FDI policy reform expands sectoral access and eases entry conditions while preserving management control safeguards.
Inter-ministerial consultations are in progress to permit FDI in certain railway activities as part of a broader review to attract investment. The Budget statement proposes raising composite caps in defence and insurance with full Indian management and control via the FIPB route; reducing Smart City built-up area and capital thresholds with a post-completion lock-in; exempting projects allocating a defined share to affordable housing from minimum area and capitalisation requirements subject to lock-in; and retaining manufacturing FDI on the automatic route while allowing retail including e-commerce sales of manufactured products.

Reference Rate publication: central bank issues currency reference rates and cross currency derived exchange rates for market reference.
The Reserve Bank of India announces the Reference Rate for the US dollar and the Euro for the stated business day, provides previous day comparisons, and publishes GBP and JPY exchange rates derived from the US dollar Reference Rate and cross currency middle rates; the SDR Rupee rate is stated to be based on the published Reference Rate.

Reference exchange rates published by central bank set rupee benchmarks for major currencies and cross-rate derivations.
The central bank published reference exchange rates for the US dollar and the euro for the stated date, alongside the prior day figures for comparison. Derived rupee rates for the pound sterling and the Japanese yen are calculated from the dollar reference rate using middle cross currency quotes. The release states that the SDR rupee rate will be based on the published reference rate, providing official benchmarks for pricing, accounting and other operational uses.

Auction of government stocks using uniform price method; non-competitive facility and electronic E Kuber bidding govern participation and settlement.
Announcement of auctions for multiple Central Government stocks to be conducted by the Reserve Bank of India using the uniform price method, with specified notified amounts and up to 5% reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Bids must be submitted electronically on the RBI E-Kuber system within prescribed non-competitive and competitive time windows; results and payment/settlement dates are set, and the stocks are eligible for When Issued trading under RBI guidelines.

Reference rate publication sets exchange benchmarks for US dollar, Euro and derived cross currency rates against the rupee.
Publication of the Reference Rate establishes official exchange benchmarks: the Reserve Bank supplied the Reference Rate for the US dollar and the Euro for the reporting day, provided the prior business day's rates, and supplied derived rupee exchange rates for pound sterling and Japanese yen based on the US dollar reference and cross currency mid rates; the notice also states the SDR Rupee rate will be based on the Reference Rate.

FDI policy changes: defence and insurance caps raised to permit greater foreign investment under Indian management via FIPB.
Budget announcements relax and recalibrate FDI entry conditions: composite caps in defence and insurance will be increased via the FIPB route with Indian management and control; Smart Cities FDI thresholds for built-up area and capitalisation are reduced with a post-completion lock-in and exemptions where projects allocate a significant portion to low-cost affordable housing; manufacturing on the automatic route may sell through retail and e-commerce without extra approvals. The report also notes proposal volumes, pending cases and that sectoral/state breakdowns are not centrally maintained.

Credit guarantees for MSEs enable collateral free lending, complemented by Swarozgar credit and shared group insurance protections.
CGTMSE provides guarantees to registered Member Lending Institutions enabling collateral free loans to new and existing MSE units in manufacturing and services, though it does not keep separate data for artisans, craftsmen or weavers. NABARD's Swarozgar Credit Card Scheme offers timely working capital and block capital to small artisans and handloom weavers, includes consumption finance, and automatically covers beneficiaries under a group insurance with premium shared equally by bank and borrower.

No prosecution under FEMA; violations are addressed by show cause notices and adjudication by monetary-limited authorities.
On completion of FEMA investigations, identified contraventions are addressed by issuance of Show Cause Notices and adjudicated by the appropriate Adjudicating Authority according to prescribed monetary limits; there is no provision under FEMA for criminal prosecution and therefore no convictions under that statute.

Reference rate publication establishes exchange benchmarks and cross currency conversions, and bases the SDR Rupee conversion on that reference.
Publication sets the Reference Rate framework by announcing the Reserve Bank's daily rupee reference rates for major convertible currencies and, using those Reference Rates together with the middle rates of cross currency quotes, derives and publishes exchange rates for other currencies; it also specifies that the SDR Rupee rate will be based on the Reference Rate.

Reference Rate: rupee exchange benchmarks for major currencies updated with cross-currency quotes and SDR linkage.
The Reserve Bank of India publishes the Reference Rate for the US dollar and the Euro for July 17, 2014, compares those rates with July 16, and, using the USD reference and middle cross-currency quotes, derives rupee exchange rates for the British pound and Japanese yen; the SDR-Rupee rate is stated to be based on the published reference rate.

