Corporate Law Reporter - The Daily Journal

FinaCommunique issued after two days Meeting of G-20 Finance Ministers and Central Bank Governors in Washington DC

1. We, the G20 Finance Ministers and Central Bank Governors, met to assess progress on the fulfillment of the mandates given to us by our Leaders and to address ongoing economic and financial challenges and promote robust growth and job creation. 2. Recent economic developments point to the continuation of a modest global recovery, supported… Read More

Printing of MICR Code and IFSC Code on Passbook/Statement of Account

RBI/2011-12/516 DPSS (CO) RTGS No. 1934/04.04.002/2011-12 The Chairman and Managing Director / Chief Executive Officer of all banks participating in RTGS, NEFT and NECS Dear Sir/Madam, Printing of MICR Code and IFSC Code on Passbook/Statement of Account As you are aware, the MICR code is necessary for all Electronic Clearing Service (ECS Credit and Debit)… Read More

External Commercial Borrowings (ECB) Policy Liberalisation and Rationalisation

RBI/2011-12/519 A. P. (DIR Series) Circular No. 111 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy Liberalisation and Rationalisation Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May… Read More

External Commercial Borrowings (ECB) Policy Refinancing / Rescheduling of ECB

RBI/2011-12/520 A. P. (DIR Series) Circular No. 112 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy Refinancing / Rescheduling of ECB Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA… Read More

Fin Min at a meeting with US delegates says no tax cases can be opened beyond 6 years at a meeting with US delegates

The Union Finance Minister, Shri Pranab Mukherjee said that the relations between India and the United States have evolved in recent years into a global strategic partnership, based on shared values and increasing convergence of interests on regional and global issues. He said that relations between two countries has deepened and grown across a broad… Read More

Implementation of Section 51-A of UAPA, 1967 – Updates of the UNSCR 1267 (1999) and 1989 (2011) Committee’s Al Qaida Sanctions List

RBI/2011-12/514 UBD.BPD (PCB) Cir. No.30/14.01.062/2011-12 April 19, 2012 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Implementation of Section 51-A of UAPA, 1967 - Updates of the UNSCR 1267 (1999) and 1989 (2011) Committee's Al Qaida Sanctions List Please refer to our circular UBD.CO.BPD (PCB) Cir. No. 21/14.01.062/2011-12 dated March 01,… Read More

DGFT- Central Govt notifies ˜Indian Trade Classification (Harmonised System) of Export and Import Items, 2012

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-II, SECTION-3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY NOTIFICATION No. 111(RE-2010) / 2009-14; DATED THE 18th April, 2012. S.O. (E) In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with… Read More

Aviation sector allowed to avail of ECBs for a period of 1 yr for working capital/refinancing of outstanding working capital rupee loan(s)

The rapid growth of the Aviation sector in India has generated demand for additional finance for working capital and capacity expansion. High operating costs, particularly on account of high fuel costs, have put additional stress on the Airline Industry. In order to alleviate the immediate financing concerns of the Civil Aviation sector, Union Finance Minister,… Read More

Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concerns

RBI/2011-12/511 RPCD.CO.RRB.RCB.AML.BC.No.70/07.40.00/2011-12 April 18, 2012 The Chairmen / CEOs of all Regional Rural Banks/ State and Central Co-operative Banks Dear Sir, Know Your Customer (KYC) Guidelines - Accounts of Proprietary Concerns Please refer to our circulars RPCD.CO.RRB AML.No.67/ 03.05.33(E)/2009-10 dated April 9, 2010; RPCD. CO. RF. AML. BC. No. 83/07.40.00/ 2009-10 dated May 12, 2010… Read More

RBI- Grant of Certificate of Registration for carrying on the business of Credit Information

RBI/2011-12/510 RPCD.CO RRB.BC No.71/03.05.33/2011-12 April 18, 2012 The Chairman All Regional Rural Banks Dear Sir/Madam, Grant of ˜Certificate of Registration™ For carrying on the business of Credit Information Credit Information Bureau (India) Limited Please refer to our circulars RPCD.CO.RRB.BC.No.62 /03.05.33 /2009-10 dated March 23, 2010, RPCD. CO. RRB. BC. No.70 / 03.05.33 / 2009-10 dated… Read More

Liberalization of the ECBs for refinancing of the Rupee debt for the power sector

Infrastructure development holds the key to India™s economic growth. Currently, since September 23, 2011, Indian companies in the infrastructure sector are permitted to utilise 25 per cent of the fresh ECB raised by them towards refinancing of the domestic Rupee loan (s) under the approval route. In view of the increasing capital requirement of the… Read More

RBI- Liquidity Adjustment Facility Repo and Reverse Repo and Marginal Standing Facility Rates

RBI/2011-2012/503 FMD.MOAG. No. 68 /01.01.01/2011-12 April 17, 2012 All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers Dear Sir, Liquidity Adjustment Facility Repo and Reverse Repo and Marginal Standing Facility Rates As announced today by the Governor in the Annual Monetary Policy 2012-13, it has been decided to reduce the Repo rate under the Liquidity… Read More

AML/CFT Standards – Cross Border Inward Remittance under MTSS

RBI/2011-12/508 A. P. (DIR Series) Circular No. 108 April 17, 2012 To, All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam/ Dear Sir, Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme Please refer to our A.P. (DIR Series)… Read More