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February 25, 2015
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Reference rate for US dollar guides cross currency rupee rates and determines SDR rupee rate announcement.
The Reserve Bank of India published the daily Reference Rate for the US dollar and, using middle cross currency quotes, supplied corresponding rupee exchange rates for the euro, the British pound and the Japanese yen. The press release states that the SDR Rupee rate will be based on the RBI reference rate, thereby tying the rupee valuation of the special drawing right to the published US dollar benchmark and its derived cross currency conversions.
February 25, 2015
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Assessee Code validation: banks must verify registration and location codes before accepting tax challans and issue computerized acknowledgements promptly.
The guidance mandates quoting the 15 character Assessee Code and the six digit Location Code on GAR 7 challans for EASIEST payments, requires banks to validate codes via daily NSDL/EASIEST directories or online search and to issue computerized GAR 7 acknowledgements containing CIN and specified fields. Where codes are missing from bank directories and NSDL, taxpayers must engage CBEC/NSDL; erroneous e payment entries cannot be corrected and presently require refund, while limited corrections for manual challans may be effected by banks using RT 58 upon jurisdictional approval.
February 24, 2015
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Reference exchange rate: RBI's published US dollar reference underpins cross-currency and SDR rupee rate determinations publication.
The Reserve Bank of India publishes a daily US dollar reference rate, uses that reference together with middle cross-currency rates to derive rupee exchange rates for euro, pound sterling and yen, and specifies that the SDR rupee rate will be based on the published reference rate.
February 23, 2015
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Reference Rate for US dollar published; cross-currency Rupee rates updated and SDR-Rupee linked to reference.
The Reserve Bank of India published the Reference Rate for the US Dollar and corresponding EUR, GBP and JPY Rupee rates based on cross-currency middle rates, and stated that the SDR-Rupee rate will be based on that Reference Rate.
February 21, 2015
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Foreign investment cap in Indian insurance restricts aggregate foreign equity and requires approvals above the automatic threshold.
A regulatory framework imposes a foreign equity investment cap on Indian insurance companies and specified intermediaries, mandates resident Indian ownership and control, allows FDI up to an automatic threshold without prior approval, requires government approval for FDI that raises foreign investment beyond that threshold up to the cap, subjects foreign portfolio investment to FEMA and SEBI rules, and requires adherence to RBI pricing guidelines; rules are effective from Gazette publication.
February 20, 2015
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Reference rate publication guides cross currency rupee conversions and determines SDR rupee valuation under exchange rate framework.
Reserve Bank of India published the US dollar Reference Rate and, using that rate together with cross currency middle rates, released corresponding rupee exchange rates for the euro, pound sterling and yen; the SDR rupee rate is to be based on the published reference rate.
February 19, 2015
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Single-window G2B integration enables end-to-end online access to multiple government services for businesses, including filings, payments and licensing
Integration of multiple central government services on a single online platform establishes a single window mechanism for Government-to-Business interactions, centralising submissions, payments, status tracking and certificate download for business start-up related services, and shifting service delivery from department-centric to customer-centric. The portal provides end-to-end electronic filing, an integrated payment gateway and an electronic Pay and Accounts Office for booking and reconciliation of fees, with next-day transfers and permitted card-based collections where approved.
February 18, 2015
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Reference rate for the US dollar established, triggering corresponding EUR, GBP and JPY rupee rates and SDR linkage.
The Reserve Bank of India set a reference rate for the US dollar on February 18, 2015, providing the prior day's rate for comparison and using that reference rate together with cross currency middle rates to publish rupee exchange rates for the euro, pound sterling and yen; the release states the SDR Rupee rate will be derived from the published US dollar reference rate.
February 18, 2015
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Trade facilitation: India and Myanmar commit to border infrastructure, banking support, training and shipping links to boost trade.
The meeting focused on bilateral trade facilitation, agreeing to remove bottlenecks like poor connectivity and lack of banking arrangements. India offered to support development of border trade infrastructure, upgrade a Yangon trade training institute, provide WTO and international trade training to Myanmar officials, and back subsidized direct shipping links to boost bilateral trade. The parties also committed to promote investment, infrastructure, connectivity and sectoral cooperation, to hold the next Joint Trade and Investment Forum in Chennai with a Myanmar roadshow, and to jointly inaugurate the Zawkhatar land customs station.
February 16, 2015
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Reference rate for US dollar updated; corresponding euro, pound and yen rupee exchange rates published and SDR-rupee tied to it.
The Reserve Bank 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 Japanese yen for the current and immediate prior reference dates; the SDR-rupee rate will be based on the published US dollar reference rate.
