Category Archives: other Acts

Apply for Common Proficiency Test to be held on 18th June 2017

Apply for Common Proficiency Test to be held on 18th June, 2017 – (22-04-2017) Announcement Common Proficiency Test to be held on 18th June, 2017 For the attention of students registered for Common Proficiency Course Common Proficiency Test, an entry level test for the Chartered Accountancy course, is held twice a year in the month… Read More »

Sovereign Gold Bond Scheme 2017 -18 – Series I – Issue Price

Sovereign Gold Bond Scheme 2017 -18 – Series I – Issue Price Date : Apr 21, 2017 In terms of GoI notification F. No. 4(8) – W&M/2017 and RBI circular IDMD.CDD.No.2760/14.04.050/2016-17 dated April 20, 2017, the Sovereign Gold Bond Scheme 2017-18 – Series I will be opened for subscription for the period from April 24,… Read More »

Category: RBI

Sovereign Gold Bonds 2017-18 – Series I – Operational Guidelines

RBI/2016-17/290 IDMD.CDD.No.2759/14.04.050/2016-17 April 20, 2017 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds, 2017-18 – Series I – Operational Guidelines This has reference to the GoI notification… Read More »

Sovereign Gold Bonds 2017-18 – Series I

RBI/2016-17/289 IDMD.CDD.No.2760/14.04.050/2016-17 April 20, 2017 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd. (SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds 2017-18 – Series I Government of India has vide its Notification F.No. 4(8)-(W&M)/2017… Read More »

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 – Amended

Date : Apr 19, 2017 The Government of India, in consultation with the Reserve Bank of India, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide notification no. S.O. 4061 (E) dated December 16, 2016. The deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri… Read More »

Category: RBI

Compliance with Ghosh Committee Recommendations need not be reported to Audit Committee of Board

Compliance with Ghosh Committee Recommendations RBI/2016-17/284 Ref. DBS.CO.PPD.BC.No.9/11.01.005/2016-17 April 20, 2017 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Compliance with Ghosh Committee Recommendations We invite attention to our circular DBS.CO.PPD.BC.No.10/11.01.005/2015-16; dated April 28, 2016, in terms of which banks have been advised that the compliance to the Jilani Committee recommendations need… Read More »

Category: RBI

PMGKY – Date for deposit in Bonds Ledger Account extended

Press Information Bureau Government of India Ministry of Finance 19-April-2017 19:48 IST Central Government amends Pradhan Mantri Garib Kalyan Deposit Scheme through a Notification. In exercise of the powers conferred by clause (c) of Section 199B of the Finance Act, 2016 (28 of 2016), the Central Government has amended through a Notification the conditions specified… Read More »

RBI Prudential Guidelines – Banks’ investment in units of REITs and InvITs

RBI/2016-17/280 DBR.No.FSD.BC.62/24.01.040/2016-17 April 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Prudential Guidelines – Banks’ investment in units of REITs and InvITs Please refer to the paragraph 12 of the Statement on Developmental and Regulatory Policies (extract enclosed) issued by RBI on April 06, 2017. As indicated therein, it has been decided… Read More »

Banks not to recognize Forex Gain Loss on foreign currency translation reserve in P & L

RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 April 18, 2017 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Guidelines on compliance with Accounting Standard (AS) 11 [The Effects of Changes in Foreign Exchange Rates] by banks – Clarification Please refer to circulars DBOD.No.BP.BC.76/21.04.018/2004-05 dated March 15, 2005 and DBOD.BP.BC.No.76/21.04.018/2005-06 dated April 05, 2006 on the captioned… Read More »

Banks to make Additional Provisions For Standard Advances At Higher Than The Prescribed Rates

RBI/2016-17/282 DBR.No.BP.BC.64/21.04.048/2016-17 April 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Additional Provisions For Standard Advances At Higher Than The Prescribed Rates Please refer to paragraph 5 of the Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated July 1, 2015. 2. It is… Read More »

Category: RBI

Banks to make Disclosure in “Notes to Accounts” if Divergence in asset classification & provisioning

RBI/2016-17/283 DBR.BP.BC.No.63/21.04.018/2016-17 April 18, 2017 All Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Disclosure in the “Notes to Accounts” to the Financial Statements- Divergence in the asset classification and provisioning Please refer to paragraph 22 of the Fourth Bi-monthly Monetary Policy Statement, 2015-16 announced on September 29, 2015 on the captioned subject (extract enclosed).… Read More »

Notice sent by registered post is deemed to be served if it was returned back with postal endorsement

