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    December 23, 2008
    Effects of global recession
    December 16, 2008
    Economic Recession
    December 13, 2008
    Bail-Out Package to small and Medium Industries
    December 7, 2008
    While announcing the Measures for stimulating the Economy, central government failed to do justice with the Service Providers
    December 6, 2008
    Issuance calendar for marketable dated securities
    November 14, 2008
    Companies Bill, 2008 - auditors should face severe consequences (unlimited liability) in case of contravention
    November 13, 2008
    Ways and means advances to GOI for FY 2008-09
    November 11, 2008
    Whether transfer of Banking Undertaking on the facts and circumstances of this case gave rise to taxable capital gains - matter of AY 1970-71 solved n...
    November 7, 2008
    Acquisition and transfer of immovable property in India by a person resident outside India
    October 31, 2008
    40 FDI Proposals Approved
    October 24, 2008
    External Commercial Borrowings policy reviewed
    October 23, 2008
    Companies Bill, 2008 Introduced in Lok Sabha
    October 14, 2008
    Scope of service tax cannot be extended by merely issuance of a clarification / circular - Chit Fund is not subject to service tax
    October 10, 2008
    Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
    September 5, 2008
    Whether Foreign exchange losses on account of foreign currency translation is notional loss by mere book entries or actual loss as per income tax
    August 30, 2008
    The Companies Bill, 2008
    August 14, 2008
    Overseas Direct Investment by Registered Trust / Society - Relaxation
    July 4, 2008
    28 FDI proposals cleared
    July 2, 2008
    Corrigendum to Press Note 7 (2008) - Consolidated Policy on Foreign Direct Investment
    June 22, 2008
    Clarifications on queries raised by Lending Institutions on Agricultural Debt Waiver and Debt Relief Scheme, 2008
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    News
    All› FEMA & RBI › FEMA & RBI - 2008
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    December 23, 2008
    Effects of global recession
    Show AI Summary
    Countercyclical measures implemented to mitigate global financial shock and stabilise domestic growth expectations.
    The government and central bank implemented coordinated countercyclical measures-monetary easing through lower reserve ratios and policy rates, liberalisation of external commercial borrowing, a fiscal package increasing plan expenditure and reducing an ad valorem indirect tax rate, and export support-to mitigate a global financial shock, with authorities stating the economy is not in recession and noting growth expectations while observing that apportioning effects among measures is not feasible.
    December 16, 2008
    Economic Recession
    Show AI Summary
    Monetary policy measures eased to bolster domestic liquidity and support growth amid global financial shock to the economy.
    Global financial turmoil moderated domestic growth-GDP at constant prices slowed to 7.8% for Apr-Sep 2008-09-while savings and investment ratios sustained growth potential. Authorities implemented monetary measures (reductions in Cash Reserve Ratio, Statutory Liquidity Ratio, repo and reverse repo rates; liberalised external commercial borrowings) and a fiscal package (additional plan expenditures, reduced ad valorem Cenvat rate, export support) to ensure financial system functioning and improved money market liquidity.
    December 13, 2008
    Bail-Out Package to small and Medium Industries
    Show AI Summary
    MSME credit support expanded through refinance and enhanced collateral-free guarantee coverage, plus shorter lock-in and prompt payment advisories.
    Measures expand MSME credit availability by establishing a refinance facility for SIDBI to support incremental lending through banks, NBFCs and state financial corporations; increasing the loan threshold and setting a specified percentage guarantee cover under the credit guarantee scheme to promote collateral-free lending; reducing the lock-in period for guaranteed loans to encourage bank participation; and advising public sector enterprises to ensure prompt payment of MSME bills.
    December 7, 2008
    While announcing the Measures for stimulating the Economy, central government failed to do justice with the Service Providers
    Show AI Summary
    Service tax disparity increases burden on service providers and calls for rate alignment with excise to restore parity.
    Central fiscal measures cut peak excise duty while leaving the service tax rate unchanged, creating a disparity where excise on goods is lower than tax on services; this note criticises the inconsistency, stresses the disproportionate burden on the service sector and its pass-through to consumers, and highlights unequal treatment of packaged versus customized software that results from differing excise and service tax rates.
    December 6, 2008
    Issuance calendar for marketable dated securities
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    Issuance calendar for government securities announced with auction schedule and retail reservation under non-competitive bidding.
    The Government, with the Reserve Bank, issued an indicative calendar for marketable dated securities from December 1, 2008 to March 31, 2009 allocating aggregate issuance across five auction periods into 5-9 year and 20-year-and-above tenors. All auctions include a non-competitive bidding facility reserving a portion for specified retail investors, variable rate bonds may be issued depending on market conditions, and the Government/Reserve Bank retain the flexibility to modify notified amounts, issuance periods or maturities after due notice.
    November 14, 2008
    Companies Bill, 2008 - auditors should face severe consequences (unlimited liability) in case of contravention
    Show AI Summary
    Auditor liability: enhanced accountability requires auditors to refund fees and pay damages for misleading audit reports.
