FDI: 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…
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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 articleFDI in insurance sector permitted up to 49% with immediate effect
The FDI policy for Insurance sector has since been reviewed and from immediate effect, FDI in Insurance sector shall be permitted up to 49% in place of earlier limit of 26%. The changes over existing rules are subject to the following revised conditions. Foreign investment in Indian insurance company shall be limited up to forty-nine…
Read articleRBI keeps key rates unchanged
In its first bimonthly monitory policy statement for 2015-16, RBI today (07/04/2015) said that on the basis of an assessment of current and evolving macro-economic situation, it has been decided to continue the following rates unchanged. CRR………………………………………. 4.00% SLR………………………………………..21.50% Repo Rate……………………………. 7.50% Reverse Repo Rate………………. 6.50% Marginal Standing Facility Rate …
RBI notification on NPA status of projects under implementation
The projects which have been delayed primarily due to inadequacies of the current promoters, a change in ownership/management may be required to revive the project. RBI circular of April 6, 2015 in this regard states that banks may permit extension of Date of commencement of commercial operations (DCCO) up to a further period of two…
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