October 3, 2011
- Returns to be submitted by NBFCs – Revised Formats: RBI vide its notification. RBI /2011-12/195DNBS(PD).CC. No.243/03.02.02/2011-12, dated 22nd September 2011, has revised the formats of Returns to be submitted by NBFCs.
- Foreign Investments in India – Transfer of security by way of gift –Liberalisation: RBI vide its notification RBI/2011-12/175 A.P. (DIR Series) Circular No. 14, dated 15th September 2011, has decided that as hitherto, a person resident in India who proposes to transfer, by way of gift, to a person resident outside India any security including shares/convertible debentures is required to obtain prior approval of the Reserve Bank. However, the value of security to be transferred together with any security transferred by the transferor, as gift, to any person residing outside India which was not to exceed the rupee equivalent of USD 25,000 during a calendar year has been enhanced to USD 50,000 per financial year.
- Savings Bank account maintained by residents in India –Joint holder – Liberalisation: RBI vide its notification RBI/2011-12/173A.P. (DIR Series) Circular No. 12, dated 15th September 2011, it has been decided that individuals resident in India may be permitted to include non-resident close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as a joint holder(s) in their resident bank accounts on ‘former or survivor’ basis. However, such non- resident Indian close relatives shall not be eligible to operate the account during the life time of the resident account holder.