RBI Update - Due diligence in relation to non-resident guarantees availed by persons resident in India
The Reserve Bank of India (RBI) has come across instances of guarantees (including Standby Letters of Credit [SBLCs] and / or performance guarantees) issued by persons resident outside India, favouring persons resident i…
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RBI Update - Directions - Compounding of Contraventions under FEMA, 1999
Section 15 of the FEMA, 1999, any contravention under section 13 of FEMA 1999 {except that of Section 3(a) of the Act} may, on an application made by the person committing such contravention (hereafter referred as ‘appli…
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RBI Update - Gold loans - Irregular practices observed in grant of loans against pledge of gold ornaments and jewellery
The Reserve Bank has recently carried out a review of the adherence to prudential guidelines as well as practices being followed by SEs with regard to loans against pledge of gold ornaments and jewellery. The review…
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RBI Update - Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit
Government of India (Gol), vide Trade Notice dated August 31, 2024, read with Trade Notice dated September 17, 2024, has allowed for an extension of the Interest Equalization Scheme for Pre and Post Shipment Rupee Export…
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RBI Update - Liberalised Remittance Scheme (LRS) for Resident Individuals- Discontinuation of Reporting of monthly return
It has now been decided to discontinue the requirement for submission of LRS monthly return by AD Category-I banks. Accordingly, from the reporting month of September 2024, AD Category-I banks shall not submit LRS monthl…
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RBI Update - Review of Extant Instructions – Withdrawal of Circulars
List of circulars withdrawn Sr. No. Circular No. Date Subject Rationale for withdrawal 1. RPCD.No.SP.BC.14/PS.160-87/88 July 31, 1987 Credit facilities to Minority Communities The reporting formats prescribed in the…
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RBI update - Scheme for Trading and Settlement of Sovereign Green Bonds in the International Financial Services Centre in India
The Scheme shall apply to investments in Sovereign Green Bonds issued by the Government of India by eligible investors in the IFSC in India. Eligible investors The following persons will be eligible to particip…
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RBI Update - Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit
Government of India, vide Trade Notice dated June 28, 2024 read with Trade Notice dated July 10, 2024 has allowed for an extension of the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit ('Schem…
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RBI Update -Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Amendments in 01 Entry
Ministry of External Affairs (MEA), Government of India has informed about the UNSC press release SC/15800 dated August 23, 2024 wherein the Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and…
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RBI Update - Review of Master Direction - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017
It has been observed that some of these platforms have adopted certain practices which are violative of the said Directions. Such practices include, among others, violation of the prescribed funds transfer mechanism, pro…
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