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of <h1>RBI Urges Banks to Comply with FEMA Rules on ECB, FDI, and ODI Reporting; Warns of Penalties for Non-Compliance.</h1> The Reserve Bank of India (RBI) has issued a circular to all Category-I Authorised Dealer Banks under the Foreign Exchange Management Act, 1999 (FEMA), emphasizing the need for compliance with foreign exchange transaction regulations. The circular highlights issues such as unauthorized drawdowns of External Commercial Borrowings (ECB), delays in reporting Foreign Direct Investment (FDI), and non-reporting of Overseas Direct Investment (ODI). It notes that a significant portion of contraventions are due to omissions by Authorized Dealers. The RBI stresses the importance of accurate reporting for maintaining data integrity and warns of penalties for non-compliance.
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