RBI has revised nine regulations issued under the FEMA Act 1999 which will be effective on the date of their publication in the Gazette of India. As per RBI communiqué, with the revision of the regulations, the respective original notifications and subsequent amendments stand repealed. It is further informed in the communique that the revised…
RBI in its Sixth Bi-Monthly Statement with regard to ‘Monetary and Liquidity Measures’ made on 02.02.2016 decided to keep, policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.75 per cent. The following rates as a consequence remain unchanged. CRR………………………………………. 4.00% SLR………………………………………..21.50% Repo Rate……………………………. 6.75% Reverse Repo Rate………………. 5.75% Marginal Standing Facility Rate……………
Sovereign Gold Bonds Scheme 2016 Applications for the second trench of Soverein Gold Bonds will be accepted from January 18, 2016 to January 22, 2016, as per RBI communication. The issue price of the Bond for this tranche has been fixed at ₹ 2,600/- (Rupees Two Thousand Six Hundred only) per gram of gold. The…
The commercial banks in India were not allowed to extend non-fund based facilities to non-constituents borrowers of the banks in order to prevent frauds, diversion of funds etc. However, the above restriction imposed by RBI vide circular DBOD.Dir.BC.62/13.07.09/2002-03 dated January 24, 2003 created problems to the customers who do not enjoy fund based credit facilities…