Exim Bank's GoI supported Line of Credit of USD 4.22 million to the Government of the Republic of Burundi
Dated 5th January, 2017 | Copy of | RBI A.P.(DIR Series) Circular No.25 | ToAll Category-I Authorised Dealer Banks Exim Bank’s GoI supported Line of Credit of USD 4.22million to the Government of the Republic of Burundi Export-Import Bank of India (Exim Bank) has entered into an Agreement dated February 14, 2014 with the Government of the Republic of Burundi for making available to the latter, a Government of India supported Line of Credit (LOC) of USD 4.22 million (USD Four million two hundred and twenty thousand) for the purpose of financing the farm mechanization in Burundi. The goods, machinery, equipment, and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade ...
Govt announces steps taken to curb black money
The Dollar Business Bureau The government on Tuesday announced the steps and decisions it has taken in the last two years to curb the menace of black money in India and outside the country.Listing out the initiatives, the Ministry of Finance said it had enacted a new Black Money Act with strict penalty provisions. It has formed a Special Investigation Team (SIT), which has, in the past, formulated a new Income Disclosure Scheme for domestic black money. The SIT has also unearthed tax evasion of about Rs. 50,000 crore of indirect taxes and Rs.21,000 crore of undisclosed income through enhanced enforcement measures. It has also seized goods used for smuggling activities worth Rs 3,963 crore over the past two years. The ...
RE Investment Trusts an eligible financial instrument under FEMA
The Dollar Business Bureau The Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its approval to allow the Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under the Foreign Exchange Management Act (FEMA) 1999. The approval is expected to enable foreign investment inflows into the completed rent yielding real estate projects, which is, as of now, prohibited under the FEMA Regulations, reported a PIB release. The Finance Minister in his Budget 2014-15 Speech proposed the introduction of Real Estate Investment Trusts (REITs), which have been successfully used as an instrument for pooling of investment by several countries for investments in the real estate, with a view to earning income and distributing earnings from its ...
Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities
Dated January 28, 2015 | RBI/2014-15/433 | A.P.(DIR Series) Circular No.68 | Please refer to our A.P.(DIR Series) Circular No. 34 dated September 04, 2013 on risks arising from the deficiencies in AML/CFT regime of certain jurisdiction. 2. Financial Action Task Force (FATF) has updated its Statement on the subject and document 'Improving Global AML/CFT Compliance: on-going process' on October 24, 2014. The statement /document can be accessed from the following URLs : http://www.fatf-gafi.org/documents/documents/fatf-compliance-oct-2014.html and http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/public-statement-oct2014.html 3. Authorised Persons are accordingly advised to consider the information contained in the enclosed statement. 4. This, however, does not preclude Authorised Persons from legitimate transactions with these countries and jurisdictions. 5. These guidelines are also applicable mutatis mutandis to all agents/ franchisees of ...
Overseas Direct Investments by Indian Parties
Date December 29, 2014 | RBI/2014-15/371 | A.P. (DIR Series) Circular No.54 | Attention of the Authorised Dealer (AD - Category I) bank is invited to Regulation 18 and 18A of Notification No. FEMA.120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment)Regulations, 2004] (the Notification), as amended from time to time and the provisions under A.P. (DIR Series) Circular No. 96 dated March 28, 2012. 2. In order to grant more flexibility to the Indian party, it has been decided to further liberalize certain regulations of the Notification as detailed under. (i) Creation of charge on shares of JV / WOS / step down subsidiary (SDS) in favour of domestic / overseas ...
Review of FDI policy Sector Specific conditions
Dated 8th December, 2014 | RBI/2014-15/339 | A.P. (DIR Series) Circular No.45 | Foreign Direct Investment (FDI) in India – Review of FDI policy –Sector Specific conditions Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000(the Principal Regulations) notified by the Reserve Bank vide Notification No. FEMA. 20/2000-RB dated 3rd May 2000, as amended from time to time whereby description of sectors/activities wherein the entry norms, sectoral cap and other conditions for sectors/activities in which FDI is permitted under Government route and Automatic route are specified. Attention of Authorised Dealer Category – I ...
FEM Transfer or Issue of Security by a Person Resident Outside India Regulations, 2014
Dated 17th October, 2014 | Copy of | Notification No. FEMA.323/2014-RB | (Published in the Gazette of India on 21st November, 2014) In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (Notification No. FEMA 20/2000-RB dated 3rd May 2000), namely:- 1. Short Title & Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment) Regulations, 2014. (ii) They ...
