News
Banks advised to not to recirculate banknotes having inscription or scribbling on any part of the banknote
  Banks advised to not to recirculate banknotes having inscription or scribbling on any part of the banknote     RBI/2013-14/183 DCM (NPD) No. G-11 /09.39.000 /2013-14 August 14, 2013 The Chairman and Managing Director / The Chief Executive Officer All Banks (including Co-operative banks and RRBs) Madam / Dear Sir, Clean Note Policy   Please refer Bank’s directive vide DBOD No. Dir. BC. 43/13.03.00/2001-02 dated November 07, 2001 and circular DCM (NPD) No. 5133/09...
No ceiling on Interest rate of NRE deposit
  No ceiling on Interest rate of NRE deposit   RBI/2013-14/186 DBOD.Dir.BC. 40 /13.03.00/2013-14 August 14, 2013 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir / Madam, Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits Please refer to our circularDBOD.Dir.BC.64/13.03.00/2011-12 dated December 16, 2011 on Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non- Resident (NRO) Accounts. &nbs...
Change in Interest Rates on FCNR(B) Deposits for 3 – 5 years
  Change in Interest Rates on FCNR(B) Deposits for 3 – 5 years   RBI/ 2013-14/185 DBOD.Dir.BC.38/13.03.00/2013-14 August 14 , 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Interest Rates on FCNR(B) Deposits Please refer to our circularNo.DBOD.Dir.BC.102/13.03.00/2011-12 dated May 4, 2012 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and ...
FCNR(B)/NRE Deposits – Exemption from Maintenance of CRR/SLR and exclusion from ANBC for Priority Sector...
    FCNR(B)/NRE Deposits – Exemption from Maintenance of CRR/SLR and exclusion from ANBC for Priority Sector Lending   RBI/2013-14/184 Ref: DBOD.No.Ret.BC. 36/12.01.001/2013-14 August 14, 2013 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir,   Section 42(1) of the Reserve Bank of India Act, 1934 and Section 24 of the Banking Regulation Act, 1949 – FCNR(B)/NRE deposits – exemptionfrom maintenance of CRR/SLR andexclusion from ...
Liberalised Remittance Scheme for Resident Individuals- Reduction of limit from USD 200,000 to USD 75,000
  Liberalised Remittance Scheme for Resident Individuals- Reduction of limit from USD 200,000 to USD 75,000   RBI/2013-14/181 A. P. (DIR Series) Circular No.24 August 14, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Liberalised Remittance Scheme for Resident Individuals- Reduction of limit from USD 200,000 to USD 75,000 Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the guidelines regarding the Liberalised Remit...
RBI issues clarification on Import of Gold by Nominated Banks /Agencies/Entities
  RBI issues clarification on Import of Gold by Nominated Banks /Agencies/Entities   RBI/2013-14/187 A.P. (DIR Series) Circular No. 25 August 14, 2013 To, All Category – I Authorised Dealer Banks All Scheduled Commercial Banks which are Authorised Dealers (ADs) in Foreign Exchange/ All Agencies nominated for import of gold Madam / Sir, Import of Gold by Nominated Banks /Agencies/Entities Attention of Authorised Persons is drawn to the Reserve Bank’s A.P. (DIR Ser...
RBI announces measures to rationalize Foreign Exchange Outflows by Resident Indians
  RBI announces measures to rationalize Foreign Exchange Outflows by Resident Indians  (16-Aug-13)   Keeping in view the current macroeconomic situation, the Reserve Bank of India has today announced the following measures: (i) Reduced the limit for Overseas Direct Investment (ODI) under automatic route for all fresh ODI transactions, from 400% of the net worth of an Indian Party to 100% of its net worth. This reduced limit would also apply to remittances made under the ODI...
Acknowledgement by Banks at the time of submission of Form 15-G/15-H
Acknowledgement by Banks at the time of submission of Form 15-G/15-H RBI/2012-13/516 DBOD.No.Leg.BC.100/09.07.005/2012-13 May 31, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Acknowledgement by banks at the time of submission of Form 15-G / 15-H As you are aware banks are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962. However, it has been brought to our notice that despite submission of Form 15-G/15-H by customer...

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