FEMA - Corporate Law Reporter

Master Circular on Money Transfer Service Scheme

RBI/2013-14/1 Master Circular No.1/2013-14 July 01, 2013 To All Authorised Persons, who are Indian Agents under the Money Transfer Service Scheme Madam / Sir, Master Circular on Money Transfer Service Scheme Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward… Read More

Master Circular on Non-Resident Ordinary Rupee (NRO) Account

RBI/2013-14/2 Master Circular No.2 /2013-14 July 1, 2013 To, All Authorised Dealer Category I banks and Authorised banks Madam / Sir, Master Circular on Non-Resident Ordinary Rupee (NRO) Account The acceptance of deposits by an Authorised Dealer /Authorised bank from persons resident outside India are regulated by the provisions of sub-sections (1) and (2) of… Read More

RBI Clarification – Detection and Reporting of counterfeit notes

RBI/2012-13/562 DCM (FNVD) No.5840/16.01.05/2012-13 June 27, 2013 The Chairman and Managing Directors/ Chief Executives Officers of All Scheduled Commercial Banks Madam / Sir, Detection and Reporting of counterfeit notes Please refer to the paragraph 115 (extract enclosed) of the Monetary Policy Statement for 2013-14 announced on May 3, 2013. It was indicated therein that the… Read More

RBI Clarification – Financing of Infrastructure – Definition of ‘Infrastructure Lending’

RBI/2012-13/561 DBOD.BP.BC.No. 106/ 08.12.014 / 2012-13 June 28, 2013 All Scheduled Commercial Banks (excluding RRBs) and All India Term-Lending and Refinancing Institutions (EXIM Bank, NABARD, NHB and SIDBI) Dear Sir, Financing of Infrastructure - Definition of 'Infrastructure Lending' Please refer to our circular DBOD.BP.BC.No.58/08.12.014/2012-13 dated November 20, 2012 on ˜Definition of Infrastructure Lending™, whereby our definition of… Read More

CLR Snippets | Receipt of applications for new bank licence in the private sector closes on July 1, 2013

The RBI issued a Press Release on June 24, 2013 stating that all offices of Reserve Bank of India situated in Mumbai and Navi Mumbai will remain closed for public transactions on July 1, 2013 to facilitate Annual Closing of RBI™s Accounts. It is clarified that the Reserve Bank of India would receive applications for new… Read More

RBI sets up Committee on Financial Benchmarks

In the context of the recent global developments relating to financial benchmarks and the related reforms implemented by various international agencies, there is a need to review the process of computation and dissemination of major financial benchmarks in India, the governance mechanisms in the institutions involved in computing the benchmarks and other related issues. The Reserve… Read More

CLR Snippets | First Quarter Review of Monetary Policy 2013-14 on July 30, 2013

Dr. D. Subbarao, Governor, Reserve Bank of India will announce the First Quarter Review of Monetary Policy 2013-14 on Tuesday, July 30, 2013. This will be done in a meeting with the chief executives of major scheduled commercial banks at 11.00 a.m. on July 30, 2013 at the Central Office, Reserve Bank of India, Mumbai.… Read More

Raising Money through Private Placement by NBFCs-Debentures etc.

RBI/2012-13/560 DNBD(PD) CC No. 330/03.10.001/2012-13 June 27, 2013 All NBFCs (including PDs) Dear Sirs Raising Money through Private Placement by NBFCs-Debentures etc. NBFCs raise money by issuing capital/debt securities including debentures by way of public issue or private placement. In the case of public issue of such securities, institutions and retail investors can participate. Private… Read More

Priority Sector Lending-Targets and Classification-Bank loans to MFIs for on-lending-Amendment in income generation criteria

RBI/2012-13/558 RPCD.CO.Plan.BC 80/04.09.01/2012-13 June 27, 2013 The Chairman/ Managing Director/ Chief Executive Officer [All scheduled commercial banks (excluding Regional Rural Banks)] Madam/Dear Sir, Priority Sector Lending-Targets and Classification-Bank loans to MFIs for on-lending- Amendment in income generation criteria Please refer to Paragraph VIII (a) of circular No. RPCD.CO.Plan. BC.13/04.09.01/2012-13 dated July 20, 2012 on Priority Sector Lending-Targets… Read More

Import of Gold by Nominated Banks /Agencies

RBI/2012-13/557 A.P. (DIR Series) Circular No. 122 June 27, 2013 To 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 Attention of Authorised Persons is drawn to our A.P. (DIR Series) Circular No. 103 dated May 13, 2013 & A.P.… Read More

RBI Guidelines on Valuation of Bonds issued by State Distribution Companies (Discoms)

RBI/2012-13/555 DBOD.BP.BC.No.105/21.04.132/2012-13 June 27, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Bonds issued by State Distribution Companies (Discoms) Guidelines on Valuation Government of India had formulated and approved a Scheme for Financial Restructuring of State Owned Power Discoms to enable their turnaround and ensure their long term viability (Ministry of Power, GoI Office… Read More

RBI Rationalisation of Returns

RBI/2012-2013/556 MPD.PMD .BC.365/07.01.279/2012-13 June 27, 2012 Ashadha 6, 1935 (S) To, All Scheduled Commercial Banks Dear Sir / Madam, Rationalisation of Returns Please refer to our circular MPD.BC.218/07.01.279/2002-03 dated July 24, 2002 on the captioned subject. 2. At present, banks are submitting following SFR Returns/Statements. SFR II SFR III SFR VIII Statement on daily maintenance of SLR… Read More

Developments in India™s Balance of Payments during the Fourth Quarter (January-March 2013) of 2012-13

Preliminary data on India™s balance of payments (BoP) for the fourth quarter (Q4), i.e., January-March 2013 of the financial year 2012-13, are now available. Based on these, the BoP data for 2012-13 have been compiled, which also incorporates the revisions for the earlier quarters, if any. While Statement I presents BoP data in the format suggested in IMF™s… Read More