February 14, 2015
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Trade balance trends: merchandise deficit slightly widened while services recorded a monthly surplus in December.
January 2015 merchandise exports fell year on year while cumulative April-January exports showed modest growth; imports declined in January but cumulative April-January imports increased. Oil imports declined markedly year on year, non oil imports rose month on month and cumulatively, and the merchandise trade deficit for April-January 2014-15 was slightly larger than the prior year. December 2014 services receipts exceeded payments, yielding a services trade surplus.
February 13, 2015
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Reference exchange rate: RBI publishes USD reference rate and derived EUR, GBP, JPY rates, affecting SDR Rupee calculation.
Reserve Bank of India published the official Reference Rate for the US Dollar and, using that rate with cross currency middle rates, provided corresponding exchange rates for the euro, pound sterling and Japanese yen against the rupee, noting the prior day's US dollar reference rate for comparison and stating that the SDR Rupee rate will be based on the published reference rate.
February 12, 2015
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Reference rate for US Dollar published, anchoring rupee exchange rates for euro, pound and yen and the SDR rupee valuation.
The Reserve Bank publishes a daily reference rate for the US Dollar and, using that reference rate with cross currency middle rates, provides corresponding rupee exchange rates for the Euro, Pound Sterling and Japanese Yen; the release also states the SDR Rupee rate will be based on the published reference rate.
February 11, 2015
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Automatic Exchange of Information urged to enhance tax transparency and trace undeclared cross border funds globally.
A very high priority should be given to mobilising investment, notably infrastructure, via policy reforms, multilateral bank support, long term institutional financing and new financial models, with early operationalisation of the Global Infrastructure Hub and improved PPP and public investment processes. Concerns about spillovers from unconventional monetary policies prompted calls to strengthen IMF governance and multilateral swap arrangements. Strong advocacy for global, rapid implementation of Automatic Exchange of Information to trace undeclared offshore funds was made, alongside requests for developing country support on base erosion and profit shifting; measures to unlock domestic capital for startups and promote venture capital were also urged.
February 11, 2015
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Reference rate for US dollar set by RBI adjusts cross-currency rupee rates and determines the SDR rupee basis.
The Reserve Bank of India published the Reference Rate for the US dollar, compared it with the previous day's rate, and-using the US dollar reference together with middle cross currency rates-announced corresponding rupee exchange rates for the euro, pound sterling and the Japanese yen; it also stated that the SDR Rupee rate will be based on the published reference rate.
February 10, 2015
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Reference rate for US Dollar updated, affecting cross currency rupee rates and guiding SDR rupee computation.
The Reserve Bank published the Reference Rate for the US Dollar and the prior day's rate, and, using that reference and middle cross currency quotes, provided rupee exchange rates for the Euro, Pound Sterling and the Yen; it also stated that the SDR Rupee rate will be based on the published reference rate.
February 10, 2015
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White Label ATM regulation standardizes access, fee limits and grievance recredit timelines for cardholders nationwide.
Automated Teller Machines and White Label ATMs are customer terminals for cash withdrawal and other services; WLAs are non-bank owned and do not accept cash deposits. Bank-issued ATM, debit, credit and eligible prepaid cards work at both ATMs and WLAs. Transactions require card use and entry of a Personal Identification Number (PIN) with advised security practices. Banks must display contact details for complaints; issuing banks must investigate failed transactions, recredit accounts within a mandated period and provide compensation for delays, with unresolved matters referable to the Banking Ombudsman.
February 9, 2015
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Reference rate for US dollar established, determining cross currency rupee rates and SDR rupee linkage to that reference.
The Reserve Bank of India published a reference rate for the US dollar and, using middle cross currency quotes, provided rupee exchange rates for the euro, pound sterling and yen; the announcement specifies that the SDR rupee rate will be based on that reference rate, creating a direct linkage between the published reference rate and SDR conversion for the rupee.
February 6, 2015
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Reference rate for US dollar published; corresponding euro, pound and yen rupee exchange rates and SDR rupee linkage announced.
The Reserve Bank published the US dollar reference rate for February 6, 2015 and the prior day, and, using that reference and cross currency middle rates, supplied rupee exchange rates for the euro, pound sterling and Japanese yen; the SDR rupee rate will be based on the reference rate.
February 5, 2015
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Reference rate for the US dollar informs derived exchange rates and determines the SDR-rupee conversion basis.
The Reserve Bank of India publishes a daily Reference Rate for the US Dollar and derives exchange rates for other currencies using cross-currency middle rates; the SDR-Rupee rate is based on that published reference rate.

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