The Ministry of Finance (Department of Revenue) on the 28th December 2020 notifies (G.S.R.799(E) dealers in precious metals, precious stones, in the exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), as “persons carrying on designated businesses…
The instructions on the opening of current accounts by banks have been reviewed and revised by RBI and the same was notified to all the banks for compliance through their circular dated August 6, 2020. In terms of the above circular, no bank shall open current accounts for customers who have availed credit facilities in…
On Thursday (11.12.2020) RBI announced that in addition to the five sectors, twenty-six stressed sectors brought under On Tap TLTRO Scheme. On October 21, 2020, Th Reserve Bank of India had announced the five stressed sectors under the ambit of On Tap TLTRO scheme in synergy with the credit guarantee under the Emergency Credit Line…
In the statement of developmental and regulatory policy measures dated December 4, 2020, RBI Governor Shaktikanta Das quotes Socrates about life. “I am reminded here of a quote attributed to Socrates, “In the face of adversity, we have a choice. We can be bitter, or we can be better”. Obviously we will strive to be…
In today’s (4.12.2020) bimonthly MPC meeting, the Reserve Bank of India decided to maintain the policy repo rate under the liquidity adjustment facility (LAF) on hold at 4.0 per cent. The MPC also decided to continue with the accommodative stance as long as necessary, at least during the current financial year and into the next…
RBI on Monday (23/11/2020) directed all AD Category –I banks, not to grant any approval to any branch office, project office, liaison office or other place of business in India under FEMA for the purpose of practicing legal profession in India. The establishment of branch office/ liaison office / project office or any other place…
An Internal Working Group (IWG) of Reserve Bank of India suggested giving banking licences to large corporate or industrial houses after necessary amendments to the Banking Regulation Act, 1949. The committee was formed by the banking regulator in June to review extant ownership guidelines and corporate structure for Indian private sector banks. “The terms of…
In our previous article ‘How to file a complaint in consumer court?’ We have explained the procedures for lodging a complaint in Consumer Courts either online or offline. We have also explained about the establishment of the Central Consumer Protection Authority and, ‘Product Liability’ clause where a manufacturer or product service provider or product seller…
In the Statement on Developmental and Regulatory Policies dated 09.10.2020, RBI said that the limits under Held to Maturity (HTM) category is increased to 22 percent of NDTL, in respect of SLR securities acquired on or after September 1, 2020, up to March 31, 2021. RBI on September 1, 2020, increased the limits under Held…
The Reserve Bank of India (RBI), in its fourth bi-monthly monetary meet held on October 9, 2020, has decided to keep the repo rate unchanged and continues with its accommodative stance. This is the second time in a row the apex bank has kept the key rates unchanged. The existing key policy rates are as…