FEMA - Corporate Law Reporter

RBI asks all UCBs to Implement Core Banking Solutions in all branches by 31st Dec 2013

RBI/2011-12/437 UBD.BPD.(PCB). Cir.No. 42/09.18.300/2011-12 March 13, 2013 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Madam / Dear Sir, Implementation of Core Banking Solutions (CBS) by Urban Co-operative Banks (UCBs) The usage of Information Technology (IT) is critical for the survival and growth of banking institutions as IT usage not only helps banks… Read More

RBI Revises Guidelines for Money Transfer Service Scheme

RBI/2012-13/436 A.P. (DIR Series) Circular No. 89 March 12, 2013 To All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme Madam / Sir, Money Transfer Service Scheme Revised Guidelines Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited to the Notification dated… Read More

RBI simplifies procedure for Write-off of unrealized export bills

RBI/2012-13/435 A.P. (DIR Series) Circular No. 88 March 12, 2013 To All Category - I Authorized Dealer Banks Madam / Sir, Write-off of unrealized export bills Export of Goods and Services Simplification of procedure Attention of Authorized Dealer Category I (AD Category I) banks is invited to A.P. (DIR. Series) Circular No. 12, 30, 61,… Read More

IRDA says all Insurers are required to comply with the IRDA (Protection of policyholders™ interests) Regulations, 2002

Online Sale of Insurance Policies The Insurance Regulatory and Development Authority (IRDA) has informed Online Sale of Insurance Policies is one of the ways of distribution of insurance policies. IRDA has put in place a regulatory framework for enhancing the transparency and improving the informed choice amongst all classes of policyholders during the course of… Read More

RBI Clarifies Risks arising from the deficiencies in AML regime in certain jurisdictions

RBI/2012-13/434 DBOD. AML.No. 12913/14.01.001/2012-13 March 11, 2013 The Chairmen/CEOs of all Scheduled Commercial Banks(Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to our letter DBOD. AML.No.8422/14.01.001/ 2012-13 dated December 12, 2012 on risks arising from the deficiencies in AML/CFT regime of… Read More

Plastic Currency Notes

It has been decided by the Government of India and the RBI to introduce one billion pieces of Rs. 10 notes in polymer/plastic on a field trial basis. The field trial will be conducted in five cities viz. Kochi, Mysore, Jaipur, Bhubaneswar and Shimla with varied geographical locations and climatic conditions. Reserve Bank of India… Read More

India™s Foreign Trade: February, 2013

EXPORTS (including re-exports) Exports during February, 2013 were valued at US $ 26259.36 million (Rs. 141206.31 crore) which was 4.23 per cent higher in Dollar terms (13.99 per cent higher in Rupee terms) than the level of US $ 25194.42 million (Rs. 123873.66 crore) during February, 2012. Cumulative value of exports for the period April-February 2012 -13… Read More

RBI updates instructions/ guidelines on Classification and Reporting of Frauds

RBI/2012-13/433 UBD CO BPD (PCB) Cir. No.41/12.05.001/2012-13 March 08, 2013 Chief Executive Officer of All Primary (Urban) Co-operative Banks Madam / Dear Sir, Frauds- Classification and Reporting Please refer to our Master Circular UBD.CO.BPD. (PCB) MC No. 17/12.05.001/2012-13 dated July 02, 2012 advising the consolidation of our updated instructions/ guidelines on the captioned subject. 2.… Read More

RBI releases its monthly Bulletin for March 2013

The Reserve Bank of India today released the March 2013 issue of its monthly Bulletin. The Bulletin includes three special articles: (i) Developments in India's Balance of Payments during Second Quarter (July-September) of 2012-13; (ii) Position of Order Books, Inventories and Capacity Utilisation for the Quarters during October 2011 to September 2012; and (iii) Finances… Read More

IRDA reports over INR 3000 Cr unclaimed money, will not be appropriated or written back

Rs. 3096 Crore Unclamed Money in Insurance Sector The Insurance Regulatory and Development Authority (IRDA) has informed that the total unclaimed amount for the insurance industry, as reported by the insurers, in Rs. 3096.72 Crpre (as on 31.03.2012). Of this Rs. 2476.19 Crore is in Life Industry and Rs. 620.53 Crore in Non-Life industry. IRDA… Read More

Proposal for introduction of E-Governance in Debts Recovery Tribunals

In order to enhance the efficiency of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs) and to provide a platform for seamless operations to Banks, Financial Institutions and general public to expedite recovery of public money, there is a proposal for introduction of e-governance in DRTs. The key objectives envisaged for the e-DRT… Read More

Finance Minister meets the Directors of the RBI Central Board against the backdrop of Budget 2013

Shri P. Chidambaram, Hon™ble Union Minister of Finance addressed the Central Board of the Reserve Bank of India today. He indicated that the Union Budget 2013-14, presented against the backdrop of a slowdown in both global and domestic economic growth, is expected to lay the foundation for a sustainable rebalancing of government finances. It is… Read More

Committee Constituted to prepare blueprint for Women™s Public Sector Bank

The Union Finance Minister, Shri P. Chidambaram in his Budget Speech 2013-14 had proposed to set-up India™s First Women™s Bank as a Public Sector Bank. He had also provided Rs. 1000 crore as initial capital. In order to prepare a Blueprint for the aforesaid Bank, the Ministry of Finance has constituted a Committee as follows:… Read More