Others - Corporate Law Reporter

Workshop on FEMA reguations and Foreign Investments in Mumbai at Hotel Hilton 22nd May, 2015

Foreign Exchange Management Act (FEMA) was introduced in India in 1999 which emerged as an investor friendly legislation. This act relaxed foreign exchange restrictions resulting in significant flow of investments into India over the years making it one of the most lucrative FDI destinations in the world. On the other hand Indian businesses have also… Read More

RBI advises Banks to appoint Internal Ombudsman

The Reserve Bank of India has advised all public sector banks and some private sector and foreign banks to appoint an internal ombudsman. The internal ombudsman would be designated Chief Customer Service Officer (CCSO), it has stated. The CCSO should not have worked in the bank in which he/she is appointed as CCSO. The Reserve… Read More

RBI releases article on Recent Trends in Residential Property Prices in India for comments

The Reserve Bank of India placed on its website, an article titled ˜Recent Trends in Residential Property Prices in India: An exploration using housing loan data' based on the results of its ˜Residential Asset Price Monitoring Survey'. The Reserve Bank had initiated an information system on residential property prices through this survey, following the recommendations… Read More

Mandatory issue of acknowledgement to pensioners on submission of life certificates

RBI/2014-15/587 DGBA.GAD No.H- 5013/45.01.001/2014-15 May 07, 2015 The Chairman/ Chief Executive Officer All Agency Banks Dear Sir Mandatory issue of acknowledgement to pensioners on submission of life certificates In terms of extant instructions, all pensioners are required to furnish a life certificate to the pension disbursing bank every year in November for continuance of pension.… Read More

Indian economy to grow at faster pace this fiscal

India Ratings expects India's economy to expand 7.7% this fiscal year, faster than the previous year's estimated expansion of 7.4%, because of a pickup in private consumption. "A significant moderation in inflation and inflationary expectations is likely to boost consumer sentiments, albeit gradually," the ratings firm said in a news release. India Ratings is… Read More

Data on ECB / FCCB for March 2015

The Reserve Bank of India has today released the data on External Commercial Borrowings (ECB) and Foreign Currency Convertible Bonds (FCCB), both through Automatic Route and Approval Route, for the month of March 2015. Ajit Prasad Assistant General Manager Press Release: 2014-2015/2255 Read More

Minutes of the April 1, 2015 Meeting of the Technical Advisory Committee on Monetary Policy

The thirty-eighth meeting of the Technical Advisory Committee (TAC) on monetary policy was held on April 1, 2015 in the run up to the First Bi-monthly Monetary Policy Review of 2015-16 on April 7, 2015.The main points discussed at the meeting are set out below. Members noted that global growth remained tepid and divergent. While… Read More

Sectoral Deployment of Bank Credit March 2015

Data on sectoral deployment of bank credit collected on a monthly basis from select 47 scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, for the month of March 2015 are set out in Statements I and II. These data are also available in… Read More

Indian economy to grow at a faster pace this fiscal year

India Ratings expects India's economy to expand 7.7% this fiscal year, faster than the previous year's estimated expansion of 7.4%, because of a pickup in private consumption. "A significant moderation in inflation and inflationary expectations is likely to boost consumer sentiments, albeit gradually," the ratings firm said in a news release. India Ratings is an… Read More

Rights of transgender persons Changes in bank forms/applications etc

RBI/2014-15/572 DBR.No.Leg.BC.91/09.07.005/2014-15 April 23, 2015 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam Rights of transgender persons Changes in bank forms/applications etc. It has been brought to our notice that transgender persons face difficulties in opening accounts as there is no provision for them in the account opening and other forms. 2. in this connection,… Read More

Simplified procedure for opening of Currency Chests

RBI/2014-15/571 DCM(CC)No.G-13/4553/03.39.01/2014-15 April 23, 2015 The Chairman & Managing Director / Chief Executive Officer / Managing Director All Scheduled Commercial Banks Madam/ Dear Sir, Simplified procedure for opening of Currency Chests Please refer to our circular DCM(CC)No.2991/03.39.01/2011-12 dated January 02, 2012 on Construction of Currency Chests Strong Rooms / Vaults. The extant instructions for setting… Read More

Collection and Dissemination of Information on Wilful Defaulters

RBI/2014-15/566 DBR.No.CID.BC.90/20.16.003/2014-15 April 23, 2015 i) All Scheduled Commercial Banks (excluding RRBs and LABs) and ii) All India Notified Financial Institutions Dear Sir / Madam Collection and Dissemination of Information on Wilful Defaulters Please refer to the Master Circular on Wilful Defaulters DBR.No.CID.BC.57/20.16.003/2014-15 dated January 7, 2015. 2. Paragraph 3 of the Circular has been… Read More

PAN Card to be issued in Flat 48 hours

The government will soon launch a facility under which a PAN card will be issued within 48 hours of applying. "An online facility for issuance of PAN is on the anvil under which an applicant can get a PAN card within 48 hours,". Besides, special camps will be organised throughout the country, including rural areas,… Read More