RBI UPDATE

RBI CANCELS CERTIFICATE OF REGISTRATION OF 26 NBFCs

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the 26 (twenty six) non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

Following the cancellation of registration certificate, these companies cannot transact...Continue Reading

RBI/2015-16/327
DNBR (PD) CC.No.075/03.10.001/2015-16

Frauds - Future approach towards monitoring of frauds in NBFCs

Please refer to circulars DNBS.PD.CC.No.127/ 03.10.42/2008-09 dated August 14, 2008, DNBS.PD.CC.No.256/03.10.042/2011-12 dated March 02, 2012 and DNBS.PD.CC.No.314/03.10.042/2012-13 dated December 13, 2012 on the captioned subject. It has been decided to revise the threshold for...Continue Reading

RBI UPDATE

Implementation of Section 51-A of Unlawful Activities Prevention Act (UAPA), 1967- Updates to ISIL (Da’esh) & Al-Qaida Sanctions List

Please refer to circular DBR. AML. No. 9237/14.06.001/2015-16 dated January 21, 2016 on the captioned subject releasing updates issued vide press releases No. SC/12187...Continue Reading

To improve ease of doing business, the government will soon introduce Business Identification Number (BIN) for companies, doing away with multiple registration numbers a single entity needs to obtain for various regulatory purposes. 

The BIN would act as an identification number for different regulatory purposes and do away with the need for procuring separate registration...Continue Reading

A.P. (DIR Series) Circular No. 51

Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to the Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2000, notified by the Reserve Bank vide Notification No. FEMA. 10 (R) /2015-RB dated January 21, 2016, as amended from time to time.

2. Pursuant to...Continue Reading

A.P. (DIR Series) Circular No. 52

Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, notified by the Reserve Bank vide Notification No. FEMA. 20/2000-RB dated 3rd May 2000, as amended from time to time.

2. Pursuant to paragraph 14...Continue Reading

The Government of India has announced the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit to eligible exporters. The scheme is effective from April 1, 2015. The details of the scheme are enclosed.

2. Accordingly, scheduled Urban Cooperative Banks holding AD Category I licences are eligible under the Scheme and are advised to adhere to the following...Continue Reading

Press Release

The Reserve Bank of India, in consultation with the Government of India, has revised nine regulations issued under the Foreign Exchange Management Act, 1999 (FEMA). Consequently, the respective original notifications and subsequent amendments stand repealed. For easy identification, revised regulations will carry the same numbers as in the old regulations with a suffix ‘(R)’ along with the year...Continue Reading

Press Release

The Reserve Bank of India has proposed certain changes in respect of the time frame for issue of shares to align the provisions of Foreign Exchange Management Act, 1999 which requires an investee company receiving Foreign Direct Investments to issue shares within 180 days of receipt of foreign investment with the provisions of the...Continue Reading

Press Release

In paragraph 14 of the Sixth Bi-monthly Monetary Policy Statement for 2015-16 released today, the Governor highlighted the steps being taken by the Reserve Bank of India, in keeping with the Government’s initiatives to promote the ease of doing business and contribute to an eco-system conducive for growth of entrepreneurship, particularly in respect of the start-up...Continue Reading