FEMA - Corporate Law Reporter

MoF declares 8.5% interest on PF deposits

The Ministry of Finance has approved payment of 8.5% rate interest for 2012-13, up from 8.25% in the previous fiscal. The related circular is provided here. ***** Employees™ Provident Fund Organisation (Ministry of Labour & Employment, Govt. Of India) ( Head Office) Bhavishya Nidhi Bhawan,14-Bhikaiji Cama Place, New Delhi-110066 No. Invest.I/3(2)/133/ ROI/2012-13/4462, Dated: 15.05.2013 Subject: Declaration of Rate of Interest for… Read More

RBI releases its monthly Bulletin for May 2013

The Reserve Bank today released the May 2013 issue of its monthly Bulletin. The Bulletin contains the Governor™s Statement on Monetary Policy 2013-14, Macroeconomic and Monetary Developments in 2012-13, the first Prof. Tendulkar Memorial Oration by Professor Abhijit Banerjee and regular features, viz., speeches of the top management and current statistics. Sangeeta Das Director Press… Read More

Strengthening the Banking Supervision through Risk Based Approach: Laying the Stepping Stones

(Address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the Inaugural Session of the Conference of non-Executive directors on the Boards of Commercial Banks, organized by CAFRAL in Mumbai on May 13, 2013) The learned Non-executive directors on the Boards of various commercial banks; Shri A.K. Garg, CGM, CAFRAL; colleagues from… Read More

RBI clarification on SLR Holdings under Held to Maturity Category

RBI/2012-13/501 DBOD.No.BP.BC.92/21.04.141/2012-13 May 15, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Monetary Policy Statement 2013-14 SLR Holdings under Held to Maturity Category Please refer to paragraph 84 of the Monetary Policy Statement 2013-14 (extract enclosed) announced on May 3, 2013 on ˜SLR Holdings under Held to Maturity Category™. 2. In terms of our circular… Read More

Demands for Grants, 2013-2014

No. F. 2(24)-B(D)/2013 Government of India Ministry of finance Department of Economic Affairs ( Budget Division) New Delhi, the 8th May, 2013. OFFICE MEMORANDUM Subject: Demands for Grants, 2013-2014. The undersigned is directed to state that the Demands for Grants for 2013-2014 may be treated as final as these have been voted by the Lok… Read More

Clean Note Policy

RBI/2012-13/500 DCM (NPD) No.5133/ 09.39.000/2012-13 May 10, 2013 The Chairman and Managing Director / The Chief Executive Officer All Banks (including Co-operative banks and RRBs) Madam / Dear Sir Clean Note Policy In recent periods, instances of certain branches of banks continues to follow old practices like stapling, writing number of note pieces in loose… Read More

Engagement of Pharmacist on hourly remuneration, Ad hoc Basis

Reserve Bank of India, Kanpur invites applications from qualified Pharmacists for engagement as a Pharmacist on ad hoc andhourly remuneration basis on the following terms and conditions: i. Pharmacist will be paid a fixed remuneration at the rate of Rs. 200/- per hour with a maximum period of five hours per day, not exceeding maximum of Rs.1000/- per day and will not… Read More

Import of Gold by Nominated Banks/Agencies

RBI/2012-13/499 A.P.(DIR Series) Circular No.103 May 13, 2013 To, All Scheduled Commercial Banks which are Authorised Dealers in Foreign Exchange Madam/Sirs Import of Gold by Nominated Banks/Agencies Attention of Authorised Persons is invited to paragraph 97 of the Monetary Policy Statement 2013-14 dated May 3, 2013 regarding import of gold. In terms of AD (G.P.Series) circular No.7… Read More

Featured Event | ASSOCHAM National Seminar on “Due Diligence – Key to Successful Business Deals”

National Seminar on Due Diligence -Key to Successful Business Deals- Friday, 7th June, 2013, Hotel Le Meridien, New Delhi Greetings! For acquiring companies, due diligence is a critical process that cannot be overlooked. Due diligence not only nets the hard data you need to assess potential financial, legal, and regulatory exposures, but also gives insights… Read More

Corrigendum to Notification Dated 10.04.2013: Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified

In the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 36/2013- CUSTOMS (N.T.), dated the 10th April, 2013, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-Section (ii), vide number S.O. 936 (E) dated the 10th April, 2013, in column (3) of the table in SCHEDULE-II, for Rate of exchange of… Read More

Implementation of Direct Benefit Transfer Scheme

RBI/2012-13/498 RPCD.CO. LBS.BC.No. 75/02.01.001/2012-1 May 10, 2013 To CMDs of all SLBC Convenor banks and Lead banks Dear Sir, Direct Benefit Transfer (DBT) Scheme - Implementation Please refer to the paragraph 67 of the Monetary Policy Statement for 2013-14 announced on May 3, 2013. DBT is being rolled out in a phased manner with 43 districts taken… Read More

Anti- Money Laundering (AML) / Combating of Financing of Terrorism (CFT) – Standards

RBI/2012-13/497 DPSS. CO. AD. No. 2051/02.27.005/2012-13 May 8, 2013 Chief Executive Officers of All the Payment System Operators Authorised under the PSS Act, 2007 Dear Sir Anti- Money Laundering (AML) / Combating of Financing of Terrorism (CFT) - Standards Please refer to our circular DPSS.CO.AD.No.1120 /02.27.005/2012-13 dated January 8, 2013 on risk arising from the deficiencies in… Read More

Implementation of Section 51-A of UAPA, 1967 -Updates of the UNSCR 1267 Committee’s Sanctions List

RBI/2012-13/496 DPSS. CO. AD. No. 2050/02.27.005/2012-13 May 8, 2013 CEOs of all the Payment System Operators Authorised under the PSS Act, 2007 Dear Sir Implementation of Section 51-A of UAPA, 1967 -Updates of the UNSCR 1267 (1999) and 1989(2011) Committee's Al Qaida Sanctions List Please refer to our circular DPSS.CO.AD.No.1121/02.27.005/2012-13 dated January 8, 2013. We have… Read More