    The Companies Bill, 2008 enhances auditor accountability by imposing eligibility and disqualification rules, prescribing appointment and vacancy procedures, and granting auditors broad rights of access and reporting obligations under accounting and auditing standards. It prohibits specified non-audit services, restricts signing and certification to the appointed auditor, requires compliance with auditing standards and possible additional reporting, and establishes penal and remedial measures including fines, imprisonment for knowing contraventions, refund of remuneration and payment of damages for misleading audit reports. Cost audit procedures and obligations for specified companies are separately provided.
    November 13, 2008
    Ways and means advances to GOI for FY 2008-09
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    Ways and Means Advance limit retained temporarily to address government cash flow mismatches from auction cancellations and expenditure bunching
    The Ways and Means Advance limit was retained at an elevated temporary ceiling until December 31, 2008, after consultation with the government. The measure is time bound and intended to provide short term liquidity accommodation to meet unanticipated mismatches between government payments and receipts caused by cancelled auctions and the bunching of expenditure following a supplementary demand for grants.
    November 11, 2008
    Whether transfer of Banking Undertaking on the facts and circumstances of this case gave rise to taxable capital gains - matter of AY 1970-71 solved now
    Show AI Summary
    Capital gains on slump sale: notional cost rules absent for the assessment year, so compensation not taxable as capital gains.
    Whether transfer of a banking undertaking generated taxable capital gains for AY 1970-71 where compensation was received on nationalisation; the Supreme Court found that on the facts and circumstances it was not possible to compute capital gains and the compensation was not taxable as capital gains under the law then prevailing, and noted that a statutory notional cost mechanism for slump sales was introduced only after the relevant assessment year.
    November 7, 2008
    Acquisition and transfer of immovable property in India by a person resident outside India
    Show AI Summary
    Foreign acquisition of immovable property: authorities must verify residency, visa eligibility before registering transfers.
    Foreign nationals and non-resident entities face specific restrictions and permissions under the Foreign Exchange Management framework for acquiring immovable property in India: non-resident Indian citizens and persons of Indian origin may acquire property other than agricultural land, plantations and farm houses; foreign companies with an established business presence may acquire property necessary or incidental to that business subject to regulatory conditions; and foreign nationals who qualify as a person resident in India by reason of prolonged stay and demonstrable intention may acquire property, provided intention is evidenced by visa and supporting documents. State authorities must verify eligibility and may review prior registrations for compliance.
    October 31, 2008
    40 FDI Proposals Approved
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    Foreign direct investment approvals: multiple proposals cleared, several deferred or rejected, high-value cases referred for higher consideration.
    Forty FDI proposals were approved across ministries for activities including retail, broadcasting, power, telecom, infrastructure and financial services, many involving conversion of operating companies into operating-cum-holding companies to permit downstream investment, issuance of warrants, share allotments and regularisation of equity; seven proposals were deferred and four rejected; two high-value proposals and one previously CC(F)I-approved proposal were referred to CCEA for consideration.
    October 24, 2008
    External Commercial Borrowings policy reviewed
    Show AI Summary
    External Commercial Borrowings policy relaxed to allow rupee and foreign currency expenditure under the automatic route and broaden eligible uses.
    ECB policy now permits specified borrowings under the Automatic Route for rupee and foreign currency expenditure for permissible end uses, removes a prior minimum maturity requirement for large rupee infrastructure capital expenditure within the threshold, and recognises telecom spectrum payments as an eligible end use. Borrowers may hold proceeds offshore in prescribed instruments, with overseas bank affiliates, or remit to rupee accounts pending utilisation, subject to prohibitions on capital market, real estate and inter corporate lending. Authorities have raised and will review all in cost ceilings by maturity band, instituted monitoring of SME unhedged forex exposures, and will operationalise the credit enhancement window.
    October 23, 2008
    Companies Bill, 2008 Introduced in Lok Sabha
    Show AI Summary
    Corporate governance reform modernizes company law, strengthening director liability and time bound insolvency procedures.
    Companies Bill, 2008 proposes a consolidated legal framework for corporate regulation from incorporation to winding up, reinforcing corporate governance through strengthened shareholders' rights, director duties and liabilities, recognition of Key Managerial Personnel and board committees, mandatory Director Identification Numbers, introduction of One-Person Companies, application of e-Governance, harmonisation with sectoral regulators, mandatory consolidation of group accounts, prohibition of public deposit-raising except by special statute, criminalisation of insider trading by directors and KMP, a graded penalty and adjudication regime, and unified time-bound insolvency, merger and rehabilitation procedures under the National Company Law Tribunal.
    October 14, 2008
    Scope of service tax cannot be extended by merely issuance of a clarification / circular - Chit Fund is not subject to service tax
    Show AI Summary
    Scope of service tax cannot be expanded by administrative circular; chit fund activities fall outside taxable services.