Foreign Direct Investment policy: increased caps for defence and insurance via government route; eased smart city and housing conditions.
FDI is generally permitted up to full ownership on the automatic route across most sectors subject to laws and sectoral conditionalities; specified activities are prohibited. The Budget proposes selective increases in sectoral caps via the government route (FIPB) for defence and insurance, relaxes size and capitalisation requirements for smart city projects with a post-completion lock-in, provides exemptions for projects committing a portion to low-cost housing subject to lock-in, and allows manufacturing units to sell through retail and e-commerce without further approvals.

Reference rate publication updates dollar and euro benchmarks, enabling derived pound and yen rupee rates and SDR conversion.
The Reserve Bank of India published official Reference Rates for the US dollar and the euro for July 16, 2014, noting the prior day's corresponding rates. It states that the US dollar reference rate, combined with middle cross currency quotes, yields the rupee exchange rates for the British pound and the Japanese yen for July 15 and July 16, 2014, and records that the SDR Rupee rate will be based on the published reference rate.

Reference rate publication updates exchange benchmarks for major currencies, governing valuation and official conversions for reporting.
The Reserve Bank of India publishes Reference Rates for the US dollar and the euro and supplies rupee exchange rates for other currencies derived from the dollar reference and middle cross currency quotes; the SDR Rupee rate is to be based on the Reference Rate, establishing these published figures as official benchmarks for valuation and reporting purposes.

Reference Rate publication sets exchange benchmarks and determines cross currency rates and SDR Rupee linkage for major currencies.
RBI published its Reference Rate for the US dollar and Euro on July 14, 2014, compared with the prior business day, and-using the dollar reference rate with middle cross currency quotations-provided derived rupee exchange rates for the British pound and Japanese yen; the release states the SDR Rupee rate will be based on the reference rate.

Service tax exemptions expand to specified insurance, transport, biomedical waste, custodial and tour operator services under new finance bill.
Service tax exemptions are introduced for specified services: life micro insurance schemes for the poor (subject to regulatory approval and sum assurance limits), transport of organic manure by vessel, rail or road (including GTA services), loading/unloading/packing/storage/warehousing/transport of ginned or baled cotton, services by common bio medical waste treatment facility operators to clinical establishments, specialized financial services procured by the central bank for reserve management, and services by Indian tour operators for tours wholly outside the country; exemptions take immediate effect.

Electronic clearing through bank accounts now satisfies payment-mode rules for acceptance and repayment of loans and deposits.
Amendment to sections 269SS and 269T permits acceptance and repayment of loans and deposits by use of an electronic clearing system through a bank account, so that such electronic bank-mediated transfers are not prohibited by those provisions, subject to the existing conditions regarding aggregate quantum and other requirements; the change applies prospectively to assessments for years after the commencement stated in the amendment.

Speculation business exclusion: principal-share-trading companies exempted from deemed speculative status, altering set-off rules going forward.
The amendment excludes companies whose principal business is trading in shares from being treated as engaged in speculation business under the Explanation that limits set-off and carry forward of speculation losses, thereby exempting such companies from the rule that speculation losses may only be set off against profits of other speculation business and applying prospectively from the stated operative date to subsequent assessment years.

Bank guarantee for NRI investments permitted without prior approval when SEBI takeover rules met and counter guarantee provided.
Authorised Dealer Category-I banks may issue bank guarantees on behalf of non-resident investors acquiring shares or convertible debentures through open offers, delisting or exit offers without prior Reserve Bank approval, provided the transaction complies with SEBI takeover regulations and the AD's guarantee is backed by a counter guarantee from a bank of international repute; guarantees must be co terminus with the offer period and any invocation requires the AD to report circumstances to the Reserve Bank.

Bank licensing: in-principle approvals and subsidiary mode for foreign banks reinforce stability-focused entry norms in private sector.
Licensing of new private sector banks was conducted via a High Level Advisory Committee applying the RBI Guidelines, whose recommendations led to in-principle approval for two applicants and a recommendation that the Department of Posts' application be considered separately with Government consultation. Regulatory policy on foreign banks' mode of presence moved toward a subsidiary model, justified on financial stability grounds and informed by stakeholder feedback and a prior Discussion Paper.

Reference Rate update: RBI published new exchange reference rates and cross currency derived pound and yen rates.
Reserve Bank of India published the Reference Rate for the US dollar and the Euro on July 11, 2014, stating the operative rupee equivalents and the previous day's rates; it specifies that the SDR Rupee conversion will be based on the published reference rate and that GBP and JPY rupee rates are calculated from the dollar reference and cross currency middle rates.