RBI liberalises with several measures to improve the forex in-flow
RBI today announced several measures in order to enhance forex inflows to the country while ensuring overall macroeconomic and financial stability. “The global outlook is clouded by recession risks. Consequently, high-risk aversion has gripped financial markets, producing surges of volatility, sell-offs of risk assets, and large spillovers, including flights to safety and safe-haven demand for…
Read article
RBI direction on import of gold by Qualified Jewellers as per IFSCA guidelines
[Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA)] RBI notified agencies in case of banks and nominated agencies as notified by DGFT, and the Qualified Jewellers (QJ) as notified by International Financial Services Centers Authority (IFSCA) are currently permitted to import gold under specific…
Read article 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,”…
Read article General Allocation of Special Drawing Rights -SDR by the IMF
International Monetary Fund (IMF) makes the general SDR allocation to its members in proportion to their existing quotas in the Fund. The Board of Governors of the IMF had approved a general allocation of about SDR 456 billion on August 2, 2021 (effective from August 23, 2021) of which the share of India is SDR…
Read article Foreign exchange remittance limit for entities other than individuals
Entiites other than individuals can remit funds outside India for the following purposes which are stipulated under Para 1 of Schedule III to FEM (CAT) Amendment Rules, 2015. AD banks, after their satisfaction with the genuineness of the transaction, are authorized to dispose of all residual current account transactions undertaken by such entities that are…
Rupee loan to an NRI/PIO by a resident individual
A resident individual is permitted to make a rupee loan to an NRI/PIO who is a close relative of the resident individual (‘relative’ as defined in Section 2(77) of the Companies Act, 2013 by way of crossed cheque/ electronic transfer subject to the following conditions: The loan amount shall be within LSR limit of USD…
Read article