RBI in its ciircular dated 14.5.2015 clarified that A2 form is to be filed at the time of purchase of foreign exchange using rupee funds and hence is not applicable while remitting FCNR (B) funds. The regulator mentioned that Authorised Dealer banks are insisting on different requirements at the time of closure of FCNR (B)…
All new Debit and credit cards will be accomplished with EMV chip and PIN based with effect from September1, 2015 As a measure of risk mitigation measure, RBI had communicated to all Scheduled Commercial Banks including RRBs/Co-operative Banks / State Co-operative Banks/Central Co-operative Banks/ Authorized Card Payment Networks to accomplice issuance of EMV chip based…
RBI in its communications dated 23.04.2015 to all scheduled commercial banks advised the banks to refer to the judgment dated April 15, 2014 of Supreme Court in the case of National Legal Service Authority v Union of India (AIR 2014 SC 1863: (2014) 5 SCC 438) on treating all transgender persons as ‘third gender’. The…
For the convenience of reporting transactions under FDI, the Reserve Bank of India, under the support of the e-Biz project of the Government of India, has enabled the filing of the .Advance Remittance Form (ARF) – used by the companies to report the foreign direct investment (FDI) inflow to RBI; and FCGPR Form – which…
Currently, banks are allowed to offer differential rates of interest on deposits on the basis of tenor for deposits less than ₹ One crore and on the basis of quantum for deposits of ₹ One crore and above. Banks are, however, not permitted to differentiate on the basis of any other parameter of the deposit…
In its press note dated April 11, 2015 RBI cautions public on ‘All Bank Balance Enquiry’ App. The communique says that it has come to the notice of the Reserve Bank of India that an app (application) is doing rounds on What’s App purportedly to facilitate checking of balance in customers’ bank accounts. The application…
The FDI policy for Insurance sector has since been reviewed and from immediate effect, FDI in Insurance sector shall be permitted up to 49% in place of earlier limit of 26%. The changes over existing rules are subject to the following revised conditions. Foreign investment in Indian insurance company shall be limited up to forty-nine…
In its first bimonthly monitory policy statement for 2015-16, RBI today (07/04/2015) said that on the basis of an assessment of current and evolving macro-economic situation, it has been decided to continue the following rates unchanged. CRR………………………………………. 4.00% SLR………………………………………..21.50% Repo Rate……………………………. 7.50% Reverse Repo Rate………………. 6.50% Marginal Standing Facility Rate …
The projects which have been delayed primarily due to inadequacies of the current promoters, a change in ownership/management may be required to revive the project. RBI circular of April 6, 2015 in this regard states that banks may permit extension of Date of commencement of commercial operations (DCCO) up to a further period of two…
In terms of instructions contained in RBI circular DBOD.No.BP.BC.107/21.04.048/2013-14 dated April 22, 2014 and A.P. (DIR Series) Circular No.129 dated May 9, 2014, Indian companies are not permitted to raise external commercial borrowings (ECB) from overseas branches / subsidiaries of Indian banks for the purpose of refinance / repayment of the rupee loans raised from…