FEMA - Corporate Law Reporter

RBI Top Management to Interact with Media on May 3rd

RBI Top Management to Interact with Media Apropos the announcement of the Monetary Policy Statement 2013-14, Dr. D Subbarao, Governor and Deputy Governors of the Reserve Bank of India will interact with the media in Mumbai and with the regional media through teleconference between 3.00 p.m. and 4.00 p.m. on Friday, May 3, 2013. Interested… Read More

Corrigendum to FDI Policy

No. 5(1)/2013-FC.I Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Udyog Bhawan, New Delhi Dated the 16thApril, 2013 CORRIGENDUM This is in continuation to this Department's communication No. 5(1)/2013-FC-1 dated 5.4.2013, wherein ˜Circular I of 2013-Consolidated FDI Policy' was issued. 2. In paragraph 3.10.3.1 of abovementioned Circular, phrase ˜paragraph… Read More

Agricultural Credit to Drought Prone Areas

RBI information on Agricultural Credit to Drought Prone Areas The credit flow to agriculture during 2012-13, by the Commercial Banks, Cooperative Banks and Regional Rural Banks (RRBs) has been Rs. 4,12, 064 crore (provisional) upto January 2013. During 2011-12, the credit flow to agriculture by these institutions was Rs. 5,11, 029 crore (provisional). The Government is… Read More

RBI Information on Estimated Outflow of Funds

Remittance of dividend and profit amount and interest payment on external borrowings to the residents outside India are computed as current account transactions under Balance of Payments (BoP) statistics periodically prepared by RBI. As per BoP Statistics, details of profit and dividend paid by FDI enterprises and interest paid by Indian corporate on account of external commercial… Read More

Government sets up Inclusive Innovation Fund

The Government has set up an Innovation Fund for inclusive economic growth. National Innovation Council in collaboration with Ministry of Micro, Small and Medium Enterprises (MSME) has proposed to set up a dedicated fund in the name of ˜India Inclusive Innovation Fund™ for promoting grass root innovations with social returns as well as modest economic… Read More

Proposal for setting up of new Development Bank for BRICS Countries

The BRICS - Brazil, Russia, India, China and South Africa. There is a proposal for setting up of a new Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. In March 2012, BRICS Leaders directed their Finance Ministers to consider the possibility of setting… Read More

RBI says – No Restrictions on Issue of Number of Cheques

Reserve Bank of India (RBI) has issued a Master Circular dated 02.07.2012 on ˜Customer Service in Banks™ which, inter-alia, provides that banks may issue cheque books with larger number of leaves (20 or 25) if a customer demands the same and also ensure that adequate stocks of such cheque books (20/25 leaves) are maintained with… Read More

CLR Snippets :: Amendment in Money Laundering Act

The Government has recently amended the Money Laundering Act. The objectives of recent amendment in Prevention of Money-laundering Act, 2002 is to strengthen the legislative and administrative framework of the country to prevent money laundering and countering financing of terrorism and capabling to handle the new evolving threats. Bullion traders have expressed that Germs and jewellery sector… Read More

IRDA prescribes Ceiling of 15% for payment of Insurance Agents’ Commission

The Insurance Regulatory and Development Authority (IRDA) prescribes ceiling of 15% for payment of agents™ commission. The exact rate of commission payable in a particular policy is to be decided by the insurer, which shall not exceed the ceiling prescribed by the IRDA. The Public Sector Undertaking insurers, in order to encourage younger population to… Read More

IRDA clarification on Process of providing Clearance to Insurance Products

The clearance to Insurance Products takes a lot of time in the country. Policyholders™ protection is the prime concern of the Insurance Regulatory and Development Authority (IRDA) and it does exercise a thorough diligence while approving products accordingly. IRDA has informed that the scrutiny process involves detailed examination of whether: ¢ Product is suitable to… Read More

Increase in Cases of Service Tax evasion

The cases of service tax evasion have increased during the recent time. The details are as under: Year No. of cases detected Service tax evasion involved (Rs. in crores) 2010-11 8399 14291 2011-12 8710 14608 2012-13 (uptoJanuary 2013) 9637 20335 The intensified drive against service tax evaders is the reason for the increase in number of… Read More

Year-on-Year Foreign Investment Requirement as a % of GDP

Increase in Capital Investment Various factors including the rates of savings and investment, productivity of resources, adoption of technology, availability of human capital and infrastructure, cost of finance, foreign trade and demand for the domestic product, capital flows, governance, nature of economic and regulatory institutions etc, influence the growth rate of an economy. Reducing impediments… Read More

No Proposal for Waiving off Education Loan for Students without jobs

At present, there is no proposal under the consideration of the Government to waive off the education loans sanctioned to the students who could not get a job after completing their studies. The Government had in the Budget 2012-13 announced setting up of a Credit Guarantee Fund for Education Loans to ensure better flow of… Read More