FEMA - Corporate Law Reporter

GoI Statement on Steps to Check Inflow of Illegal Money

Reserve Bank of India (RBI) has issued comprehensive instructions/guidelines to banks on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002. Also under PMLA 2002, the reporting entities, including banks, financial institutions and intermediaries of securities market, payment system operators and authorized persons which include Money… Read More

Insurance Regulatory and Development Authority frames two new regulations

The Insurance Regulatory and Development Authority (IRDA) has informed that two regulations have been framed, namely, (i) Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations 2013 dated 18.02.2013 and (ii) Insurance Regulatory and Development Authority (Non- Linked Insurance Products) Regulations 2013 dated 18.02.2013 to make life insurance products user friendly. The provisions of the… Read More

GoI negotiating new Double Taxation Avoidance Agreements with Sweden

Government of India is negotiating new Double Taxation Avoidance Agreements (DTAAs) and has also taken steps to update the article concerning Exchange of Information in existing DTAAs to specifically allow for exchange of banking information and information without domestic interest. India has also decided to negotiate Tax Information Exchange Agreements (TIEAs) with priority countries/jurisdictions. On… Read More

No change in RBI policy on not issuing fresh proposals for new Urban Cooperative Banks

The number of Urban Cooperative Banks (UCBs) whose license was cancelled in the last three years are, 31 in 2009-10, 12 in 2010-11 and 14 in 2011-12. Reserve Bank of India (RBI), the licensing authority for UCBs announced in the Annual Policy Statement (2004-05) that no fresh proposals for new UCBs would be considered till… Read More

DGFT makes Amendments to specified goods list (SCOMET)

TO BE PUBLISHED IN THE GAZETTE OF INDIA PART II, SECTION 3, SUB SECTION (ii) EXTRAORDINARY GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION No. 37 (RE-2012) /2009-2014 DATED: 14th MARCH, 2013 S.O. (E) -In exercise of powers conferred by Section 5 and Section 14 A of the Foreign Trade (Development & Regulation) Act, 1992 {FT(D&R) Act,1992} as amended… Read More

RBI Discontinues Centralised Funds Management System

RBI/2012-13/442 DPSS (CO) No. 1594/04.08.002/2012-13 March 15, 2013 The Chariman / Managing Director / Chief Executive Officer All CFMS Member Banks Madam / Sir, Discontinuation of CFMS As you are aware, funds transfer through Centralised Funds Management System (CFMS) has been discontinued with effect from January 1, 2013. The access to CFMS information and data… Read More

RBI Working Paper :: Financial Structures and Economic Development in India

The Reserve Bank today placed on its website a Working Paper titled Financial Structures and Economic Development in India: An Empirical Evaluation under the RBI Working Paper Series. The paper has been authored by Dr. Satyananda Sahoo. While the role of the financial structures in economic development is not a new theme in the economics… Read More

RBI Format for Collection of Information on Customer Grievances

RBI/2012-13/441 DPSS.CO.OSD. No.1604 /06.06.005/2012- 13 March 14, 2013 To All entities authorised to issue pre-paid payment instruments in India. Dear Sir, Collection of Information on Customer Grievances All entities authorised for issuance of prepaid payment instruments in India are advised to submit the data related to customer grievances received and resolved, on a quarterly basis,… Read More

RBI procedures for reporting and accounting of collection of Direct & Indirect Taxes

RBI/2012-13/440 DGBA.GAD.No.H - 5353/42.01.029/2012-13 March 14, 2013 The Chairman & Managing Director / The Chief Executive Officer All Agency Banks Dear Sir / Madam, Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions -… Read More

Maintenance of Collateral by FIIs for transactions in the cash and F & O segments

RBI/2012-13/439 A.P. (DIR Series) Circular No. 90 March 14, 2013 To All Category I Authorised Dealer Banks Madam / Sir, Maintenance of Collateral by Foreign Institutional Investors (FIIs) for transactions in the cash and F & O segments Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to Schedule 5 to the… Read More

Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives

RBI/2012-13/438 FMD.MSRG.No. 75/02.05.002/2012-13 March 13, 2013 All Category I Authorised Dealer Banks Madam/Sir, Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives Please refer to our circular FMD.MSRG.No.67/02.05.002/2011-12 dated March 9, 2012 on the captioned subject, wherein we had advised, inter alia, that all/selective trades in OTC foreign exchange and interest rate derivatives between… Read More

Mid-Quarter Review of Monetary Policy 2012-2013 : To be released at 11.00 a.m. on RBI Website on March 19, 2013

The Reserve Bank of India will release the next Mid-Quarter Review of Monetary Policy 2012-13 at 11.00 a.m. on March 19, 2013. The Review will be by way of a press release and will be placed on the Reserve Bank's website (www.rbi.org.in). R.R. Sinha Deputy General Manager Press Release: 2012-2013/1540 Read More

RBI Perspectives on India™s Macroeconomic Challenges

(Fifth I.G. Patel Memorial Lecture delivered by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the London School of Economics on March 13, 2013) First of all many thanks to the London School of Economics for inviting me to deliver the fifth I.G. Patel Memorial Lecture. It is an honour to which I attach… Read More