    In the absence of any statutory definition of cash management or asset management, chit fund activities cannot be treated as falling within banking and financial services for service tax purposes, and the scope of service tax cannot be extended by issuance of a circular; any extension requires specific legislative inclusion rather than importation from the RBI Act or other provisions.
    October 10, 2008
    Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
    Show AI Summary
    Service charge caps for electronic payments and cheque collection set, limiting bank fees and promoting electronic settlement.
    Levy and limitation of bank fees for electronic payment products and outstation cheque collection are prescribed, establishing service charge caps and conditions for their application. Inward electronic credits are to be free; outward transfers and outstation cheque collections are subject to capped, all-inclusive charges. Banks may not levy additional courier or out-of-pocket fees, must accept deposits for collection, and are encouraged to use electronic modes and enhanced clearing to expedite settlement. The provisions apply only to transactions within India and exclude large-value cash handling charges.
    September 5, 2008
    Whether Foreign exchange losses on account of foreign currency translation is notional loss by mere book entries or actual loss as per income tax
    Show AI Summary
    Foreign currency translation losses treated as deductible when arising from cash call contributions under production-sharing contracts.
    Where co-venturer contributions under a production-sharing contract are treated as Cash Call investments rather than loans, foreign currency translation differences arising from translating monetary balances at balance-sheet exchange rates are recognised in profit and loss; clause 3.2 of Appendix C disallowing exchange losses on loans does not apply to cash call contributions, so such translation losses are deductible and translation gains are treated as receipts.
    August 30, 2008
    The Companies Bill, 2008
    Show AI Summary
    Corporate governance reform: new framework strengthens director duties, independent directors, investor protections and streamlined insolvency and dispute forums.
    The Bill creates a comprehensive corporate law framework covering incorporation through liquidation, emphasizes corporate governance by strengthening shareholder rights, disclosures, independent directors and directors' duties, mandates unique director identification and electronic compliance, introduces One-Person Companies and tighter regimes for not-for-profits, restricts public deposit raising, criminalizes insider trading by directors/KMPs, requires consolidated financial statements and independent valuation, and consolidates insolvency, merger and liquidation adjudication into specialised tribunals with time-bound rehabilitation and enhanced enforcement measures.
    August 14, 2008
    Overseas Direct Investment by Registered Trust / Society - Relaxation
    Show AI Summary
    Overseas direct investment by registered trusts and societies permitted in same sector with prior regulatory approval.
    Registered trusts and societies that have set up hospitals in India are permitted to make overseas direct investment in the same sector by establishing a Joint Venture or Wholly Owned Subsidiary, subject to the prior approval of the Reserve Bank and the other terms and stratified eligibility criteria specified in the earlier circular; a formal amendment to the Foreign Exchange Management Regulations is awaited to incorporate these relaxations.
    July 4, 2008
    28 FDI proposals cleared
    Show AI Summary
    Foreign direct investment approvals authorise varied equity inflows and company status changes while several proposals remain deferred.
    Approval of 28 foreign investment proposals across multiple sectors authorizes varied modes of inward investment including equity introductions, majority and minority stakes, establishment of wholly owned subsidiaries, conversions to holding cum operating companies, downstream investments, share transfers and issuance of compulsorily convertible instruments; several approvals invoke compliance with applicable Press Notes, some note no fresh foreign exchange inflow due to internal restructurings, one proposal advised to access the automatic route, and 11 proposals were deferred for further consideration.
    July 2, 2008
    Corrigendum to Press Note 7 (2008) - Consolidated Policy on Foreign Direct Investment
    Show AI Summary
    Foreign investment in non-banking finance companies permitted up to full ownership automatically, subject to capitalization norms and RBI compliance
    The corrigendum restates that specified Non-Banking Finance Company activities are eligible for up to 100% foreign investment on the automatic route, subject to minimum capitalization norms for fund based and non fund based NBFCs, conditions permitting wholly foreign owned operating subsidiaries when prescribed capital is brought in, subsidiary capital compliance for joint venture NBFCs with limited foreign equity, and adherence to Reserve Bank of India guidelines; minimum capitalization is to consist of ordinary shares and applies where foreign holding (direct and indirect) exceeds the specified thresholds.
    June 22, 2008
    Clarifications on queries raised by Lending Institutions on Agricultural Debt Waiver and Debt Relief Scheme, 2008
    Show AI Summary
    Debt relief eligibility: clarifies which agricultural loan components and interest qualify for waiver and reimbursement.
    Clarifies computation and scope of the eligible amount under the Agricultural Debt Waiver and Debt Relief Scheme, 2008: interest on accounts classified as NPA after NPA date cannot be claimed or recovered; for non NPA accounts, applicable interest overdue as of December 31, 2007 and unpaid by February 29, 2008 may be included but interest claims shall not exceed principal; certain loan types (short term production credit, investment credit for asset acquisition, specified allied activity loans) are covered subject to ceilings; back ended subsidies, crop insurance payouts and other non qualifying charges must be adjusted or excluded; SHG loans are eligible if borrower wise data can be satisfied; loans disbursed before the cut off are excluded except for restructured loans under specified packages.

