The Reserve Bank of India today issued a Direction to all Scheduled Commercial Banks (excluding Regional Rural Banks) on implementation of the Gold Monetisation Scheme, 2015 notified by the Central Government. The Scheme The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed…
Annual Return on Foreign Liabilities and Assets (FLA Return) – Reporting by Limited Liability Partnerships. In order to capture the statistics relating to Foreign Direct Investments (FDI), both inward and outward, by Limited Liabilities Partnerships (LLPs) in India, it has been decided that henceforth, all LLPs that have received FDI and/or made FDI abroad (i.e.…
The Government of India has enacted The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) on May 26, 2015 to address the issue of undisclosed assets held abroad. It provides for separate taxation of income and assets acquired abroad from income not disclosed but chargeable to tax…
RBI today announced the change in Bank Rate from 8.25% to 7.75% with effect from 29th Sep-2015. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as below: Penal Interest Rates which are linked to the Bank Rate: Item Existing Rate Revised Rate(Effective…
The Reserve Bank of India will shortly issue banknotes in ₹ 50 denomination in Mahatma Gandhi Series – 2005, with the numerals in both the number panels in ascending size from left to right while the first three alpha-numeric characters(prefix) will remain constant in size. The banknotes will also have inset letter ‘R’. The bank…
The Reserve Bank of India will shortly put into circulation banknotes in the denominations of ₹ 500 and ₹ 1000 incorporating three new/revised features – (i) ascending size of numerals in the number panels, (ii) bleed lines, and (iii) enlarged identification mark. It may be recalled that the Reserve Bank recently put into circulation ₹…
Section 20 of Banking Regulation Act, 1949 (B.R. Act, 1949) prohibits banks from granting any loan or advance to any of its Directors. However, in exercise of the powers conferred by clause (a) of the Explanation under sub-section (4) of Section 20 of Banking Regulation Act, 1949 and having regard to the considerations referred to…
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015.The proposed amendments to the Negotiable Instruments Act, 1881 (“The NI Act”) are focused on clarifying the jurisdiction related issues for filing cases for offence committed under section 138 of…
RBI/2015-16/173A.P. (DIR Series) Circular No.11 September 10, 2015 To All Category – I Authorised Dealer Banks Madam / Sir, Exchange Earners’ Foreign Currency (EEFC) Account-Discontinuation of Statement pertaining to trade related loans and advances Attention of Authorized Dealers Category –I (AD Category –I) banks is invited to A.P. (DIR Series) Circular No.78 dated February 14,…
The authorized agent will register himself/herself with a branch of a bank by submitting a copy of his/her valid certificate of authority to the Branch Manager and also produce original certificate of authority for verification as and when required by the bank. The agent will also submit details of his/her savings bank account to which…