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    News
    All› FEMA & RBI › FEMA & RBI - 2016
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    December 31, 2016
    Text of PMs Speech at DigiDhan Mela in New Delhi’s Talkatora Stadium, 30 December, 2016
    Show AI Summary
    Digital payment adoption accelerates with BHIM launch and incentive-driven draws to boost financial inclusion nationwide.
    Launch and promotion of the BHIM payment app with consumer and merchant prize draws to spur digital payment adoption; planned biometric fingerprint authentication will allow payments without specific phones or internet, extending access to remote, low-resource users. The initiative aims to formalise informal cash flows, creating transaction histories to enable small traders and workers to access formal credit, reduce dependence on moneylenders, and target welfare via redirected subsidies. Media engagement and public participation are urged to accelerate behavioural change toward a cashless economy.
    December 31, 2016
    Calendar for Auction of Government of India Treasury Bills for the Quarter ending March 2017 issued
    Show AI Summary
    Treasury bill issuance schedule: government retains flexibility to modify auction amounts and timing, with changes announced publicly.
    Notification sets the quarterly auction schedule for Treasury Bills, specifying regular auction and issue dates and denomination categories, with aggregate allotments for the quarter. The Government of India, in consultation with the Reserve Bank of India, retains flexibility to modify the notified amounts and timing based on cash requirements, market conditions or intervening events, and any changes will be announced by press release; auctions are subject to the terms of the referenced General Notification.
    December 31, 2016
    Cash withdrawal from ATMs – Enhancement of daily limits
    Show AI Summary
    ATM withdrawal limit increased, with weekly limits unchanged and denomination guidance for cash disbursals.
    The Reserve Bank increased the daily withdrawal limit for ATM cards effective January 1, 2017, raising the per card daily entitlement while leaving the weekly withdrawal limits unchanged; banks must implement the revised daily limit within the existing weekly ceiling and ensure cash disbursals are predominantly in Rs. 500 denominations, with prior relaxation measures remaining in force.
    December 30, 2016
    RBI Reference Rate for US $
    Show AI Summary
    Reference rate update for the US dollar adjusts rupee cross-rates for euro, pound and yen affecting currency valuation practices.
    The Reserve Bank of India published the Reference Rate for the US dollar and, using middle cross-currency quotes, provided corresponding rupee exchange rates for the euro, pound sterling and yen; the release also states that the SDR-rupee rate will be based on that reference rate.
    December 30, 2016
    Closure of the scheme of exchange of Specified Bank Notes (SBNs) at banks on December 30th 2016- Accounting
    Show AI Summary
    Closure of exchange facility for Specified Bank Notes requires banks to deposit remaining notes at Reserve Bank offices immediately.
    Closure of the exchange facility for Specified Bank Notes on December 30, 2016 requires banks to report SBN collections that day and to deposit SBNs held at branches (other than DCCBs) at Reserve Bank Issue Offices or currency chests on December 31, 2016; SBNs cease to be part of banks' cash balances from close of business on December 31, 2016, with specified exceptions and storage and reporting arrangements including extended ICCOMS reporting hours.
    December 30, 2016
    Spectre of default, credit pain may tail banks next year too
    Show AI Summary
    Credit contraction risk threatens bank asset quality and may raise non-performing loans following the cash withdrawal policy.
    Demonetisation-induced cash withdrawal disrupted banking operations and materially strained asset quality by constricting liquidity for borrowers and diverting bank resources to currency exchange. This caused a pronounced escalation in non-performing assets across lenders, a rise in wilful defaulters, and a sharp fall in credit demand and credit growth. Government recapitalisation and regulatory relief, including repayment extensions for small loans, were deployed, but further NPA deterioration is anticipated as the cash shortage's full effects on loan repayment materialise.
    December 29, 2016
    RBI refuses to give reasons behind demonetisation
    Show AI Summary
    RTI exemption claims prevent disclosure of reasoning behind demonetisation, citing national security and public interest exceptions.
    RBI declined RTI requests for reasons and timelines for demonetisation, invoking statutory exemptions that protect information whose disclosure would prejudice sovereignty, security or economic interests; it also refused to release Central Board meeting minutes. Critics assert RBI did not explain how exemptions applied post-implementation, question an in-house disclosure policy as conflicting with RTI, and note appeals and complaints challenging the refusal to disclose rationale and board records.
    December 29, 2016
    RBI Reference Rate for US $
    Show AI Summary
    Reference exchange rate for US dollar published by central bank updates rupee cross-currency rates and informs SDR rupee valuation.
    The Reserve Bank published the reference rate for the US dollar and the derived middle-rate cross-currency exchange rates for euro, pound sterling and yen against the rupee, and stated that the SDR Rupee rate will be based on that reference rate.
    December 28, 2016
    Govt names Viral V Acharya as RBI Deputy Governor
    Show AI Summary
    Appointment of Deputy Governor: Professor Viral V. Acharya named to the central bank for a three-year term.
    The government appointed Professor Viral V. Acharya as a Deputy Governor of the Reserve Bank of India for a three-year term, approved by the Appointments Committee of the Cabinet, placing an academic expert in systemic risk and financial-sector regulation into senior central bank governance amid scrutiny of operational rules.
    December 28, 2016
    RBI Reference Rate for US $
    Show AI Summary
    Reference rate for the US dollar updated; cross currency rupee rates published and SDR rupee tied to the reference rate.
    The Reserve Bank updated the US Dollar reference rate to Rs. 68.2250 on December 28, 2016 (previously Rs. 67.9967) and, from that reference and cross currency middle rates, published Rupee rates for EUR (71.4520), GBP (83.8622) and JPY (100 = 58.06); the SDR Rupee rate is stated to be based on the published reference rate.
    December 28, 2016
    Government invites comments of stakeholders and public on the Report of the Financial Redressal Agency by 31st January 2017
    Show AI Summary
    Financial Redressal Agency to centralise consumer complaint resolution across financial services, prioritising mediation and regulator feedback.
