FEMA - Corporate Law Reporter

CLR Snippets :: India’s Foreign Exchange Reserves

The total foreign exchange reserves (comprising foreign currency assets, gold, special drawing rights and reserve tranche position in IMF) was US$ 304.8 billion at end-March 2011, US$ 294.4 billion at end-March 2012 and US$ 292.0 billion at end-March 2013. In the current fiscal, reserves stood at US$ 295.2 billion as on April 12, 2013. The… Read More

RBI Governor to interact with Researchers and Analysts over Teleconference

RBI Governor's Interaction with Researchers/Analysts 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 researchers/analysts through teleconference between 2.30 p.m. and 3.30 p.m. on Monday, May 6, 2013. One can participate in the teleconference after registration. Click here for… Read More

RBI Clarification on Overseas Direct Investments

RBI Clarification on Overseas Direct Investments RBI/2012-13/481 A.P. (DIR Series) Circular No. 100 April 25, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Overseas Direct Investments Clarification Attention of the Authorised Dealers (AD) is invited to Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 notified by the Reserve Bank… Read More

Investment by Navratna Public Sector Undertakings (PSUs), OVL and OIL in unincorporated entities in oil sector abroad

RBI/2012-13/480 A.P. (DIR Series) Circular No. 99 April 23, 2013 To, All Category - I Authorised Dealer Banks Madam / Sir, Investment by Navratna Public Sector Undertakings (PSUs), OVL and OIL in unincorporated entities in oil sector abroad Attention of the Authorised Dealer (AD - Category I) banks is invited to the Notification No. FEMA.120/RB-2004… Read More

Environmental and Social Sustainability: Key Issues and Concerns

(Address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the Yes BankGIZUNEP Sustainability Series event on Environment and Social Risk Management, on April 23, 2013 at Mumbai) Mr. Robert Tacon, Tutor, United Nations Environment Programme- Financial Initiative (UNEP FI); Ms. Stefanie Bauer, Advisor, Private Sector Development, GIZ; Mr. Pralay Mondal, Senior… Read More

Highlights of the PM Economic Advisory Council Review of the Economy 2012-13

Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister released the document ˜Review of the Economy 2012-13™ at a Press Conference in New Delhi today. Following are the highlights of the document: Ã˜ Economy to grow at 6.4% in 2013-14 The Advance Estimates of CSO have pegged the growth of Agriculture at 1.8% in 2012-13. In expectation of… Read More

Imposition of MAT on SEZs

The provisions of Minimum Alternate Tax (MAT) have been made applicable to Special Economic Zone (SEZ) Developers and Units with effect from 1st April, 2012. The imposition of MAT on SEZs has brought the book profits of SEZ units and developers under the ambit of Sec 115JB of the I-T Act, 1961. The investment in… Read More

FDI Cap in Various Sectors

The Government has put in place an investor friendly Foreign Direct Investment (FDI) policy, under which FDI, up to 100%, is permitted, on the automatic route, in most sectors/activities. FDI policy is reviewed on an ongoing basis, with a view to making it more investor friendly. Significant changes in the FDI policy regime have been… Read More

Foreign Trade Policy 2009-14 – Highlights of Annual Supplement (2013-14)

Highlights of Annual Supplement (2013-14) to the Foreign Trade Policy 2009-14 Announced by Shri Anand Sharma 1. Measures to revive investors™ interest in SEZs. 1.1 A package of measures has been formulated to revive investors™ interest in SEZs and to boost exports. The salient features of the package are:- (i) In view of the acute… Read More

Survey on International Trade in Banking Services: 2011-12

The Reserve Bank of India today released, on its website, the data related to the results of Survey on International Trade in Banking Services: 2011-12. The data compiled are based on an annual survey which is intended to provide information on International trade in banking services (ITBS) for India in respect of the branches/subsidiaries of Indian banks… Read More

IMF Conference on Rethinking Macro Policy II

Remarks by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at IMF Conference on Rethinking Macro Policy II, Washington DC, on April 17, 2013 Session VI: Capital Account Management Three sub-topics (i) Capital controls (ii) Reserves (iii) International provision of liquidity I. Capital Account Management Intellectual Shift on Capital Controls The change in our world… Read More

Seminar on Strengthening IMF Surveillance

Talking Points of Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at Seminar on Strengthening IMF Surveillance IMF Spring Meetings, Washington DC, on April 16, 2013 Question 1: Over the next three to five years, what do you see as the critical issues for IMF Surveillance? Response There are several critical issues for IMF Surveillance… Read More

Anti Money Laundering Standards as per Financial Action Task Force

RBI/2012-13/478 DNBS(PD).CC.No 323/03.10.42/2012-13 April 18, 2013 All Non Banking Financial Companies excluding Residuary Non Banking Companies Dear Sir/Madam, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to DNBS (PD).CC.No.319/03.10.42/ 2012-13 dated December 28, 2012 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. Financial Action Task Force… Read More