26 April, 2016
The Reserve Bank of India has clarified that keeping deposits with an Indian company by persons resident outside India in accordance with Section 160 of the Companies Act, 2013 is a current account (payment) transaction and, as such, does not require any approval from Reserve Bank.
RBI A.P. (DIR Series) Circular No. 59, dated April 1...
4 March, 2016
The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 to insert the definition of “manufacture” and to amend the definition of “Ownership and Control” as stated under the Guidelines for calculation of total foreign ...
28 December, 2015
Reserve Bank of India has allowed exporters to avail the Interest Equalisation on Pre and Post Shipment Rupee Export Credit. The scheme is effective from April 1, 2015. For the period April 1, 2015 to November 30, 2015, banks are required to identify eligible exporters as per Government of India Scheme and credit their accounts with the required...
22 August, 2014
The Delhi High Court has on 1-8-2014, in a case relating to sanction of amalgamation scheme, held that if it is found that the transferee-company has violated any provision of the Reserve Bank of India Act then the Directors of such company, who are guilty of said breach, shall continue to be liable irrespective of the sanction of the amalgamation scheme. The Regional Director...
By Sudish Sharma & Nikhil Singal
The original text of Section 28 of the Indian Contract Act, 1872, which voids agreements made (or containing clauses) in restraint of legal proceedings, has been subject to many amendments over the years. In fact, in 1997, the original Section 28 was replaced with a new one, after taking into consideration the...
22nd February, 2012
AD Category- I banks have been permitted to allow exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship after receipt of payment. Hitherto, prior permission of Reserve Bank of India was required for receipt of such advance by the exporters.
RBI A.P. (Dir Series) Circular No. 81, dated 21-2-2012 issued in thi...
24th November, 2011
In a major move at delegating more powers to banks, the Reserve Bank of India has empowered Authorised Dealer Category-I banks to deal with the cases of “set-off” of export receivables against import payables. This ‘set-off’ required the nod of RBI earlier. The RBI, in its press release, states that it has been allowing requests from the exporters through their AD Categor...
By Noorul Hassan & Anup Koushik Karavadi
Schemes to eradicate poverty are not new in India. Right from nationalization of banks in the year 1969, SHG (Self Help Group) – Bank Linkage Programme in 1992 till the recent categorization of Micro Finance Institutions in 2011 by the Reserve Bank of India, different schemes have been implemented by the government and are still being im...
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