RBI clarifies on Acquisition/Transfer of Immovable Property in India by Overseas Citizen of India (OCIs)

RBI today said that a large number of queries have been received at various offices of the Reserve Bank, based on newspaper reports on a Supreme Court Judgement, on whether prior approval of RBI is required for acquisition/transfer of immovable property in India by as Overseas Citizen of India OCIs. In this regard, Central Bank…

Banks may use an Alternative reference rate in place of LIBOR for export/import transactions: RBI

RBI today notified AD category banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions. “This is in view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned,”…