This Court in catena of cases has held that when a notice is sent by registered post and is returned with postal endorsement “refused” or “not available in the house” or “house locked” or “shop closed” or “addressee not in station”, due service has to be presumed Jagdish Singh v. Natthu Singh [1992] 1 SCC… Read More »

RBI opens the Office of the Banking Ombudsman at Raipur

Date : Apr 17, 2017 Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the current Office of the Banking Ombudsman, Bhopal, the Reserve Bank has set up an Office of the Banking Ombudsman for the State of Chhattisgarh at Reserve Bank of India, Raipur. The… Read More »

Category: RBI

Revised Prompt Corrective Action (PCA) framework for banks

RBI/2016-17/276 DBS.CO.PPD. BC.No.8/11.01.005/2016-17 April 13, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/ Dear Sir Revised Prompt Corrective Action (PCA) framework for banks Please refer to RBI circulars No. DBS.CO.PP.BC.9/11.01.005/2002-03 dated December 21, 2002 and DBS.CO.PP.BC.13/11.01.005/2003-04 dated June 15, 2004 on the scheme of Prompt Corrective Action. 2. The existing PCA framework for… Read More »

ICAI to take action against CA involved in money laundering

ICAI Press Release – Robust Disciplinary Mechanism – (13-04-2017) ICAI Press Release Our attention has been drawn to the media reports regarding the raids conducted by the Enforcement Directorate on the offices of the Chartered Accountants in New Delhi, who were alleged to be involved in the money laundering and hawala like transactions through shell… Read More »

Setting up of IFSC Banking Units (IBUs) – Permissible activities

RBI/2016-17/273 DBR.IBD.BC.59/23.13.004/2016-17 April 10, 2017 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam, Setting up of IFSC Banking Units (IBUs) – Permissible activities Please refer to RBI circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015, as modified from time to time, setting out RBI directions relating to IFSC Banking Units (IBUs). We have received a… Read More »

Category: RBI

Checklist for internal / concurrent audit of Govt business Agency Banks

Systems and Controls for conduct of government banking RBI/2016-17/271 DGBA.GAD.No.2646/31.02.007/2016-17 April 7, 2017 All Agency Banks Dear Sir/Madam, Systems and Controls for conduct of government banking Please refer to our Master Circulars DGBA.GAD.No.2/31.12.010/2015-16 dated July 1, 2015 on Conduct of Government Business by Agency Banks – Payment of Agency Commission and DGBA.GAD.No.H-1/31.05.001/2015-16 dated July 1,… Read More »

Guidelines on insurance e-commerce

Guidelines on insurance e-commerce 07.04.2017 Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on insurance e-commerce dated 9th March, 2017. The salient features of the guidelines are given below. IRDAI has informed that the guidelines issued by the Authority enable insurers and insurance intermediaries to set-up Insurance Self-Network Platforms (ISNP) to sell… Read More »

TRQ for Raw Sugar : Amendment in import policy

To be published in the Gazette of India Extraordinary Part-II, Section – 3, Sub-Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No.01/2015-2020 New Delhi, Dated: 5th April, 2017 Subject: TRQ for Raw Sugar: Amendment in import policy of raw sugar classified under Exim Code 170114… Read More »

Change in Bank Rate by RBI w.e.f 06.04.2017

RBI/2016-17/270 DBR.No.Ret.BC.58/12.01.001/2016-17 April 06, 2017 The Chairperson / CEOs of all Scheduled and Non Scheduled Banks Dear Sir / Madam, Change in Bank Rate Please refer to our circular DBR.No.Ret.BC.19/12.01.001/2016-17 dated October 04, 2016 on the captioned subject. 2. As announced in the First Bi-Monthly Monetary Policy Statement 2017-18 dated April 06, 2017, the Bank… Read More »

Category: RBI

Interest rates for Small Savings Schemes for Q1 FY 2017-18

RBI/2016-17/267 DGBA.GAD.2618/15.02.005/2016-17 April 6, 2017 The Chairman/Chief Executive Officer Agency Banks handling Public Provident Fund, Kisan Vikas Patra- 2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004 Dear Sir Interest rates for Small Savings Schemes Please refer to our circular DGBA.GAD.2012/15.02.005/2016-17 dated February 9, 2017 on the above subject. The Government of India, had vide their… Read More »

Category: RBI

RBI to up a separate Enforcement Department w.e.f 03.04.2017

Reserve Bank of India (RBI) to up a separate Enforcement Department; proposed to be opened on April 3, 2017 Reserve Bank of India (RBI) is setting up a separate Enforcement Department. The Enforcement Department (EFD) is proposed to be opened on April 3, 2017, to separate those who oversee the possible rule breaches and those… Read More »

