RBI & FEMA
Symbol for Rupee in final lap
Panel shortlists five candidates, decision on winning entry in January.
The long wait for a symbol of the rupee is expected to end by March next year. A committee headed by Reserve Bank of India (RBI) Deputy Governor Usha Thorat has shortlisted five symbols from 4,000 entries for a public competition to select a design for [...]
Highlights of Foreign Trade Policy 2009-14
Higher Support for Market and Product Diversification
1. Incentive schemes under Chapter 3 have been expanded by way of addition of new products and markets.
2. 26 new markets have been added under Focus Market Scheme (FMS).
3. Incentive available under FMS raised from 2.5% to 3%.
4. Incentive available under Focus Product Scheme (FPS) raised from 1.25% to [...]
RBI’s special interest rate for exporters till Oct 31
RBI Notification.pdf
Providing relief to exporters hit by shrinking global demand, the Reserve Bank on Tuesday extended the concessional interest rate scheme by six months till October this year.
The ceiling of interest rate on pre-shipment rupee export credit up to 270 days and post-shipment credit up to 180 days at BPLR minus 2.5% was to [...]
RBI liberalises NPA norms
Further liberalising the prudential norms for the treatment of non-performing assets in the context of ongoing slowdown in the Indian economy, the Reserve Bank of India on Friday said all accounts which were standard accounts on September 1, 2008 would be treated as standard accounts on restructuring provided the restructuring is taken up on or [...]
Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008
The Reserve Bank of India had issued Directions to the auditors of Non-Banking Financial Companies under Section 45 MA of the RBI Act, 1934, vide Notification No. DFC. 117 /DG (SPT)-98 dated January 2, 1998.
The Directions have been consolidated and in supersession of said Directions viz. the Non-Banking Financial Companies Auditor’s Report (Reserve Bank) [...]
Reclassification of NBFCs
The Reserve Bank of India (RBI) has issued a Circular mandating all erstwhile EL/HP NBFCs should, duly supported by Statutory Auditors’ Certificate as on March 31, 2008, immediately approach the Regional Office concerned for appropriate classification latest by December 31, 2008 after which NBFCs which have not opted for the classification would be deemed to [...]
Summary of Important Recent Circulars from RBI in August 2008
A.P. (DIR Series) Circular No. 5 dated August 6, 2008.
Guidelines on trading of Currency Futures in Recognised Stock/New Exchanges
This circular permits persons resident in India to participate in the currency futures market in India subject to the RBI guidelines contained in the Currency Futures (Reserve Bank Directions, 2008). The said guidelines are annexed to [...]
