With a view to providing greater flexibility for structuring of trade credit arrangements, RBI has decided that the resident importer can raise trade credit in Rupees (INR) within the following framework after entering into a loan agreement with the overseas lender: Trade credit can be raised for import of all items (except gold) permissible under…
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its approval to permit Foreign Direct Investment (FDI), up to 100 percent, under the automatic route, in the activity of White Label ATM (WLA) Operations subject to the following conditions: i. Any non-bank entity intending to set up WLAs should have a…
The Reserve Bank of India will shortly put into circulation ₹ 5 coins minted by the Government of India to commemorate the Golden Jubilee of Indo-Pak war 1965. The design of the coins has: On the obverse: The Lion Capital of Ashoka Pillar in the center with the legend “सत्यमेव जयते” inscribed below,…
After declaring the bank holiday on second and fourth Saturdays, RTGS will not be operated on second and fourth Saturdays but would operate for full day on working Saturdays. Processing of future value dated transactions with value date falling on second and fourth Saturdays will not be undertaken under RTGS. The RTGS time window with…
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to…
The Reserve Bank of India has doubled the limit for cash withdrawal at point-of-sale (POS) in Tier III to VI centres from ₹ 1000/- to ₹ 2000/- per day. This facility will be available for debit cards and open system prepaid cards issued only by banks. It is envisaged that the enhanced amount will add…
The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks. These will obviate…
The Reserve Bank of India will shortly issue ₹ 500 denomination Banknotes in the Mahatma Gandhi Series-2005, incorporating “₹” symbol on the obverse and the reverse, with inset letter ‘E’ in both the numbering panels, bearing the signature of Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and the year of printing ‘2015’ printed…
he Reserve Bank of India have cancelled the certificate of registration of the following 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. Sr. No. Company’s Name Address of Registered Office Certificate of Registration No. & Date Date of…
The Reserve Bank of India will shortly put into circulation ₹ 10 coins to commemorate the International Day of Yoga which the Government of India has minted. The design details of these coins are: Obverse The obverse of the coin bears the Lion Capitol of Ashoka Pillar in the center with the legend “सत्यमेव जयते”…