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RBI Trade Credit Policy Revised Framework

Fema/RBI - 03-Apr-2019

Attention of Authorised Dealers is invited to the rationalised principal regulation governing the External Commercial Borrowings (ECB) and Trade Credits already notified on December 17, 2018 through the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 gazetted vide Notification No. FEMA.3R/2018-RB dated December 17, 2018. The new ECB framework based on the above regulation was issued on January 16, 2019 vide A. P. (DIR Series) Circular No....

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Export and Import of Indian Currency

Fema/RBI - 03-Apr-2019

Attention of Authorised Persons is invited to Regulation 8 of Foreign Exchange Management (Export and import of currency) Regulations, 2015, in terms of which a person may take or send out of India to Nepal or Bhutan and bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India for any amount in denominations up to Rs. 100/-. Further, an individual may carry to Nepal or Bhutan, currency notes of Reserve Bank of India denominations above Rs....

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Annual Closing of Govt. A/cs Special RBI Measures for FY 2018-19

Fema/RBI - 03-Apr-2019

March 26, 2019 Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2018-19) The Government of India has desired that all government transactions done by agency banks for Financial Year 2018-19 must be accounted for within the same financial year and has requested that, as in previous years, certain special arrangements be made for this purpose. 2. Accordingly, all agency banks should keep the...

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Delhi HC uphold constitutional validity of 2nd provision to Section 5(1) of PMLA

Fema/RBI - 03-Apr-2019

J Sekar Vs. Union Of India & Ors (Delhi High Court) Delhi High Court has held as under- (i) The second proviso to Section 5(1) PMLA is not violative of Article 14 of the Constitution of India; the challenge in that regard in these petitions is hereby negatived. (ii) The expression ‘reasons to believe‘ has to meet the safeguards inbuilt in the second proviso to Section 5(1) PMLA read with Section 5(1) PMLA. (iii) The expression ‘reasons to believe‘ in...

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Reflections On Current Policy Issues Facing Indian Economy

Fema/RBI - 03-Apr-2019

India in recent years has emerged as one of the most vibrant economies in the world. Not only has India survived many global shocks successfully in recent years, it also tops the list of fastest growing emerging market economies (EMEs) in the world. According to the IMF’s database, India’s contribution to world growth has risen from 7.6 per cent during 2000-2008 to 14.5 per cent in 2018. Multilateral agencies are further optimistic on this as far as the medium-term outlook is...

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