FEMA - Corporate Law Reporter

New Safety Measures for Credit and Debit Card Transactions

New Norms for Credit Cards Reserve Bank of India (RBI) vide Circular dated 28.02.2013on Security and Risk Mitigation Measures for Electronic Payment Transactions has directed banks to put in place the following safety measures for Credit and Debit Card Transactions : ¢ All new debit and credit cards to be issued only for domestic usage… Read More

RBI signs Currency Swap Agreement with Royal Monetary Authority of Bhutan

The Reserve Bank of India has today signed the first Currency Swap Agreement with the Royal Monetary Authority of Bhutan. The Royal Monetary Authority of Bhutan can make drawals of US Dollar, Euro or Indian Rupee in multiple tranches up to a maximum of US$ 100 million or its equivalent. This is expected to further… Read More

Financial Sector Regulators sign an MoU to monitor Financial Conglomerates; Approve National Strategy for Financial Education

The financial sector regulators (Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority and Pension Fund Regulatory and Development Authority) signed a Memorandum of Understanding (MoU) for co-operation in the field of consolidated supervision and monitoring of financial groups identified as financial conglomerates. The Sub Committee of the Financial… Read More

Clarification on Performance Audit Of Agricultural Debt Waiver And Debt Relief Scheme, 2008 and Subsequent Monthly Reporting needs of RBI

RBI/2012-13/432 UBD.BPD (PCB) Cir. No.40/13.05.000/2012-13 March 7, 2013 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Performance Audit Of Agricultural Debt Waiver And Debt Relief Scheme, 2008 Please refer to our Circular UBD. BPD (PCB) Cir. No. 31/13.05.000/2012-13 dated January 15, 2013 on the above subject. Considering the serious nature of… Read More

RBI Clarification on KYC / AML/ PMLA norms in relation to Shifting of bank accounts to another centre

RBI/2012-13/431 UBD.BPD (PCB) Cir. No. 39/14.01.062/2012-13 March 7, 2013 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Measures/Combating of Financing of Terrorism (CFT) / Obligations of banks under Prevention of Money Laundering Act (PMLA), 2002 Primary (Urban) Co-operative Banks Please refer to our circular… Read More

RBI to post Clarifications on New Banks Licensing Guidelines

The Reserve Bank of India has been receiving queries from intending applicants seeking clarifications on the guidelines on Licensing of New Banks in the Private Sector. The guidelines were issued on February 22, 2013. Considering that the clarifications sought would be of wider interest and use for all intending applicants, the Reserve Bank has decided to post… Read More

Amendments in the Reward/Incentive Schemes of Chapter 3 of Foreign Trade Policy

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-1 SECTION-1 GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE No. 51 (RE2012)/2009-14 NEW DELHI, DATED: 5th March, 2013 Subject: Amendments in the Reward/Incentive Schemes of Chapter 3 of Foreign Trade Policy 2009-14 - Appendix 37A,… Read More

Approach to regulation and supervision in the post crisis world

(Keynote address by Shri Anand Sinha, Deputy Governor, Reserve Bank of India at the program ˜Supervisory Effectiveness in the Post Crisis World™ organized by Centre for Advanced Financial Research and Learning (CAFRAL) at Mumbai on February 4, 2013) Ms. Usha Thorat, Director, Centre for Advanced Financial Research and Learning (CAFRAL), Mr. Aristobulo de Juan, a… Read More

Performance Audit of Agricultural Debt Waiver and Debt Relief Scheme, 2008

RBI/2012-13/430 RPCD.CO.FSD. No. BC. 67/05.04.02/2012-13 March 6, 2013 The Chairman/ Managing Director/ Chief Executive Officer All scheduled commercial banks & Local Area Banks Madam/Dear Sir, PERFORMANCE AUDIT OF AGRICULTURAL DEBT WAIVER AND DEBT RELIEF SCHEME, 2008 Please refer to our Circular RPCD.CO.FSD. No. BC.58/05.04.02/2012-13 dated January 14, 2013 on the above subject. Considering the serious… Read More

MoC reports says that Export growth was negative in early 2012-2013

Exports declined by 6.9% during first half of 2012-13 as compared same period of last year. The details of commodity-wise export including quantity and value for the current year is available in the DGCI&S publication in CD form namely ˜Monthly Statistics of Foreign Trade of India™ Vol. I (Exports). Such CD™s are regularly sent to… Read More

RBI report informs that FDI investments were lower than potential in 2010-2011

Decline in Inflow of Foreign Capital Reserve Bank of India (RBI) has informed that according to a research study titled ˜Foreign Direct Investment Flows to India™ undertaken by RBI, Foreigh Direct Investment (FDI) flow into India were lower than the potential level in 2010-11. However, net capital inflow, including FDI, picked up to US$ 67.8… Read More

GoI signs Double Taxation Avoidance Agreement & Prevention of Fiscal Evasion with Ethiopia

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 14/2013 INCOME TAX New Delhi, the 21st February, 2013 S.O.418(E)- Whereas the annexed Agreement between the Government of the Republic ofIndia and the Government of the Federal Democratic Republic of Ethiopia for the Avoidance of Double Taxation and the Prevention of fiscal evasion with respect to taxes on income… Read More

Corporates under Investigation are not allowed to access ECB under the Automatic route

RBI/2012-13/429 A.P. (DIR Series) Circular No. 87 March 5, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy Corporates under Investigation Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 71 dated June 30, 2009… Read More