Risk Management and Inter Bank Dealings
Posted Date : 28-May-2014 , 07:45:08 am | Posted By: CASANSAAR
RBI/2013-14/613A.P.(DIR Series) Circular No.135
May 27, 2014
ToAll Category - I Authorised Dealer Banks
Madam / Sir,
Risk Management and Inter Bank Dealings
Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No. FEMA/25/RB-2000 dated May 3, 2000) as amended from time to time andA.P. (DIR Series) circular no. 32 dated December 28, 2010, as amen...
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FEMA |
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Rounding off transactions to the Nearest Rupee by NBFCs
Posted Date : 27-May-2014 , 05:43:07 pm | Posted By: CASANSAAR
RBI/2013-14/609DNBS.CC.PD.No.377/03.10.01/2013-14
May 27, 2014
To
All Non-Banking Financial Companies
Dear Sir,
Rounding off transactions to the Nearest Rupee by NBFCs
It has come to the notice of the Reserve Bank that some non-banking financial companies (NBFCs) are carrying out transactions, including payment of interest on deposits/ charging interest of advances etc., without rounding off to the nearest rupee. In order to obviate unnecessary discomfort to the public and also to align wi...
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RBI |
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Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of NBFCs
Posted Date : 26-May-2014 , 10:16:43 pm | Posted By: CASANSAAR
RBI/2013-14/606DNBS (PD) CC.No.376/03.10.001/2013-14
May 26, 2014
All NBFCs (excluding Primary Dealers)
Dear Sirs,
Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of NBFCs
Under Section 45 IA (4)(c) of the RBI Act, 1934, a certificate of Registration can only be given to a company if the Bank is satisfied, inter alia, that the general character of the management or the proposed management of the non-banking financial company shall not be prejudic...
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RBI |
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Extension of validity period for names reserved as on 31st March, 2014
Posted Date : 25-May-2014 , 02:58:50 pm | Posted By: CASANSAAR
General Circular 13/2014 dated 23/05/204.
Extension of validity period for names reserved as on 31st March, 2014.
...
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Corporate Laws |
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Applicability of PAN requirement for Foreign Nationals.
Posted Date : 25-May-2014 , 02:56:57 pm | Posted By: CASANSAAR
General Circular 12/2014 dated 22/05/2014
Attention of Ministry has been drawn to diffrculties being faced by Foreign Nationals while filing Incorporation form (lNC-71 due to mandatory requirement of submission of PAN details of intending Directors at the time of filing the application for incorporation.
It is hereby clarified that PAN details are mandatory only for those foreign nationals who are required to possess "PAN" in terms of provisions of the Income Tax Act, 1961 on the dat...
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Corporate Laws |
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Import of Gold by Nominated Banks / Agencies / Entities
Posted Date : 22-May-2014 , 07:43:50 am | Posted By: CASANSAAR
RBI/2013-14/600A.P. (DIR Series) Circular No.133
May 21, 2014
To
All Scheduled Commercial Banks which are Authorized Dealers (ADs) inForeign Exchange/ All Agencies nominated for import of gold
Madam/ Sir,
Import of Gold by Nominated Banks / Agencies / Entities
Attention of Authorised Persons is drawn to the Reserve Bank'sA.P. (DIR Series) Circular No. 25 dated August 14, 2013; and the subsequent circulars, on the captioned subject.
2. The Government of India and Reserve Bank of India has ...
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FEMA |
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Need for Bank Branches / ATMs to be made accessible to persons with disabilities
Posted Date : 22-May-2014 , 07:43:01 am | Posted By: CASANSAAR
RBI/2013-14/598DBOD.No.Leg.BC.113/09.07.005/2013-14
May 21, 2014
All Scheduled Commercial Banks(excluding RRBs)
Dear Sir/Madam,
Need for Bank Branches / ATMs to be madeaccessible to persons with disabilities
Please refer to ourcircular DBOD.No.Leg.BC.123 /09.07.005/2008-09 dated April 13, 2009on the captioned subject, wherein banks were advised to provide, inter alia, ramps in all existing and future ATMs, and make at least one third of new ATMs installed as talking ATMs with Braille keypad...
