Training and Recruitment info - please reach 040- 4003 2244-47
+91 90 43 003 883 | [email protected] | Reach us

RESERVE BANK OF INDIA (RBI)

1. Constitution of Audit Committee of the Board: RBI vide Circular No. RBI/2015-16/181, DBS.ARS.BC 4/08.91.020/2015-16 dated, 24th September, 2015, in relation to Constitution of the Audit Committee of the Board (ACB) has advised all the public sector banks as follows: “Should a bank have more than one ED, the ED in-charge of internal inspection and audit should be the member of the ACB whereas other Eds can be invitees to the meeting if the agenda includes any item for discussion from their domain.” The details of the said circular can be seen by following the link given above. 2. External Commercial Borrowings (ECB) Policy – Issuance of Rupee denominated bonds overseas RBI vide its circular no. RBI/2015-16/193/ A.P. (DIR Series) Circular No.17 dated September 29, 2015 has put in place a framework for issuance of Rupee denominated bonds overseas within the overarching ECB policy. The broad contours of the framework are as follows:
  1. Eligible borrowers: Any corporate or body corporate as well as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
  2. Recognised investors: Any investor from a Financial Action Task Force (FATF) compliant jurisdiction.
  3. Maturity: Minimum maturity period of 5 years.
  4. All-in-cost: All in cost should be commensurate with prevailing market conditions.
  5. Amount: As per extant ECB policy.
  6. End-uses: No end-use restrictions except for a negative list.
The detailed guidelines for issuance of Rupee denominated bonds overseas are set out in the said circular.  The details of the said circular can be seen by following the link given above. 3. Regularisation of assets held abroad by a person resident in India under Foreign Exchange Management Act, 1999 To effectively deal with assets held abroad by persons resident in India in violation of the Foreign Exchange Management Act, 1999 (FEMA) for which declarations have been made and taxes and penalties have been paid under the provisions of the Black Money Act, Reserve Bank has issued certain clarifications regarding the Foreign Exchange Management (Regularization of assets held abroad by a person resident in India) Regulations, 2015, vide its circular no. RBI/2015-16/195/ A.P. (DIR Series) Circular No.18 dated September 30, 2015. The details of the said circular can be seen by following the link given above. 4. Change in Bank Rate: RBI vide Circular No. RBI/2015-16/194 DBR.No.Ret.BC.42/12.01.001/2015-16, dated , 29th September, 2015, has adjusted the bank rate by 50 basis points from 8.25 per cent to 7.75 per cent with effect from September 29, 2015. The details of the said circular can be seen by following the link given above.
  • By admin  0 Comments   

    0 Comments

    Leave a Reply

    Your email address will not be published. Required fields are marked *