    Creation of a sector neutral Financial Redressal Agency to provide a unified, accessible redress mechanism for retail consumers, emphasising mediation with light touch adjudication, remedies including directions to FSPs and compensation, and an independent feedback loop to regulators. The FRA will be governed by a Board appointed by regulators in consultation with Government, include an Independent Assessment Officer, and be established initially by executive order before being empowered by a financial consumer protection and redress law. Funding is to come from levies on FSPs collected by regulators; consumers will not be charged.
    December 27, 2016
    RBI Reference Rate for US $
    Show AI Summary
    Reference exchange rate published for the US dollar, with derived euro, pound and yen rupee rates and SDR linkage.
    The Reserve Bank of India issued a Reference Rate for the US dollar and, using that rate with middle cross-currency quotes, provided corresponding rupee exchange rates for the euro, pound sterling and the Japanese yen; the release also states that the SDR-rupee rate will be based on the reference rate.
    December 27, 2016
    Year End Review 2016: Major Achievements of the Ministry of Statistics & Programme Implementation
    Show AI Summary
    United Nations Fundamental Principles of Official Statistics reinforce professional independence and standardised release of official macroeconomic data.
    Adoption of the United Nations Fundamental Principles of Official Statistics mandates professional independence, impartiality, accountability and transparency across Central and State statistical systems. The Ministry maintained scheduled dissemination of CPI, IIP and successive GDP estimates, revised the Advance Release Calendar and revision policy for GDP aggregates, released Sixth Economic Census outputs, advanced IIP base revision and created web-based microdata archives. NSSO prepared to launch a tablet based Periodic Labour Force Survey for quarterly and annual labour-market indicators. MPLADS monitoring was digitalised via a new integrated website and online monitoring systems.
    December 27, 2016
    Auction for Sale (Re-issue) of Government Stock
    Show AI Summary
    Government securities auction: non-competitive bidding facility allows limited allocation and price-based multiple price sale with electronic bids.
    Re issue of four government stocks will be conducted by RBI as price based auctions under the multiple price method via electronic bids on E Kuber; up to 5% of each notified amount is reserved for eligible applicants under the Non Competitive Bidding Facility with defined submission windows for non competitive and competitive bids, fixed auction result and payment dates, and eligibility for When Issued trading under RBI guidelines.
    December 26, 2016
    RBI Reference Rate for US $
    Show AI Summary
    Reference rate updated for US dollar; cross currency rupee rates for euro, pound and yen updated and SDR rupee linkage noted.
    The Reserve Bank published the Reference Rate for the US dollar and the derived rupee exchange rates for the euro, pound sterling and the yen, comparing current quotations with the prior published rates; the notice specifies that the SDR Rupee rate will be based on the published reference rate.
    December 24, 2016
    Text of PM’s remarks at inauguration of National Institute of Securities Markets (NISM) campus at Patalganga
    Show AI Summary
    Securities regulation expanded: SEBI's remit urged to deepen capital markets for long-term infrastructure and farmer benefit.
    The address stresses that SEBI's regulatory remit now covers commodity derivatives, requiring calibrated oversight because spot agricultural markets are state-regulated and commodities often involve vulnerable consumers; it calls for linkage between spot platforms and derivatives to benefit farmers. It urges capital markets to provide long-term infrastructure finance by deepening bond and municipal markets and tasks regulators with facilitating municipal bond issuance. It also calls for fair, efficient, transparent measures to increase tax contributions from market profits and stronger vigilance against market abuse.
    December 24, 2016
    Tea Board Takes Up the West Bengal Tea Garden Workers Payment with RBI
    Show AI Summary
    Wage payment facilitation for tea garden workers sought through bank-account transfers and improved currency flow after demonetization.
    Following demonetization, the Tea Board coordinated with State and district administrations, garden managements and producers' associations to use District Administration bank accounts as temporary conduits, urged trade unions to support opening individual worker accounts, promoted enrolment under Pradhan Mantri Jan Dhan Yojana for direct wage transfers, and sought central bank directives and improved currency flow to ensure prompt and timely payment of wages to tea garden workers.
    December 23, 2016
    RBI Reference Rate for US $
    Show AI Summary
    Reference rate for US Dollar published; cross currency middle rates set euro, pound and yen exchange rates against the rupee.
    The Reserve Bank of India published an administrative reference rate for the US Dollar for December 23, 2016, and the prior day's rate, and used that USD reference rate together with middle rates of cross currency quotes to determine exchange rates for the euro, pound sterling and Japanese yen against the rupee; the press release also provides that the SDR Rupee rate will be based on the published reference rate.
    December 22, 2016
    RBI governor to brief parliamentary panel on Jan 19
    Show AI Summary
    Demonetisation briefing: central bank to explain policy contours and liquidity measures before parliamentary finance panel.
    The central bank Governor will brief a parliamentary finance panel on the contours of demonetisation and measures to ease the currency shortage; the panel, having heard divided expert views, will probe cash to GDP and tax to GDP ratios and question finance and IT officials about promoting digital transactions. Operationally, regulators imposed individual withdrawal limits and temporarily restricted deposits of demonetised high denomination notes before rolling back that restriction, with a series of rapid regulatory revisions affecting deposit and withdrawal processes and increasing practical hardships.
    December 22, 2016
    RBI Reference Rate for US $
    Show AI Summary
    Reference exchange rate sets USD benchmark and underpins cross currency quotes and calculation of SDR Rupee rate.
    Reserve Bank of India publishes the reference rate for the US Dollar as the daily benchmark and compares it with the prior day; using that USD reference and middle cross currency rates the Bank derives exchange rates for Euro, Pound Sterling and Japanese Yen against the Rupee, and states that the SDR Rupee rate will be based on the published reference rate.