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      FEMA & RBI

      Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection

      October 10, 2008

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      With immediate effect, the framework of charges to be levied by banks for offering various electronic products and for outstation cheque collection service shall be as under : -

      1.   Electronic products

      a) Inward RTGS / NEFT / ECS transactions - free, no charge to be levied.

      b)   Outward transactions -

      (i)  RTGS - Rs. 1 to 5 lakh            - not exceeding Rs. 25 per transaction
                     - Rs. 5 lakh and above   - not exceeding Rs. 50 per transaction

      (ii) NEFT  - Up to Rs. 1 lakh          - not exceeding Rs. 5 per transaction
                     - Rs.1 lakh and above    - not exceeding Rs. 25 per transaction

      c)   Banks may prescribe charges not higher than cheque return charges for ECS debit returns.

      d)   These charges shall be applicable for all types of transactions, including inter-bank funds transfers.

      2.   Outstation cheque collection

      a)   - Up to Rs. 10,000                     - not exceeding Rs. 50 per instrument
            - Rs. 10,000 to Rs. 1,00,000      - not exceeding Rs. 100 per instrument
            - Rs.1,00,001 and above            - not exceeding Rs. 150 per instrument

      b)   The above charges will be all inclusive.  No additional charges such as courier charges, out of pocket expenses, etc., should be levied from the customers. 

      c)   To reduce the clearing cycle and to promote electronic modes of payment, the drawee banks should use electronic modes like RTGS / NEFT, wherever available, to remit proceeds to the collecting bank branch.

      d)   Banks may make increased use of Speed Clearing and National Clearing facilities for providing efficient service.

      3. The above charges are applicable only to transactions originated and payable within India.

      4.  The provisions of this circular shall not be applicable to cash handling charges levied by banks for handling large value cash transactions.

      5.  No bank should refuse to offer the products to its customers or decline to accept outstation cheques deposited by its customers for collection.

      6. These Directions are issued by the Reserve Bank of India, in exercise of the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), without prejudice to permissions / approvals, if any, required under any other law.

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