Notice Money Market Operations The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to banks and the Primary Dealers in regard to… Read More

Know Your Customer Norms/Anti-Money Laundering Standards/Combating Financing of Terrorism – Unique Customer Identification Code for Banks Customers in India

RBI/2013-14/122 DNBS(PD).CC.No.351/03.10.42/2013-14 July 4, 2013 All NBFCs-Deposit taking Companies/ NBFC-ND-SI with assets of Rs 25 cr and above Dear Sir/Madam, Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT) - Unique Customer Identification Code for Banks Customers in India (UCIC) Please refer to our circular DNBS.(PD).CC.No.325/03.10.42/2012-13 dated May 3, 2013 on the captioned subject,… Read More

Anti-Money Laundering/Combating of Financing of Terrorism Standards

RBI/2013-14/120 DBOD. AML.No. 314/14.01.001/2013-14 July 4, 2013 The Chairmen/CEOs of all Scheduled Commercial Banks(Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to our letter DBOD. AML.No.12913/14.01.001/ 2012-13 dated March 11, 2013 on risks arising from the deficiencies in AML/CFT regime of… Read More

Payment of interest on overdue public deposits

RBI/2013-14/121 DNBS.PD/CC.No.350/03.02.001/2013-14 July 04, 2013 All NBFCs Dear Sirs, Payment of interest on overdue public deposits Kindly refer to clause (10) of paragraph 4 of Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2007. NBFCs are at times required to freeze the term deposits of customer based on the orders of the enforcement… Read More

Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

RBI/2013-14/119 A.P. (DIR Series) Circular No.03 July 04, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.112 dated June… Read More

Risk Management and Inter-Bank Dealings- Liberalization of documentation requirements for the resident entities in the Indian Forex Market

RBI/2013-14/118 A.P. (DIR Series) Circular No.02 July 04, 2013 To, All Authorised Dealer Category I Banks Madam / Sir, Risk Management and Inter-Bank Dealings- Liberalization of documentation requirements for the resident entities in the Indian Forex Market Attention of Authorized Dealers Category I (AD Category I) banks is invited to A.P. (DIR Series) Circular No. 32… Read More

Foreign Investment in India Guidelines for calculation of total foreign investment in Indian companies, transfer of ownership and control of Indian companies and downstream investment by Indian companies

RBI/2013-14/117 A.P. (DIR Series) Circular No.01 July 04, 2013 To All Category I Authorised Dealer banks Madam/Sir, Foreign Investment in India Guidelines for calculation of total foreign investment in Indian companies, transfer of ownership and control of Indian companies and downstream investment by Indian companies Attention of Authorised Dealer Category I (AD Category-I) banks is… Read More

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

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI-400 001 Notification No. FEMA. 278/2013-RB Dated : June 07, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2013 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange… Read More

Master Circular – Para-banking Activities

RBI/2013-14/61 DBOD. No.FSD.BC.05/24.01.001/ 2013-14 July 1, 2013 Ashadha 10, 1935 (Saka) All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Master Circular - Para-banking Activities Please refer to the Master Circular No. DBOD.FSD.BC.24/24.01.001/2012-13 dated July 2, 2012 consolidating the instructions/guidelines issued to banks till June 30, 2012 on para-banking activities. The Master Circular has been suitably updated by incorporating… Read More