How to close of FCNR B deposits
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)…
Read articleAll new Debit and credit cards will be accomplished with EMV chip and PIN based with effect from September1, 2015
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…
Read articleRights of transgender persons – changes in bank forms/applications etc.
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…
Read articleFDI: Payment in advance for VPN accounts- reporting on e-biz platform
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…
Read articleBank Deposits: Features of deposits with and without-premature-withdrawal facility
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…
RBI cautions on ‘All Bank Balance Enquiry’ App
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…
Read article