Exchange of pre-2005 bank notes extended
RBI on its communique dated February 11,2016 informed that the date for exchanging the pre-2005 banknotes is extended up to June 30,2016. Since these banknotes will be withdrawn from the circulation the members of public were requested by the Apex bank to exchange such notes at identified bank branches or issue branches of RBI. Banks…
Read articleRTGS service charges revised
RBI in its communiqué dated Febraury 4, 2016 has advised that with effect from April 1, 2016, the structure of RTGS service charges levied on member banks as well customers of banks. In the new structure, the monthly membership fee to Scheduled Commercial bank will be Rs.5000 + service tax. The processing charges per outward transaction will…
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New definition of “Currency”
As per RBI notification dated December 29, 2015 (G.S.R.No.1008 (E) the Debit cards, ATM cards or any other instrument which can be used to create a financial liability may be defined as currency. The above notification of RBI supersedes its earlier notification no. FEMA 15/2000-RB,
Read articleRevision of FEMA regulations
RBI has revised nine regulations issued under the FEMA Act 1999 which will be effective on the date of their publication in the Gazette of India. As per RBI communiqué, with the revision of the regulations, the respective original notifications and subsequent amendments stand repealed. It is further informed in the communique that the revised…
Read articleRBI’s Sixth Bi-Monthly Statement : Repo, CRR etc.
RBI in its Sixth Bi-Monthly Statement with regard to ‘Monetary and Liquidity Measures’ made on 02.02.2016 decided to keep, policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.75 per cent. The following rates as a consequence remain unchanged. CRR………………………………………. 4.00% SLR………………………………………..21.50% Repo Rate……………………………. 6.75% Reverse Repo Rate………………. 5.75% Marginal Standing Facility Rate……………
RBI issues second trench of Soverein Gold Bonds at ₹ 2,600/- per gram
Sovereign Gold Bonds Scheme 2016 Applications for the second trench of Soverein Gold Bonds will be accepted from January 18, 2016 to January 22, 2016, as per RBI communication. The issue price of the Bond for this tranche has been fixed at ₹ 2,600/- (Rupees Two Thousand Six Hundred only) per gram of gold. The…
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