Attention of Authorized Dealer Category – I (AD Category –I) banks is invited to A.P. (DIR. Series) Circular No. 12, 30, 61, 40, 33 and 03 dated September 09, 2000, April 04, 2001, December 14, 2002, December 05, 2003, February 28, 2007 and July 22, 2010 respectively in terms of which the exporters were given limited powers of write-off and also AD Category
Question 1. Who is an NRI (Non-resident Indian)? Answer: A ‘Non-resident Indian’ (NRI) is a person resident outside India who is a citizen of India. Question 2. Who is a PIO? Answer: A ‘Person of Indian Origin (PIO)’ is a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or
On a review and taking into account feedback received from Indian Banks’ Association (IBA) and other stakeholders, it has been decided that banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system as per the provisions below: (i) For borrowers,
RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 8th September, 2021 Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021 F. No. FEMA 23(R)/(5)/2021-RB.—In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the
In continuation of the Government of India Notification regarding issuance of Sovereign Gold Bonds (SGB) dated 12th May 2021, SGB 2021-22 Series – I will be opened for subscription during the period 17th May 2021 to 25th May 2021. The issue price of the Bond during the subscription period shall be Rs 4,777 (Rupees Four
Sovereign Gold Bonds (SGBs) are the best alternative to investing in physical gold. These bonds give you the appreciation in capital invested and the Government also pays the interest at the rate of 2.5% per annum (on quarterly basis). These bond also reduces the various risk associated with the physical gold. Followings are the some
The Reserve Bank of India (RBI) orders banks and NBFC to “immediately put in place a Board-approved policy to refund/adjust the ‘interest on interest’ charged to the borrowers during the moratorium period, i.e. March 1, 2020 to 31st August 2020, in conformity with the Hon’ble Supreme Court of India Judgement in the matter of Small
