As per RBI notification dated December 29, 2015 (G.S.R.No.1008 (E) the Debit cards, ATM cards or any other instrument which can be used to create a financial liability may be defined as currency. The above notification of RBI supersedes its earlier notification no. FEMA 15/2000-RB,
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communiqué, with the revision of the regulations, the respective original notifications and subsequent amendments stand repealed.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…
In the fifth bi-monthly monitory policy statement for 2015-16 (01.12.2015), RBI said that on the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to keep policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.75 percent. The cash reserve ratio (CRR) of scheduled banks unchanged at…
The first trench of Sovereign Gold Bonds, 2015 was open for subscription with effect from November 05, 2015 to November 20, 2015. The Reserve Bank in its communique dated November 24, 2015, said that it has been decided to shift the issue date from November 26, 2015, to November 30, 2015. The communique states that…
RBI extends last date for receipt of applications for authorising Bharat Bill Payment System Operating Units (BBPOUs) upto December 18, 2015 from the earlier November 20, 2015. Bank and non-bank entities engaged in the bill payment activities covered under the current scope of Bharat Bill Payment System (BPPS) either as Bharat Bill Payment Operating Units…
Today (November 3, 2015), the Government announced the issue price of Sovereign Gold Bond (SGB) at Rs.2684/- per gram of gold. The SGB bonds are denominated in grams of gold to be issued on November 26, 2015 by RBI on behalf of Government of India.The tranche of SGB will be kept open for investors with…
On the basis of CPI data announced by the Government for the month of July, Aug & Sep 2015, the Dearness Allowance (DA) payable for the period of Nov’15 to Jan’16 for Bank employees and Officers is an increase of 34 DA Slabs. Calculation of DA for the Quarter (July – Sep 2015) CPI for…
In view of providing old age income security to the Non-Resident Indians (NRI), the investment option for NRIs under FEMA, 1999 is now introduced. Under the scheme, notified by RBI on October 29, 2015 the Non-Resident Indians (NRIs) may subscribe to the NPS governed and administered by the Pension Fund Regulatory and Development Authority (PFRDA)…