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RBI |
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Export of Goods - Long Term Export Advances
Posted Date : 22-May-2014 , 07:42:21 am | Posted By: CASANSAAR
RBI/2013-14/597A.P. (DIR Series) Circular No.132
May 21, 2014
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
Export of Goods - Long Term Export Advances
Attention of Authorised Dealer Category - I (AD Category I) banks is invited to the sub-regulation (2) of Regulation 16 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, notified videNotification No.FEMA.23/RB- 2000, dated 3rd May 2000, as amended from time to time, in terms of which prior ...
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FEMA |
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Orders Passed Under Section 264 of the Income Tax Act - Administrative Supervision
Posted Date : 20-May-2014 , 07:52:56 pm | Posted By: CASANSAAR
Under Section 264 of the Income Tax Act, 1961 (hereinafter referred to as the Act), theCommissioner of Income Tax (CIT) may, either of his own motion or on an application made bythe assessee, revise an order passed by an authority subordinate to him. The CIT may, beforerevising such, order, make enquiry or cause such enquiry to be made and subject to theprovisions of the Act, pass such order which is not prejudicial to the assessee.
2. The statutory function under section 264 of the Act perf...
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Income Tax |
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CBDT gives option to individuals to show mother's name on PAN card; notifies revised forms 49A and 49AA
Posted Date : 20-May-2014 , 07:22:10 pm | Posted By: CASANSAAR
INCOME-TAX (FIFTH AMENDMENT) RULES, 2014 - SUBSTITUTION OF FORMS 49A AND 49AA
NOTIFICATION NO. 26/2014 [F.NO.142/15/2013-TPL]/SO 2045(E),DATED 16-5-2014
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
1.(1) These rules may be called the Income–tax (5th Amendment) Rules, 2014.
(2) They shall come into force on t...
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Income Tax |
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Overseas Direct Investments - Limited Liability Partnership (LLP) as Indian Party
Posted Date : 19-May-2014 , 07:33:52 pm | Posted By: CASANSAAR
RBI/2013-14/595A.P. (DIR Series) Circular No.131
May 19, 2014
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
Overseas Direct Investments – Limited Liability Partnership (LLP) as Indian Party
Attention of the Authorised Dealers (AD) is invited to Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 notified by the Reserve Bank videNotification No. FEMA.120/RB-2004 dated July 07, 2004and amended from time to time.
2. On a review,...
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Category :
FEMA |
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MCA provides One time opportunity for extension of Period of Reservation of Name
Posted Date : 18-May-2014 , 01:53:00 pm | Posted By: CASANSAAR
GeneralCircularNo. 11/2014
MCA 21/ 72/ 2014-e-gov.Cell
Government of India
Ministry ofCorporateAffairs
“A” Wing, 5th Floor, Shastri Bhawan
Dr. R.P Road, New Delhi-110001
Date 12th May, 2014
To
All Regional Directors,
All Registrarof Companies,
All Stakeholders.
Sub: – One time opportunity for extension of Period of Reservation of Name.
Sir,
Services for incorporationof companieswere not available on the MCA 21 portal to stakeholders from 1stApril, 2014 to 28t...
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Corporate Laws |
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CBDT Orders Posting of 195 Commissioners and JCIT
Posted Date : 17-May-2014 , 08:07:55 am | Posted By: CASANSAAR
The CBDT has vide Order No. 69 of 2014 dated 16.05.2014 ordered the postings of 47officersof the grade of Commissioner/Director ofIncome-tax.Theseofficerswereearlierpromoted vide order no. 32 of 2014 dated 20th February, 2014.
Vide another Order No. 70 of 2014 dated 16.05.2014 the CBDT has ordered the posting of 148officerspromoted to the grade of Joint Commissioners/ Joint Directors of Income-tax. Theseofficerswereearlierpromoted to the grade of Joint Commissioners/ Joint Directors of Income...
