|
Date |
Cir. No. |
Subject |
Brief |
Topic |
Ref. to earlier
circular/Notification |
|
06.07.2006 |
01 |
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985
between Government of India and erstwhile USSR |
The Rupee value of
the special currency basket has been fixed at Rs.60.49 with effect from
May 31, 2006 |
Deferred Payment
Protocols |
A.P. (DIR Series)
Circular No. 35 dated June 7, 2006 |
|
17.07.2006 |
02 |
Issue of Encashment Certificate (EC) |
When requested by
the customer, EC in form of ECF duly signed, may be issued by AD
Category I on their letter head should be recorded properly. In case
where the EC is not issued , attention of the customer should be drawn
to the fact |
Encashment
Certificate |
A.D. (M.A. Series)
Circular No.11, dated May 16, 2000 |
|
26.07.2006 |
03 |
Investment by Mutual Funds in Overseas Securities - Liberalisation of |
The aggregate
ceiling for overseas investment by mutual fund, registered with SEBI ,
is increased from USD 1 billion to USD 2 billion |
Investment by
Mutual Fund |
A.P. (DIR Series)
Circular No.97 dated April 29, 2003 |
|
28.07.2006 |
04 |
Maintenance of collateral by Foreign Institutional Investors (FIIs) for
transactions in derivative segment |
FIIs are permitted
to offer foreign sovereign securities with AAA rating as collateral to
the
recognised Stock
Exchanges in India for their transactions in derivatives segment.
|
Maintenance of collateral by (FIIs)
|
Notification No.
FEMA 120/ RB-2004 dated July 7, 2004 & Notification No. FEMA 20/2000 –RB
dated May 3, 2000 |
|
16.08.2006 |
05 |
NRIs/PIOs to use banking channels for purchase of immovable property |
Payment for
immovable property purchased by NRIs/PIO shall be made out of i) funds
received in India through normal banking channels by way of inward
remittance from any place outside India or ii) Funds held in any
non-resident account. |
Purchase of
immovable property |
Regulation No.3 & 4
of Notification No. FEMA 21/RB- 2000 dated May 3, 2000 |
|
06.09.2006 |
06 |
Overseas Direct Investment by Regulated Entities in the Financial Sector |
Regulated entities
in financial sector in India investing overseas in any activity will
have to comply with the conditions stipulated in Regulation 7.
Trading in
commodities exchanges overseas & setting up of JV/WOC will be reckoned
as financial services activity & will require clearance from the FMC. |
Overseas Direct
Investment |
Regulation 6&7 of
Notification No. FEMA 120/RB-2004 dated July 7, 2004 |
|
25.09.2006 |
07 |
Exim Bank's Line of Credit of USD 17 million to the Government of Niger |
The Exim Bank has
concluded an agreement making available to the latter a line of credit
up to an aggregate sum of USD 17 Million.
The credit is
available for financing of goods & services from India which are
eligible for export under the Foreign Trade Policy of Government of
India. |
Line of Credit |
sections
10(4) and 11(1) of
the Foreign Exchange Management Act (FEMA), 1999 |
|
25.09.2006 |
08 |
Exim Bank's Line of Credit of USD 10 million to the Government of
Mauritius |
The Exim Bank has
concluded an agreement making available to the latter a line of credit
up to an aggregate sum of USD 10 Million.
The credit is
available for financing export from India of equipment, goods & services
from India which are eligible for export under the Foreign Trade Policy
of Government of India. |
Line of Credit |
sections
10(4) and 11(1) of
the Foreign Exchange Management Act (FEMA), 1999 |
|
06.10.2006 |
09 |
Exim Bank's Line of Credit of USD 30.97 million to the Government of
Burkina Faso |
The Exim Bank has
concluded an agreement making available to the latter a line of credit
up to an aggregate sum of USD 30.97 Million.
The credit is
available for financing export of equipment, goods & services which are
eligible for agricultural projects under the Foreign Trade Policy of
Government of India. |
Line of Credit |
sections
10(4) and 11(1) of
the Foreign Exchange Management Act (FEMA), 1999 |
|
23.10.2006 |
10 |
Guidelines for Compilation of R-Returns Bank-wide consolidated R-Return |
AD Category – I
banks, having the facility for centralized processing of the data on
foreign exchange transactions, may either submit bank-wide R-Return or
continue with system of branch-wise R-Return. |
Compliance of R-
Return |
A.P. (DIR Series)
Circular No.77 dated March 13, 2004 |
|
16.11.2006 |
11 |
Ceiling on Overseas Investments by Mutual Funds Enhanced |
The aggregate
ceiling for overseas investment by Mutual Funds, registered with SEBI,
is increased from USD 2 billion to USD 3 billlion. |
Overseas
Investments by Mutual Funds |
A.P. (DIR Series)
Circular No.3 dated July 26, 2006 |
|
16.11.2006 |
12 |
Facilities to NRIs/PIOs and Foreign Nationals -Liberalisation. |
AD Category I banks
may, now allow remittances out of balances in NRO Accounts including
sale proceeds of immovable property provided that amount dose not exceed
USD one million. |
Facilities to NRI/ PIOS regarding NRO A/c |
A.P. (DIR Series)
Circular No.67 dated January 13, 2003 |
|
17.11.2006 |
13 |
Issue of Bank Guarantee on behalf of service importers |
AD Category I banks
are now permitted to issue guarantee on behalf of their customers
importing services up to USD 100000.
In case of
invocation of the guarantee, bank is required to submit a report on the
circumstances leading to the invocation of the guarantee. |
Bank Guarantee |
Regulation 4,
Notification No. FEMA.8/2000-RB dated May 3, 2000 |
|
28.11.2006 |
14 |
Current Account Transactions Liberalisation |
AD Category I banks
may permit drawal of foreign exchange by person for purchase of
trademark or franchise in India without approval of the Reserve Bank. |
Current Account |
Notification No.
G.S.R 381(E) dated 3rd May, 2000 |
|
30.11.2006 |
15 |
Exchange Earner's Foreign Currency (EEFC) Account-Liberalisation of
Procedure |
All categories of
foreign exchange earners are allowed to credit up to 100% of their
foreign exchange earnings. |
Exchange Earner's Foreign Currency account- |
Regulation 4,
Notification No. FEMA. 10/ 2000-RB dated 3rd May, 2000 |
|
30.11.2006 |
16 |
Exim Bank's Line of Credit of USD 10 million to the Government of Angola |
The Exim Bank has
concluded an agreement making available to the latter a line of credit
up to an aggregate sum of USD 10 Million.
|