Q.1. How can foreign companies open Liaison /Branch office in India? Ans. As enlisted below: A. Foreign companies/entities desirous of setting up of Liaison Office / Branch Office (LO/BO) are required to submit their application in Form FNC along with the documents mentioned therein to the General Manager, Foreign Exchange Department, Central Office Cell, Reserve Bank of India, … Read more
The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees Five Lakh only) on The Banaskantha Mercantile Co-operative Bank Ltd., Palanpur, Dist. Banaskantha (Gujarat), in exercise of the powers vested in it under the provisions of Section 47A (1)(b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As … Read more
The Reserve Bank of India has issued Directions to Shri Sai Urban Cooperative Bank Ltd., Mukhed, District Nanded, Maharashtra for a period of six months with effect from close of business as on July 01, 2015. According to the Directions, Shri Sai Urban Cooperative Bank Ltd., Mukhed cannot and without prior approval of the Reserve … Read more
One of the services rendered by banks as part of their normal banking operations is collection of cheques deposited by their customers, some of which, could also be drawn or payable on banks that are outside the country. Such cheques are called foreign currency cheques and, presently, a significant part of these cheques are US-Dollar … Read more
1. What are the pre-2005 series banknotes? The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1000. These notes contain some additional / new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 … Read more
RBI/2014-15/650DCM(Plg) No.G-15/5486/10.27.00/2014-15 June 26, 2015 The Chairman / Managing Director / Chief Executive OfficerAll Scheduled Commercial BanksPrimary (Urban) Co-operative Banks/RRBs Dear Sir /Madam Withdrawal of all old series of Banknotes issued prior to 2005 Please refer to our circular DCM (Plg) No. G-19/3880/10.27.00/2013-14 dated March 03, 2014, DCM (Plg) No. G-8/3004/10.27.00/2014-15 dated December 31, 2014 and the Press Release … Read more
A section of the press has mis-characterized Governor Dr. Raghuram G. Rajan’s remarks at the AQR conference at London Business School on June 25, as saying “the world is at risk of a Great Depression”. What Governor Rajan did say, in his remarks made off the attached written text, was that the policies followed by … Read more
Scheme for Payment of Pension to Government Pensioners by Authorised Banks The Reserve Bank of India (the Reserve Bank) oversees disbursement of pension by its agency banks in respect of all Central Government Departments and some State Governments. In the process, it receives queries/complaints from pensioners in regard to fixation, calculation and payment of pension … Read more
RBI/2014-15/626DBS.CO.ARS.BC.8/08.91.001/2014-15 June 4, 2015 CMD of Nationalized BanksChairman SBIMD of Associate Banks of SBI Madam/Dear Sir, Submission of Long Form Audit Report (LFAR) by Concurrent Auditors In terms of enclosure 1 of RBI circular DBS.CO.PP.BC.11/11.01.005/2001-2002 dated April 17, 2002 all the banks were advised, inter alia, as under: LFAR in respect of branch should be … Read more
RESERVE BANK OF INDIAFOREIGN EXCHANGE DEPARTMENTCENTRAL OFFICEMUMBAI-400 001 Notification No. FEMA. 341/2015-RB May 26, 2015 Foreign Exchange Management (Permissible Capital Account Transactions)(Third Amendment) Regulations, 2015 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 … Read more