FEMA - Corporate Law Reporter

FAQs on Inflation Indexed Bonds (IIBs)

1. Inflation Indexed Bonds (IIBs) were issued in the name of Capital Indexed Bonds (CIBs) during 1997. How is the new product of IIBs different from earlier CIBs? The CIBs issued in 1997 provided inflation protection only to principal and not to interest payment. New product of IIBs will provide inflation protection to both principal… Read More

Rupee Export Credit – Interest Subvention

RBI/2012-13/507 DBOD.Dir.BC.No.94/04.02.001/2012-13 May 24, 2013 All Scheduled Commercial Banks and Exim Bank (excluding RRBs) Dear Sir/ Madam, Rupee Export Credit - Interest Subvention Please refer to our circular DBOD.Dir.(Exp).BC.No.70/04.02.001/2012-13 dated January 14, 2013 wherein interest subvention of 2% was extended w.e.f. January 1, 2013 to March 31, 2014 on pre and post shipment rupee export credit for… Read More

UCBs’ Annual Business Plan Elimination of requirement to submit proposal in duplicate

RBI/2012-13/506 UBD.CO.LS.(PCB).Cir. No. 50/07.01.000/2012-13 May 24, 2013 Chief Executive Officers of all Primary (Urban) Co-operative Banks Dear Sir / Madam, Annual Business Plan Elimination of requirement to submit proposal in duplicate Please refer to our circular UBD.CO.LS.Cir.No.52/07.01.000/2007-08 dated June 16, 2008 where in Financially Sound and Well Managed (FSWM) UCBs were required to prepare Annual Business Plan… Read More

Frauds Classification and Reporting

RBI/2012-13/505 DBS.FrMC.BC.No. 6/23.04.001/2012-13 May 23, 2013 The Chairmen & Chief Executive Officers of all Scheduled Commercial Banks (excluding RRBs) and All India Select Financial Institutions Dear Sir, Frauds Classification and Reporting Please refer to Para 3.1.3 of circular DBS. FrMC. BC. No. 1/23.04.001/2012-13 dated July 02, 2012 i.e. the Master Circular on 'Frauds Classification and Reporting' which… Read More

Evolving Regulations and Emerging Market Challenges – The Indian context

(Keynote address by Shri G Padmanabhan, Executive Director, Reserve Bank of India at the 8th Annual Conference of the Foreign Exchange Dealers' Association of India, held in Singapore on May 24, 2013) It is a pleasure to once again address the practitioners of foreign exchange at this Seminar organized by the Foreign Exchange Dealers Association of… Read More

RBI Liberalised Remittance Scheme for Resident Individuals Reporting in Soft Form only

RBI/2012-13/504 A. P. (DIR Series) Circular No. 106 May 23, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Liberalised Remittance Scheme for Resident Individuals Reporting Attention of all Authorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No.36 dated April 04, 2008, in… Read More

RBI holds Annual Conference of State Finance Secretaries

The 26th Conference of the State Finance Secretaries was held in the Reserve Bank of India at Mumbai on 22nd May 2013. Finance Secretaries of 26 States participated. Dr. D.Subbarao, Governor, Reserve Bank of India inaugurated the Conference. Dr. Y.V. Reddy, Chairman, 14th Finance Commission also participated. Dr. K.C Chakrabarty, Shri Anand Sinha, Shri H.R… Read More

Auction Sale of Govt. Stock

Government of India have announced the sale (re-issue) of (i) 8.12 per cent Government Stock 2020 for a notified amount of ` 3,000 crore (nominal), (ii) 8.20 per cent Government Stock 2025 for a notified amount of ` 6,000 crore (nominal), (iii) 8.32 per cent Government Stock 2032 for a notified amount of ` 3,000… Read More

Rationalisation of With-Holding Tax

Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors, Encourage Development of the Indian Debt Market and Accelerate the Pace of Growth of the Indian Economy. To enhance resource availability for infrastructure development in the economy, the rate of With-holding tax (WHT) on interest payments on the borrowings… Read More

RBI Notification on Liberalisation Realisation and Repatriation of export proceeds on Export of Goods and Software

RBI/2012-13/503 A.P. (DIR Series) Circular No. 105 May 20, 2013 To, All Category - I Authorised Dealer Banks Madam / Sir, Export of Goods and Software Realisation and Repatriation of export proceeds Liberalisation Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 20, 2012 extending the enhanced… Read More

Perspectives on Banking in India

(Speech by Shri Deepak Mohanty, Executive Director, Reserve Bank of India, delivered at the 5th Indian Chamber of Commerce (ICC) Banking Summit, at Kolkata on May 18, 2013) I thank Shri Rajiv Mundhra, President Indian Chamber of Commerce (ICC) and Shri Rajeev Singh, Director General ICC for the opportunity to be a part of this… Read More

FDI in India – Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses

RBI/2012-13/502 A.P. (DIR Series) Circular No. 104 May 17, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses Attention of Authorised Dealers Category I banks is invited to Para 3 (II)… Read More

Meaningful Financial Inclusion hinges on Commercial Banks™ Ability to meet Credit Gaps of the Poor: Finding of RBI™s Research Project Study in Kerala

The Reserve Bank today released a Research Project Study titled How the Poor Manage their Finances: A Study of the Portfolio Choices of Poor Households in Ernakulam District, Kerala on its website. The Research Project Study is a collaborative outcome of researchers associated with the Centre for Socio-Economic and Environmental Studies (CSES), Kochi and Reserve Bank of… Read More