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Income Tax |
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External Commercial Borrowings (ECB) from Foreign Equity Holder - Simplification of Procedure
Posted Date : 17-May-2014 , 07:56:02 am | Posted By: CASANSAAR
RBI/2013-14/594A.P. (DIR Series) Circular No.130
May 16, 2014
To
All Category – I Authorised Dealer Banks
Madam/Sir,
External Commercial Borrowings (ECB) from Foreign Equity Holder - Simplification of Procedure
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to theA.P. (DIR Series) Circular No. 05 dated August 01, 2005as amended from time to time relating to the External Commercial Borrowings (ECB). Attention is also invited toA. P. (DIR Ser...
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Category :
FEMA |
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Undertaking of activity by the Urban Cooperative Banks (UCBs) as PAN Service Agent (PSA) for providing PAN issuance services to its customers by entering into tie-up with authorized Agencies
Posted Date : 17-May-2014 , 07:55:14 am | Posted By: CASANSAAR
RBI/2013-14/593UBD.CO.BPD.(PCB) Cir No. 63/13.05.000/2013-14
May 16, 2014
The Chief Executive OfficersAll Primary (Urban) Co-operative Banks
Madam / Dear Sir,
Undertaking of activity by the Urban Cooperative Banks (UCBs) as PAN Service Agent (PSA) for providing PAN issuance services to its customers by entering into tie-up with authorized Agencies
Please refer tocircular UBD.CO.BPD.(PCB).Cir.No.38/13.05.000/2013-14 dated November 14, 2013wherein Financially Sound and Well Managed UCBs as de...
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RBI |
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Regarding classification of rice par-boiling machinery
Posted Date : 15-May-2014 , 10:12:56 pm | Posted By: CASANSAAR
Circular No. 982 / 06 / 2014 – CX
F. No. 167/42/2009-CX.1
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
……….
Dated: 15.05.2014
To
All the Chief Commissioners of Central Excise,
All the Chief Commissioners of Customs,
All the Directors General.
Sirs,
Subject-Classification of rice par-boiling machinery – reg.
I am directed to draw your attention to Circular No. 924/14/2010-CX dated 19....
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Category :
Excise |
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Levy of Penal Charges on Non-Maintenance of Minimum Balances in Inoperative Accounts
Posted Date : 15-May-2014 , 10:09:39 pm | Posted By: CASANSAAR
RBI/2013-14/592UBD.BPD.Cir.No.62/13.03.000/2013-14
May 15, 2014
The Chief Executive OfficerAll Primary (Urban) Co-operative Banks
Dear Sir / Madam
Levy of Penal Charges on Non-Maintenance ofMinimum Balances in Inoperative Accounts
Please refer toPart B of the First Bi-monthly Monetary Policy Statement 2014-15 announced on April 1, 2014, proposing certain measures towards consumer protection such as non-levy of penal charges for non-maintenance of minimum balance in the inoperative accounts....
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RBI |
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Treatment of RIDF and certain other funds under priority sector
Posted Date : 15-May-2014 , 10:08:55 pm | Posted By: CASANSAAR
RBI/2013-14/591RPCD.CO.Plan. BC 101/04.09.01/ 2013-14
May 15, 2014
The Chairman/ Managing Director/Chief Executive Officer[All scheduled commercial banks(excluding Regional Rural Banks)]
Madam/Dear Sir,
Treatment of RIDF and certain other funds under priority sector
It has been decided to include the outstanding deposits placed by scheduled commercial banks under Rural Infrastructure Development Fund (RIDF) and certain other funds established with NABARD, on account of their shortfall in le...
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RBI |
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Issuance and Operation of Pre-paid Payment Instruments in India - Consolidated Revised Policy Guidelines
Posted Date : 14-May-2014 , 08:02:15 am | Posted By: CASANSAAR
RBI/2013-14/590DPSS.CO.PD.No. 2366/02.14.006/2013-14
May 13, 2014
All Prepaid Payment Instrument Issuers, System Providers, System Participantsand all other Prospective Prepaid Payment Instrument Issuers
Madam / Dear Sir
Issuance and Operation of Pre-paid Payment Instruments in India – ConsolidatedRevised Policy Guidelines
A reference is invited to our guidelinesDPSS.CO.PD.No. 2074/02.14.006/2013-14 dated March 28, 2014on the captioned subject.
