FEMA - Corporate Law Reporter

India™s International Investment Position (IIP), December 2012

International Investment Position (IIP) is a statistical statement that shows, at a point in time, the value and the composition of (a) financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets; and (b) liabilities of residents of an economy to non-residents. The difference between an… Read More

Sources of Variation in Foreign Exchange Reserves in India during April-December 2012

Earlier today, the Reserve Bank of India released the Balance of Payments (BoP) data for Q3 of 2012-13 (October-December 2012) on its website . On the basis of these data, the sources of variation in foreign exchange reserves during April-December 2012 have been compiled. Sources of Variation in Foreign Exchange Reserves: April-December 2012 During April-December… Read More

Monthly Economic Report for February 2013

Ministry of Finance Department of Economic Affairs Economic Division 4(3)/Ec. Dn. /2012 MONTHLY ECONOMIC REPORT FEBRUARY 2013 HIGHLIGHTS The overall growth of GDP at factor cost at constant prices, as per Advance Estimates, is estimated at 5.0 per cent in 2012-13 as compared to the growth of 6.2 per cent during 2011-12 (First Revised Estimates).… Read More

Report of the Financial Sector Legislative Reforms Commission

The Financial Sector Legislative Reforms Commission was constituted by the Government of India, Ministry of Finance, in March, 2011. The setting up of the Commission was the result of a felt need that the legal and institutional structures of the financial sector in India need to be reviewed and recast in tune with the contemporary requirements… Read More

Finance Ministry Report on India™s External debt at End-December 2012

India™s External DEBT at End-December 2012 Stood at US$ 376.3 Billion Reflecting an Increase of 8.9 Per Cent Over the Level of US$ 345.5 Billion at End-March 2012; External DEBT to GDP Ratio Stood at 20.6 Per Cent at End-December 2012 VIS-Ã€-VIS 19.7 Per Cent at End-March 2012. Department of Economic Affairs, Ministry of Finance,… Read More

DGFT Amendment Notification relating to export of edible oils

(To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Notification No 39(RE 2012)/2009-2014 New Delhi, Dated : 25th March, 2013 Subject: Amendment in Notification No 32(RE-2012)/2009-14 dated 5th February, 2013 relating to export of edible oils. S.O.(E) In… Read More

DGFT Extension of prohibition on export of Pulses

(To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Notification No 38 (RE 2012)/2009-2014 New Delhi, Dated : 25th March, 2013 Subject: Extension of prohibition on export of Pulses (except Kabuli Chana and 10,000 tonnes of… Read More

RBI sends out warning on alleged phishing mail in its name

It has come to the notice of the Reserve Bank of India that an email has been sent in its name from mail id: alert@rbi.org and signed by RBI Online offering a 'new online security platform'. According to the mail, the 'new online security platform' offers to 'prevent online identity theft in internet banking by… Read More

Government Approves 6 Proposals of Foreign Direct Investment

Government Approves 6 Proposals of Foreign Direct Investment Amounting to Rs. 732.77 Crore Approximately Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 6, 2013, the Government has approved six (6) Proposals of Foreign Direct Investment (FDI) amounting toRs.732.77 crore approximately. Details of Proposals considered in the Foreign… Read More

Extension of Banking Hours and Opening of All Agency Banks Collecting Direct Taxes

Extension of Banking Hours on Saturday, 30th March, 2013 and Opening of All Agency Banks Collecting Direct Taxes on Friday, 29th March and on Sunday, 31st March, 2013 In view of the ensuing holidays in several parts of the country and keeping in view the likely rush of taxpayers to deposit direct taxes in the… Read More

Revision of Interest Rates for Small Savings Schemes With Effect from 1st April 2013

Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial year, before 1st April of that year. Accordingly, the rate of interest on various small savings schemes for… Read More

Reserve Bank of India penalizes Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad

The Reserve Bank of India, in exercise of powers vested in it under the provisions of Section 47 A (1) (b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS), imposed a monetary penalty of ` 2.00 lakh (Rupees two lakh only) on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad for violation of the… Read More

RBI Signs MoU with Regulators of other countries to promote greater co-operation and sharing of supervisory information

The Reserve Bank of India, last fortnight, signed three Memoranda of Understanding with Reserve Bank of Fiji (RBF), National Bank of Belgium (NBB) and Federal Financial Supervisory Authority (Bundesanstalt fÃ¼r Finanzdienstleistungsaufsicht BaFin), Germany. The Reserve Bank has been signing the Memorandum of Understanding (MoU) with regulators of other countries to promote greater co-operation and sharing… Read More