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      FEMA & RBI

      Calendar for Auction of Government of India Treasury Bills for the Quarter ending March 2017 issued

      December 31, 2016

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      After reviewing the cash position of the Government of India, the Government of India, in consultation with Reserve Bank of India (RBI), has decided to notify the amounts for the issuance of Treasury Bills for the Quarter ending March 2017 as under:

      Notified Amount for Auction of Treasury Bills

      (January 1, 2017 to – March 31, 2017)

       (Rs. Crore)

      Date of Auction

      Date of Issue

      91 Days

      182 Days

      364 Days

      Total

      January 04, 2017

      January 05, 2017

      6,000

          

      4,000

      10,000

      January 11, 2017

      January 12, 2017

      6,000

      4,000

       

      10,000

      January 18, 2017

      January 19, 2017

      6,000

       

      4,000

      10,000

      January 25, 2017

      January 27, 2017

      6,000

      4,000

       

      10,000

      February 01, 2017

      February 02, 2017

      6,000

       

      4,000

      10,000

      February 08, 2017

      February 09, 2017

      6,000

      4,000

       

      10,000

      February 15, 2017

      February 16, 2017

      6,000

       

      4,000

      10,000

      February 22, 2017

      February 23, 2017

      6,000

      4,000

       

      10,000

      March 01, 2017

      March 02, 2017

      6,000

       

      4,000

      10,000

      March 08, 2017

      March 09, 2017

      6,000

      4,000

       

      10,000

      March 15, 2017

      March 16, 2017

      6,000

       

      4,000

      10,000

      March 22, 2017

      March 23, 2017

      6,000

      4,000

       

      10,000

      March 29, 2017

      March 30, 2017

      6,000

       

      4,000

      10,000

      Total

       

      78,000

      24,000

      28,000

      130,000

      The Government of India/Reserve Bank of India will continue to have the flexibility to modify the notified amount and timing for auction of Treasury Bills depending upon the requirements of the Government of India, evolving market conditions and other relevant factors. Thus, the calendar is subject to change, if circumstances so warrant including for reasons such as intervening holidays. Such changes, if any, will be communicated through regular press releases.

      The auction of Treasury Bills will be subject to the terms and conditions specified in the General Notification No. F4(8)-W&M/2015 dated May 26, 2016 issued by the Government of India, as amended from time to time.

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