Blog Archives

Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments

Date : Feb 26, 2021 Reserve Bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020 and invited applications from desirous entities. Given the process involved for complying with the framework prescriptions, a timeline of six months was provided therefor, i.e., up to February 26, 2021.

Exemption from LEF to Exposures to foreign sovereigns

Exposures that are exempt from Large Exposures Framework (LEF) - Exposures to foreign sovereigns or their central banks that are: i. subject to a 0% risk weight under Table 2 of paragraph 5.3.1 of the Master Circular – Basel III Capital Regulations dated July 1, 2015, as modified vide circular dated October 8, 2015; and, ii. denominated in the domestic currency of that sovereign and met out of resources of the same currency.

SC Lays Down Guidelines for Operation & Safety of Lockers

Amitabha Dasgupta Vs United Bank of India & Ors.  (Supreme Court Of India) Hon’ble SC held atht irrespective of the value of the articles placed inside the locker, the bank is under a separate obligation to ensure that proper procedures are followed while allotting and operating the lockers: (a) This includes maintenance of a locker register and locker key register. (b) […]

Court of Session designated as Special Court under PML Act, 2002

State or Union territory wise Court of Session designated as Special Court under the Prevention of Money-laundering Act, 2002 for Area specified for trial of offence punishable under section 4 of the Prevention of Money-laundering Act, 2002 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 22nd February, 2021 S.O. 794(E).—In exercise of the […]

Reserve Bank of India (Digital Payment Security Controls) directions, 2021

Reserve Bank of India vide its statutory powers vested has issued the above directions which are applicable to all scheduled commercial banks (excluding Regional Rural Banks), Small finance banks, Payments banks and Credit card issuing NBFCs. They are reproduced from their website as under for those who intend referring to these complex technical directions. https://taxguru.in/rbi/master-direction-digital-payment-security-controls.html […]

Master Direction – NBFC – HFC (Reserve Bank) Directions, 2021

Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021- The Reserve Bank of India (the Bank), having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Housing Finance Company (HFCs) from being conducted in a manner detrimental to the interest of investors and depositors

Establishment of Project Office in India by Foreign Company

Setting up a project office in India is most preferred mode by a Foreign Company for executing contracts in India, awarded to it by Indian Companies. Establishment of Project Office is regulated by Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016 as amended from time to time.

Banks may allow resident individuals to make remittances under LRS to IFSCs in India

AD Category - I banks may allow resident individuals to make remittances under LRS to IFSCs in India, subject to the following conditions: i. The remittance shall be made only for making investments in IFSCs in securities, other than those issued by entities/companies resident (outside IFSC) in India.