UBD. CO. BPD. (PCB).No 28/12.05.001/2011-12
March 27, 2012
The Chief Executive Officers of
All Primary (Urban) Co-operative Banks
Guidelines issued under Section 36(1) (a) of the Banking Regulation Act, 1949 (AACS) – Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010
The Reserve Bank, considering the public interest and on being satisfied that it is necessary so to do, in exercise of the powers conferred by Clause (a) of sub-section (1) of Section 36 of the Banking Regulation Act, 1949 (AACS) and of all the powers enabling it in this behalf, hereby issue the guidelines on Foreign Contribution (Regulation) Act, 2010 (the Act) and Foreign Contribution (Regulation) Rules, 2011 enclosed herewith, for compliance of all Primary (Urban) Co-operative Banks. With the coming into force of the Act, Foreign Contribution (Regulation) Act, 1976 stands repealed.
2. The salient features of the new Act are given in the Annex to this circular. This circular is intended only to serve as a guide to the UCBs for carrying out their obligations under the Act and the Rules made thereunder. In case of doubt, UCBs should make it a point to refer to the text of the Act and the Rules, and if found necessary, proper legal advice should be taken.
3. Please acknowledge receipt of this circular to the Regional Office concerned of this department.
Chief General Manager in-Charge
Encl: As above