Search Result for : Fema

RBI opens gates for more overseas investments

The Dollar Business Bureau  The Reserve Bank of India has further opened the gates for more overseas investments into India through a series of steps. These steps have been detailed in its circular no.6 dated 20 October, 2016. This comes in the wake of possible outflows of FCNR-B deposit maturities of $26 billion.   The notification issued yesterday directs in its points the following changes: In all sectors where there is a limit/cap on foreign investment, such limit/cap shall be reckoned in a composite manner. In other words, “sectoral cap”, i.e., the maximum amount which can be invested by foreign investors in an entity will include all types of foreign investments, direct and indirect, regardless of whether the said investments have been made ...

RBI issues 17 master directions on forex transactions

The move comes as part of RBIs efforts to update all its master regulations with an aim to streamline the required procedure for compliance to its guidelines The Dollar Business Bureau The government has set up the National Investment and Infrastructure Fund (NIIF) and is in touch with global sovereign and pension funds to become partners   As part of its efforts to ensure clarity in communication of regulatory guidelines, the Reserve Bank of India has issued 17 master directions related to foreign exchange transactions. The master directions on foreign exchange issued on Monday consolidate all the relevant circulars issued so far and cover different classes of transactions allowed under the Foreign Exchange Management Act,1999 (FEMA). Master directions on foreign exchange matters deal with the ...

External Commercial Borrowings (ECB) Policy - Revised Framework.

Dated 30th November, 2015 | Copy of | Circular No.32| To, All Authorised Dealer Category-I Banks Attention of Authorised Dealer Category-I (AD Cat I) banks is invited to A.P. (DIR Series) Circular No.5 dated August 1, 2005 containing the basic framework under which eligible resident entities can raise External Commercial Borrowings (ECB). Subsequent to issuance of this circular, the ECB framework has been incrementally calibrated taking into account the emerging financing needs of the Indian entities and the macroeconomic developments, by bringing more resident entities as eligible borrowers, recognizing more entities as lenders, expanding end-uses, etc., besides periodically reviewing the All-in-Cost (AIC) for such borrowings. Special carve outs were also made to take care of sector specific needs. 2. As sufficient time has ...

Remittance for Import of aircrafts/helicopters/other aviation related purchases

Dated November 26th, 2015 | Copy of | Circular No.30 26/11/2015 | To, All Authorised Dealer Category-I Banks Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to clause 3(f) of A. P. (DIR Series) Circular No.77 dated June 29, 2007, in terms of which AD Category I banks could allow advance remittance, without bank guarantee or an unconditional, irrevocable standby letter of credit up to USD 50 million, in the case of import of aircrafts/helicopters/other aviation related purchases by scheduled air transport operators permitted by the Director General of Civil Aviation (DGCA), after ensuring that the requisite approval of the Ministry of Civil Aviation (MoCA)/ DGCA / other agencies in terms of the extant Foreign Trade Policy, had been obtained by ...

Foreign Exchange Management (Permissible Capital Account Transactions) (4th Amendment) Regulations, 2015

Dated November 16th, 2015 | Copy of | Notification No.FEMA.345/2015-RB | In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes, in consultation with the Central Government, the following amendments in the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 (Notification No. FEMA.1/2000-RB dated 3rd May 2000), namely:- 1. Short Title and Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment to the Regulation:- In the Foreign Exchange Management (Permissible ...

Deferred Payment Protocols between Government of India and erstwhile USSR

Dated 5th November, 2015 | Copy of Circular No.25 | To, All Category-I Authorised Dealer Banks Deferred Payment Protocols dated April 30, 1981 and December 23,1985 between Government of India and erstwhile USSR Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 10 dated September 03, 2015 wherein the Rupee value of the Special Currency Basket was indicated as Rs. 81.3268160 effective from August 27, 2015. 2. AD Category-I banks are advised that a further revision has taken place on October 23, 2015 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.78.1657270 with effect from October 28, 2015. 3. AD Category-I banks may bring the contents of this Circular to the notice of their constituents concerned. 4. The Directions contained ...

FinMin wants CBI to fast-track BoB fraud case

Source: PTI The Finance Ministry wants CBI to expeditiously complete the probe in the alleged funds transfer case of Bank of Baroda so that the offenders could be brought to the book and the exact amount in the fraud is known. “We want CBI to complete investigation expeditiously. As of now, we don't know whether the amount involved is Rs.6,000 crore,” a top ministry official said. Last week, CBI and the Enforcement Directorate started investigation on the matter. It is alleged that Rs.6,172 crore black money was remitted from Bank of Baroda to Hong Kong camouflaged as payments for non-existent imports like cashew, pulses and rice. It is also alleged that amount was deposited in 59 accounts of the bank's Ashok Vihar branch ...

Forex scam: Bank of Baroda says branch didnt adhere to norms

Sai Nikesh | The Dollar Business Soon after the startling revelation about alleged irregularities in overseas transactions worth over Rs.6,000 crore, Bank of Baroda has said that its Delhi branch failed to 'adhere to the Foreign Exchange Management Act (FEMA) guidelines while processing high-value remittance'. The Public Sector Bank said that it had found suspicious transactions involving foreign accounts through its Delhi's Ashok Vihar branch and reported the matter to the Finance Ministry, Enforcement Directorate (ED) and CBI in September. According to media reports, CBI and ED officials last week, in a series of raids, found documents related to 59 companies that opened current accounts in Bank of Baroda’s branch and transferred Rs.6,172 crore in the garb of advance payments for imports ...