2. On a review, it has been decided tha...
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RBI |
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Customer Service in Regional Rural Banks
Posted Date : 12-May-2014 , 10:11:01 pm | Posted By: CASANSAAR
RBI/2013-14/589RPCD.CO.RRB.BC.No. 100/03.05.33/2013-14
May 12, 2014
The ChairmenAll Regional Rural Banks
Dear Sir,
Customer Service in Regional Rural Banks
Customer service has great significance in the banking industry. The banking system in India today has perhaps the largest outreach for delivery of financial services and is also serving as an important conduit for delivery of financial services. While the coverage has been expanding day by day, the quality and content of dispensation of...
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RBI |
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Operations of foreign branches and subsidiaries of the Indian banks - Compliance with statutory/regulatory/administrative prohibitions/restrictions
Posted Date : 12-May-2014 , 10:10:19 pm | Posted By: CASANSAAR
RBI/2013-14/588DBOD.No.BP.BC.111/21.04.157/2013-14
May 12, 2014
All Scheduled Commercial Banks(Excluding RRBs and LABs) &All India Term-Lending & Refinancing Institutions
Madam / Sir,
Operations of foreign branches and subsidiaries of the Indian banks –Compliance with statutory/regulatory/administrative prohibitions/restrictions
Please refer to theCircular DBOD.No.BP.BC.89 /21.04.141/2008-09 dated December 1, 2008on the captioned subject. In terms of paragraph 5 of the circula...
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Category :
RBI |
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Advance against Pledge of Gold/ Silver Ornaments
Posted Date : 12-May-2014 , 10:09:38 pm | Posted By: CASANSAAR
RBI/2013-14/587UBD.CO.BPD.PCB.Cir.No.60/13.05.001/2013-14
May 9, 2014
The Chief Executive Officers ofAll Primary (Urban) Co-operative Banks
Dear Sir / Madam,
Advance against Pledge of Gold/ Silver Ornaments
Please refer tocircular UBD.PCB.Cir.No.24/13.05.001/ 08-09 dated November 10, 2008, wherein Urban Cooperative Banks (UCBs) were advised to observe safeguards in order to mitigate the inherent risks attached to sanction of loans and advances against Gold / Silver ornaments.
2. As a prude...
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RBI |
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External Commercial Borrowings (ECB) Policy - Refinance / Repayment of Rupee loans raised from domestic banking system
Posted Date : 10-May-2014 , 08:01:48 am | Posted By: CASANSAAR
RBI/2013-14/585A.P. (DIR Series) Circular No.129
May 9, 2014
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
External Commercial Borrowings (ECB) Policy - Refinance / Repayment ofRupee loans raised from domestic banking system
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited toA.P. (DIR Series) Circular No. 28 dated January 25, 2010,A.P. (DIR Series) Circular No. 04 dated July 22, 2010,A.P. (DIR Series) Circular No. 25 dated September 23, 2011,A.P. (...
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Category :
FEMA |
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External Commercial Borrowings (ECB) Policy: Re-schedulement of ECB - Simplification of procedure
Posted Date : 10-May-2014 , 08:01:04 am | Posted By: CASANSAAR
RBI/2013-14/584A.P. (DIR Series) Circular No. 128
May 9, 2014
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
External Commercial Borrowings (ECB) Policy:Re-schedulement of ECB - Simplification of procedure
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the instructions contained inA.P. (DIR Series) Circular No.33 dated February 09, 2010in terms of which AD Category – banks are permitted to approve changes / modifications i...
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Category :
FEMA |
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Certification of E-forms/non e-forms under the Companies Act, 2013 by the Practicing Professionals:- regardlng
Posted Date : 08-May-2014 , 08:07:26 am | Posted By: CASANSAAR
The Ministry has allowed registered Members of the professionals bodies (the ICAI, ICSI and the ICOAI) to authenticate correctness and integrity ofdocuments being filed by them with the MCA in electronic mode. Details of documents required to be certifled have been given in the notification dated 28l04l2OI4 available on the MCA portal.