Category: RBI

Assignment of Lead Bank Responsibility after SBI Associate Bank Merger

RBI/2016-17/262 FIDD.CO.LBS.BC. No. 26/02.01.001/2016-17 March 30, 2017 The Chairmen and Managing Directors SLBC Convenor Banks Dear Sir, Assignment of Lead Bank Responsibility As per the Gazette of India Notification dated February 22, 2017, the merger of Associate banks with State Bank of India has been notified. The Order comes into effect on April 1, 2017.… Read More »

Category: RBI

Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions – Continuance of Special Measures

RBI/2016-17/264 DPSS.CO.PD No.2737/02.14.003/2016-17 March 30, 2017 The Chairman and Managing Directors / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payments Banks and Small Finance Banks / All Card Network Providers Dear Madam / Sir, Rationalisation of Merchant Discount Rate… Read More »

Category: RBI

RBI advisory on E-wallets

Date : Mar 30, 2017 RBI advisory on E-wallets The Reserve Bank of India has today advised the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under the Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and… Read More »

Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions

Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions RBI/2016-17/259 DBR.No.Leg.BC.56/09.07.005/2016-17 March 29, 2017 All Agency Banks Dear Sir/ Madam, Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions We had vide our circular DBR.No.Leg. BC.55/09.07.005/2016-17 dated March 24, 2017 advised all Agency… Read More »

Category: RBI

All payment systems to remain closed on April 1, 2017

All payment systems to remain closed on April 1, 2017 RBI/2016-17/260 DPSS.CO.CHD.No./2720/03.01.03/2016-17 March 29, 2017 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks/ Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Dear Sir/ Madam, All payment systems to remain closed… Read More »

Category: RBI

Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle

Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle Following is the Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most… Read More »

Banks to remain open on all days from March 25 2017 to April 1, 2017

RBI/2016-17/257 DPSS.CO.CHD.No./2695/03.01.03/2016-17 March 25, 2017 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks/ Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Payment systems to remain open on all days from March 25, 2017 to April 1, 2017 A reference is… Read More »

Special Clearing operations by Banks on March 30 and 31, 2017

RBI/2016-17/255 DPSS.CO.CHD.No./2656/03.01.03/2016-17 March 23, 2017 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks/ Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir, Special Clearing operations on March 30 and 31, 2017 A reference is invited to the… Read More »

Category: RBI

Amendments to chapter 4 of Foreign Trade Policy 2015-20

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION New Delhi, the 21st March, 2017 No. 42/2015-2020 Subject: Amendments in Chapter 4 of the Foreign Trade Policy 2015-20 S.O. 905(E).— In exercise of powers conferred by Section 5 of FT (D&R) Act, 1992, read with paragraph 1.02 of the Foreign… Read More »

Non Resident can enter into foreign exchange derivative contract with bank in India to hedge an exposure

RESERVE BANK OF INDIA (Financial Markets Regulatory Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 17th March, 2017 No. FEMA. 384/RB-2017 Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2017 G.S.R. 260(E).—In exercise of the powers conferred by clause (h) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),… Read More »

Impact of Demonetisation- A Preliminary Assessment by RBI

Macroeconomic Impact of Demonetisation- A Preliminary Assessment   Macroeconomic Impact of Demonetisation – A Preliminary Assessment* Demonetisation announced on November 8, 2016 was aimed at addressing corruption, black money, counterfeit currency and terror financing. Although demonetisation holds huge potential benefits in the medium to long-term, given the scale of operation, it was expected to cause… Read More »

Resolution of Stressed Assets by Banks

Resolution of Stressed Assets by Banks Total Stressed Assets (Gross Non Performing Assets and Restructured Standard Advances) of Scheduled Commercial Banks (SCBs) was Rs.9.64 lakh crore as on Dec 31, 2016 and Reduction in NPAs- due to actual recoveries (April to Dec) for SCBs are Rs.46,245 crore at the end of Dec 31, 2016 for… Read More »

Dispensing of fake currency notes through ATMs

Dispensing of fake currency notes through Automated Teller Machines (ATMs) There have been media reports regarding dispensation of Rs 2000 notes resembling a genuine note but bearing the legend “Children Bank of India” in place of “Reserve Bank of India” from Delhi, Meerut (Uttar Pradesh), Sitamarhi (Bihar) and a few other places. State Bank of… Read More »