Saturday, 26 April 2014

RBI March 2014

Notification/Circular no. Date Subject Amendment
FEMA. 297/2014-RB 13-Mar-14 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Second Amendment) Regulations, 2014 The Regulations are amended to bring it in line with the new SEBI Portfolio Investor Regulations 2014. The amended Regulations recogise registered foreign portfolio investor (RFPI) as person reigstered as such with SEBI. Further, the regulations provide that any foreign institutional investor who holds a valid certificate of registration from SEBI shall be deemed as a RFPI till the expiry of the block of three years. The amended Regulkations are amended at appropriate places to recognise investments to be made by RFPI and also prescribes limits, conditions and complainces required for investments by RFPI.
A.P. (DIR Series) Circular No.
25-Mar-14 Foreign Portfolio Investor
- investment under Portfolio Investment Scheme, Government and Corporate debt
A framework for investments under a new scheme i.e. ‘Foreign Portfolio Investment’ scheme has been issued. This scheme details out all terms and conditions with respect to investment by a SEBI registered Foreign Portfolio Investor.  
A.P. (DIR Series) Circular No.113 26-Mar-14 External Commercial Borrowings (ECB) for Civil Aviation Sector In terms of A.P. (DIR Series) Circular No. 113 dated April 24, 2012 ECB can be raised by airline companies for working capital as a permissible end-use, under the approval route, subject to the conditions stipulated in the said Circular. The scheme was extended till December 31, 2013 vide A.P. (DIR Series) Circular No. 116 dated June 25, 2013. Now, this scheme has been further extended till March 31, 2015. All other conditions stipulated in aforesaid Circular dated April 24, 2012 remain unchanged.
DPSS.CO.PD.No. 2074/02.14.006/2013-14 28-Mar-14 Issuance and Operation of Pre-paid Payment Instruments in India – Consolidated
Revised Policy Guidelines
Consolidated guidelines under Section 10(2) of the Payment and Settlement Systems Act, 2007 have been notified. These guidelines prescribe the general type of pre-paid payment instruments that
can be issued by banks and non-bank entities, as well as guidelines on specific types of prepaid
payment instruments that have been permitted for issuance, such as, co-branded cards,
pre-paid gift instruments, pre-paid instruments issued by banks to government organisations /
financial institutions / corporate for specific purposes, as well as pre-paid instruments issued by
banks for crediting cross border inward remittances

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