2. In this regard attention is invited towards the requirement of authenticationoldocuments prescribed under the Companies (Registration Offices and Fees)Rules...
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Category :
Corporate Laws |
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Levy of foreclosure charges/pre-payment penalty on Floating Rate Term Loans
Posted Date : 08-May-2014 , 08:03:48 am | Posted By: CASANSAAR
RBI/2013-14/582DBOD. Dir.BC.No.110/13.03.00/2013-14
May 7, 2014
All Scheduled Commercial Banks(Excluding RRBs)
Dear Sir/Madam
Levy of foreclosure charges/pre-payment penalty on Floating Rate Term Loans
Please refer to ourcircular DBOD. No. Dir.BC.107/13.03.00/2011-12 dated June 5, 2012on ‘Home Loans- Levy of Fore-closure Charges/ Pre-payment Penalty’.
2. A reference is invited toPart B of the First Bi-monthly Monetary Policy Statement 2014-15 announced on April 1, 2014proposing...
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Category :
RBI |
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Opening of Bank Accounts in the Names of Minors
Posted Date : 06-May-2014 , 07:27:44 pm | Posted By: CASANSAAR
RBI/2013-14/581DBOD.No.Leg.BC.108/09.07.005/2013-14
May 6, 2014
All Scheduled Commercial Banks(excluding RRBs)
Dear Sir/Madam,
Opening of Bank Accounts in the Names of Minors
Please refer to our circular DBOD.No.Leg.BC.158/C.90(H)-76 dated December 29, 1976 wherein banks were advised to allow minors’ accounts (fixed and savings deposit accounts) with mothers as guardians to be opened subject to safeguards in allowing operations in such accounts by ensuring that the minors’ accou...
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RBI |
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Levy of penal charges on non-maintenance of minimum balances in inoperative Accounts
Posted Date : 06-May-2014 , 07:26:42 pm | Posted By: CASANSAAR
RBI/2013-14/580DBOD. Dir.BC.No. 109 /13.03.00/2013-14
May 6, 2014
All Scheduled Commercial Banks(Excluding RRBs)
Dear Sir/Madam
Levy of penal charges on non-maintenance of minimum balances in inoperative Accounts
Please refer toPart B of the First Bi-monthly Monetary Policy Statement 2014-15 announced on April 1, 2014, proposing certain measures towards consumer protection such as non-levy of penal charges for non-maintenance of minimum balance in any inoperative accounts.
2. In this conne...
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Category :
RBI |
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Interest Tax Act 1974 - Collection from borrowers
Posted Date : 05-May-2014 , 07:47:06 pm | Posted By: CASANSAAR
RBI/2013-14/579UBD.BPD (PCB) Cir No.56/13.04.00/2013-14
May 5, 2014
The Chief Executive Officers ofAll Primary (Urban) Co-operative Banks
Dear Sir,
Interest Tax Act 1974 – Collection from borrowers
Please refer to ourcircular UBD.BPD (PCB) Cir No.18/13.04.00/2008-09 dated September 22, 2008on the captioned subject.
2. It is observed from the Supreme Court Order dated February 21, 2014 in Writ Petition (Civil) No.301 of 2005 that credit institutions which were in existence between Oct...
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RBI |
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Central Govt. notifies ' National Bank for Agriculture and Rural Development' for purposes of sec. 36(1)(xii)
Posted Date : 04-May-2014 , 08:35:07 pm | Posted By: CASANSAAR
SECTION 36(1)(xii) OF THE INCOME-TAX ACT, 1961 - OTHER DEDUCTIONS - CORPORATE OR BODY CORPORATE ESTABLISHED UNDER A STATUTE - EXPENDITURE INCURRED BY - NOTIFIED CORPORATE BODY
NOTIFICATION NO.25/2014 [F.NO.225/229/2013/ITA.I],DATED 29-4-2014
In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Bank for Agriculture and Rural Developme...
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Income Tax |
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