FEMA - Corporate Law Reporter

Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified

In excise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC) hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue ) No. 59/2013-CUSTOMS (N.T.) dated the 6th June, 2013 published in the… Read More

Forex Earnings from Tourism increases

Foreign Exchange Earnings from Tourism Increases by More than Nine Percent in May 2013 Foreign Tourist Arrivals also Goes up by Three Percent During the Month Foreign Exchange Earnings ( FEEs) from tourism increased by more than nine percent in May 2013 over May 2012.Foreign Tourist Arrivals ( FTAs) also went up by more than 3.2… Read More

RBI raises limit for Online Repatriation of Export proceeds by 3 times

RBI/2012-13/527 A.P. (DIR Series) Circular No. 109 June 11, 2013 To All Category I Authorised Dealer Banks Madam / Sir, Processing and Settlement of Export related receipts facilitated by Online Payment Gateways Enhancement of the value of transaction Attention of Authorised Dealer Category 1 (AD Category 1) banks is invited to the A.P. (DIR Series) Circular… Read More

RBI Clarification – NBFCs not to be Partners in Partnership Firms

RBI/2012-13/525 DNBS.PD/CC.No. 328/03.02.002/2012-13 June 11, 2013 All NBFCs Dear Sir, NBFCs not to be Partners in Partnership Firms- Clarifications NBFCs were advised vide CC No. 214/03.02.002/2010-11 dated March 30, 2011 that they are prohibited from contributing capital to any partnership firm or to be partners in partnership firms. In cases of existing partnerships, NBFCs were advised to… Read More

Export of Goods and Services – Realization and Repatriation period for units in Special Economic Zones (SEZ)

RBI/2012-13/526 A.P. (DIR Series) Circular No. 108 June 11, 2013 To, All Category - I Authorised Dealer Banks Madam / Sir, Export of Goods and Services- Realization and Repatriation period for units in Special Economic Zones (SEZ) Attention of Authorized Dealer banks is invited to A. P. (DIR Series) Circular No. 91 dated April 1, 2003.… Read More

RBI Notificaiton – Ready Forward Contracts in Corporate Debt Securities

RBI/2012-2013/525 UBD.BPD. (SCB). Cir.No. 4 /16.20.000/2012-13 June 10, 2013 The Chief Executive Officers of All Scheduled Primary (Urban) Co-operative Banks Madam/Dear Sir, Ready Forward Contracts in Corporate Debt Securities Please refer to paragraph 77 of the Second Quarter Review of Monetary Policy 2012-13 (extract enclosed) and circular No.IDMD.PCD.1423/14.03.02/2012-13 dated October 30, 2012 (copy enclosed) in terms of… Read More

RBI releases its Monthly Bulletin for June 2013

The Reserve Bank of India today released the June 2013 issue of its monthly Bulletin. The Bulletin includes five special articles: (i) Union Budget 2013-14: An Assessment; (ii) Developments in India's Balance of Payments during Third Quarter (October-December) of 2012-13; (iii) Inflation Expectations Survey of Households: 2012-13; (iv) Finances of Non-Government Non-Financial Public Limited Companies: 2011-12 and… Read More

RBI penalises Axis Bank, HDFC Bank and ICICI Bank

The Reserve Bank has imposed a monetary penalty on Axis Bank, HDFC Bank and ICICI Bank for violating Reserve Bank of India instructions. The details of the penalty are: Bank Penalty amount (` in lakh) Axis Bank Ltd. 500.10 HDFC Bank Ltd. 450.00 ICICI Bank Ltd. 100.10 The penalties have been imposed in exercise of powers… Read More

Revving up the Growth Engine through Financial Inclusion

(Address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the 32nd SKOCH Summit held at Mumbai on June 6, 2013) Mr. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission; Mr. U.K. Sinha, Chairman, SEBI; Mr. Sameer Kochhar, Chairman, Skoch Group; Ms. Stuti Kacker, Secretary, Department of Disability Affairs, Ministry of Social Justice and… Read More

RBI Note – Legal Audit of title documents in respect of large value loan accounts

RBI /2012-13/524 DBS.FrMC.BC.No.7/23.04.001/2012-13 June 07, 2013 The Chairmen & Chief Executive Officers of all Scheduled Commercial Banks (excluding RRBs) and All India Select Financial Institutions Dear Sir/Madam, Legal Audit of title documents in respect of large value loan accounts Please refer to para 3.1 of our circular DBS.CO. FrMC. BC .No. 11/ 23.0.001/ 2010-11 dated June… Read More

RBI Instruction on Unique Customer Identification Code

RBI/2012-13/523 UBD.BPD (PCB) Cir. No. 54/14.01.062/2012-13 June 6, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam/Dear Sir, Know Your Customer (KYC)/Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) Guidelines - Unique Customer Identification Code (UCIC) for banks™ customers in India Primary (Urban) Co-operative Banks Please refer to our circular UBD.BPD (PCB) Cir. No.… Read More

RBI Clarification on Lending against gold

RBI/2012-13/522 RPCD.CO.RCB.BC.No. 77 /07.51.014/2012-13 June 06, 2013 The CEOs of all State and Central Co-operative Banks Dear Sir, Lending against gold Please refer to paragraph 98 of the Monetary Policy Statement 2013-14 announced on May 3, 2013 (extract enclosed) on lending against gold, proposing to restrict the facility of advances against the security of gold… Read More

RBI™s Technical Committee suggests Merger of Issue and Banking Departments Balance Sheet

The Reserve Bank of India placed on its website today, the report of the Technical Committee (Chairman: Shri Y. H. Malegam) set up to review the form of presentation of the Reserve Bank™s Balance Sheet and Profit & Loss Account. Some of the important recommendations made by the Technical Committee are: a) Form of Balance Sheet Merger of… Read More