Friday, 14 November 2014

RBI October 2014

Notification/Circular no. Date Subject Amendment
UBD.CO.LS (PCB) Cir.No.20/07.01.000/2014-15
October 13, 2014 Review of norms for classification of Urban Co-operative Banks (UCBs) as Financially Sound and Well Managed (FSWM) RBI has modified the norms for classification of UCBs as Financially Sound and Well Managed banks and has included additional criterion for the same. 
A.P. (DIR Series) Circular No.36
October 16, 2014 Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999 The Foreign Exchange (Compounding Proceedings) Rules, 2000 notified by the Government of India vide G.S.R.No.383 (E) dated 3rd May 2000, as amended from time to time regarding delegation of powers to the Regional Offices of the Reserve Bank of India to compound the contraventions of FEMA has been further modified to delegate further powers to Regional Offices as detailed out in the notification.
October 21, 2014 Framework for Revitalising Distressed Assets in the Economy – Review of the Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP) The Reserve Bank has  reviewed the Framework based on the representations received from banks and the Indian Banks’ Association (IBA) on difficulties faced by them in its effective implementation and it has been decided to introduce certain changes in the Framework as given in the notification.
UBD.BPD. (PCB). Cir No.24/13.05.000/2014-15
October 29, 2014 Undertaking of Activity by UCBs as PAN Service Agents (PSA) Earlier RBI had permitted only Financially Sound and Well Managed UCBs to act as PAN Service Agent with prior approval of RBI. With a view to expanding the scope of fee-based services offered by UCBs, it has now been decided to permit all UCBs to act as PAN Service Agent (PSA) by entering into a tie-up with any agency authorised by Income Tax Department, Government of India.

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