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March 6, 2013
  1. Foreign Exchange Management Act,1999 - Import of precious and semi precious stones- Clarification
  2. The Reserve Bank of India (hereinafter referred to as “RBI”) has vide notification RBI/2012-13/418 A.P. (DIR Series) Circular No.83 dated 20th Feb, 2013 clarified that AD Category – I banks which are permitted to approve Suppliers and Buyers Credit including the Usance period of Letters of Credit opened for import of precious stones and semi-precious stones should ensure that the same do not exceed 90 days from the date of shipment. The revised directions will come into force with effect from 20th Feb, 2013.

  3. Guidelines on Fair Practices Code for NBFCs – Grievance Redressal Mechanism - Nodal Officer
  4. The Reserve Bank of India (hereinafter referred to as “RBI”) has vide its notification RBI/2012-13/416 DNBS.CC.PD.No.320/03.10.01/2012-13 dated 18th Feb, 2013 issued revised guidelines on Fair Practices Code (FPC) in view of the creation of a new category of NBFCs viz; NBFC-MFIs and also rapid growth in NBFCs’ lending against gold jewellery.

    As per Para 2 A (v) of the guidelines require that the Board of Directors of NBFCs should lay down the appropriate grievance redressal mechanism within the organization to resolve disputes between the company and its customers and the mechanism should ensure that all disputes arising out of the decisions of lending institutions' functionaries are heard and disposed of at least at the next higher level.

    The Fair Practices Code (FPC) so modified should be put in place by all NBFCs with the approval of their Boards within one month from the date of issue of this circular and should be published and disseminated on the web-site of the company, if any, for the information of the public.

  5. Opening of NRO accounts by individuals of Bangladesh Nationality

    The Reserve Bank of India (hereinafter referred to as “RBI”) vide notification RBI/2012-13/414 A.P.(DIR Series) Circular No. 82 dated 11th Feb, 2013 has reviewed the Schedule-3 of Foreign Exchange Management (Deposit) Regulations, 2000 and notified that henceforth the Authorised banks are permitted to open NRO account of individual/s of Bangladesh nationality without the approval of the Reserve Bank subject to the following conditions:

    • The bank concerned should satisfy itself that the individual is holding valid visa and valid residential permit issued by Foreigner Registration Office (FRO)/Foreigner Regional Registration Office (FRRO) concerned;

    • The Authorised bank should put in place a system of quarterly reporting whereby each branch of the Authorised bank shall maintain a record of the bank accounts opened by individual/s of Bangladesh nationality and details of such account shall be forwarded to their Head Office. The Head Office of the bank shall furnish details of such accounts on quarterly basis to the Under Secretary (Foreigners), Ministry of Home Affairs, NDCC-II Building, Jai Singh Road, New Delhi - 110 001.

    • The report shall contain details of Name/s of the Individual/s, Date of arrival in India, Passport No. and Place/Country of issue, Residential permit reference and date and place of issue, Name of the FRO/ FRRO concerned and the Complete address and contact number of the branch where the bank account is being maintained.

  6. Opening of accounts by entities of Bangladesh ownership shall continue to require approval of Reserve Bank, as hitherto.
  • By CS P. Surya Prakash  gg 0 Comments   


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