Now on wards submission of Form A-1 is dispensed with for import of goods to India

According to earlier RBI Circular [A.P.(DIR Series) No. 82 dated February 21, 2012] any persons, firms and companies for making payments, exceeding USD 5,000 or its equivalent towards imports into India,  application for such payment must be made in Form A-1.  RBI communique today (dated 13.02.2015) said that in order to further liberalize and simplify…

RBI slashes SLR by 50 bps to 21.50% with effect from Feb 7,2015

RBI slashes SLR by 50 bps to 21.50 per cent with effect from February 7, 2015. All other rates remain unchanged. Export Credit refinance (ECR) is replaced with provision of system level liquidity with effect from February 7, 2015. CRR……………………………4% SLR…………………………….21.50% Repo Rate…………………7.75% Reverse Repo Rate……6.75% Marginal Standing Facility Rate….8.75% Bank Rate…………………………………..8.75% Call Rates……………………………………6.40 to8.40%…

Banks are permitted to open off-site Cash Deposit Machines (CDMs)/Bunch Note Acceptor Machine (BNAMs) without prior permission of RBI

There were days where bank customers used to wait for a long spell at the banking hall, for their turn to deposit their money at cash counters. Now technology has changed.  If plans of commercial banks of installing large number of off-site CDMs/BNAMs at various places, the customers  don’t  need to walk to reach their…

RBI relaxes rules on External Commercial Borrowings (ECB)

The Reserve Bank of India relaxed rules for rescheduling/restructuring of ECBs by permitting an increase in the total cost of borrowing offshore. In suppression of earlier provisions, the banking regulator has delegated powers to the designated AD category-I banks to allow changes/modification in the draw-down and repayment schedules notwithstanding the average maturity period or changes…