Corporate Law Reporter - The Daily Journal

Workshop on FDI Policy & Current FEMA Regime, 06th February ‘2015 at Mumbai

The magnitude and complexity of the FEMA and FDI Policy needs to be understood well before playing in Indian financial markets. VCCircle™s workshop on FEMA & FDI Policy with highly acclaimed FEMA regulation expert Mr. PVR Rajendra Prasad will identify the practical issues and help create a broader understanding of the foreign exchange laws and… Read More

Security for External Commercial Borrowings

RBI/2014-15/377 A.P. (DIR Series) Circular No. 55 January 01, 2015 To All Authorised Dealer Category-I Banks Madam/ Sir Security for External Commercial Borrowings Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to Paragraphs 1 (A)(vii) and 1 (B) (vi) of Annex to A P (DIR Series) Circular No. 5 dated August 1, 2005and A P… Read More

Obligation of NBFCs under Prevention of Money laundering Act, 2002 – Client Due Diligence measures

RBI/2014-15/383 DNBR(PD).CC.No.009/03.10.42/2014-15 January 2, 2015 All NBFCs Dear Sirs, Know your Customer (KYC) Norms/Anti-Money Laundering (AML) standards/ Combating of Financing of Terrorism (CFT)/ Obligation of NBFCs under Prevention of Money laundering Act (PMLA), 2002 - Client Due Diligence measures Please refer to our Master Circular DNBS(PD) CC.No.387/03.10.42/ 2014-15 July 1, 2014, as per which NBFCs are… Read More

Companies (Cost Records and Audit) Amendment Rules, 2014

The Ministry of Corporate Affairs has issued a notification for the much awaited Companies (Cost Records and Audit) Amendment Rules, 2014 in order to insert and substitute some of the provisions contained in the Companies (Cost Records and Audit) Rules, 2014. The amendments made in the rules are as follows: 1. In Companies (Cost Records… Read More

RBI resets Interest Rate on FRB, 2017

The rate of interest on the Floating Rate Bonds, 2017 (FRB, 2017) applicable for the half-year (January 02, 2015 to July 01, 2015) shall be 8.66 per cent per annum. It may be recalled that the rate of interest on the FRB, 2017 was set at a mark-up (as decided in the auction held on… Read More

RBI cautions Public against Multi Level Marketing Activities

The Reserve Bank of India has cautioned the public against Multi-level Marketing (MLM) activities so that investors do not fall prey to unscrupulous entities. Explaining the functioning of these entities, the Reserve Bank stated that MLM/Chain Marketing/Pyramid Structure schemes promise easy or quick money upon enrolment of members. Income under such schemes majorly comes from… Read More

Corporate Law Reporter wishes a very Happy New Year 2015

Corporate Law Reporter gladly wishes all its subscribers a very Happy & Prosperous New Year 2015. May this year brings lots of joy and hapiness in the lives of all and keep all healthy & wealthy. Best Wishes Corporate Law Reporter Read More

RBI releases Statistical Tables Relating to Banks in India 2013-14

The Reserve Bank of India yesterday placed on its website 'Statistical Tables Relating to Banks in India 2013-14' an annual publication that provides key information on banks. The volume, 69th in the series published by Reserve Bank of India, is the 94th in the series including the volumes brought out by the then Department of… Read More

Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1988(2011) Taliban Sanctions List

RBI/2014-15/367 DBR.AML.No. 9476/14.06.001/2014-15 December 26, 2014 The Chairpersons / CEOs of all Scheduled Commercial Banks/ Regional Rural Banks /Local Area Banks / All India Financial Institutions Madam/Dear Sir, Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1988(2011) Taliban Sanctions List Please refer to our circulars DBOD. AML. No. 1416 /14.06.001/2013-14 dated July… Read More

Inter-Corporate Loans and Investments post CA 2013

Investment refers to an asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset… Read More

RBI imposes penalty on Rajputana Mahila Urban Co-operative Bank Limited, Jaipur

The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Rajputana Mahila Urban Co-operative Bank Limited, Jaipur in exercise of powers vested in it under the provisions of Section 47(A) (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies),… Read More

Scope of Secretarial Audit under section 204 of the Companies Act, 2013

Message from the President ICSI on Secretarial Audits Section 204 requires every listed company and a company belonging to other class of companies as may be prescribed to annex with its Board™s report made in terms of sub-section (3) of section 134, a secretarial audit report, given by a company secretary in practice, in such… Read More

Deadline for exchanging currency notes printed pre 2005 ends on 1st January, 2015

The deadline for exchanging the pre-2005 notes is January 1, 2015. The Reserve Bank has so far shredded 144.66 crore such notes valued at Rs 52,855 crore since the launch of the drive to take out the pre-2005 notes from the circulation. Post-2005 notes have added security features and help in curbing the… Read More