Notifications & Circulars
Reserve Bank of India
25.04.2019
Banking
Investment by Foreign Portfolio Investors (FPI) in Debt – Review
MANU/APDR/0017/2019
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 notified vide Notification No. FEMA 20(R)/2017-RB dated November 07, 2017, as amended from time to time and the relevant directions issued thereunder. A reference is also invited to AP (DIR Series) Circular No. 22 dated April 6, 2018, AP (DIR Series) Circular No.31 dated June 15, 2018, and AP (DIR Series) Circular No. 26 dated March 27, 2019 on FPI investments in debt instruments.
2. As a measure to broaden access of non-resident investors to debt instruments in India, Foreign Portfolio Investors (FPI) are now permitted to invest in municipal bonds.
3. FPI investment in municipal bonds shall be reckoned within the limits set for FPI investment in State Development Loans (SDLs).
4. All other existing conditions for investment by FPIs in the debt market remain unchanged.
5. AD Category-I banks may bring the contents of the circular to the notice of their customers/constituents concerned.
6. Necessary amendments to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 (Notification No. FEMA 20(R)/2017-RB dated November 07, 2017) have been notified by the Government on April 18, 2019 and are annexed to this circular.
7. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Tags : Investment FPI Debt Review
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Ministry of Environment and Forests
25.04.2019
Environment
Amendment in notification number S.O. 5120(E), dated the 3rd October, 2018
MANU/ENVT/0059/2019
In exercise of the powers conferred by sub-sections (1) and (3) of section 3 of the Environment (Protection) Act, 1986 (29 of 1986), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Environment, Forest and Climate Change, published in the Gazette of India vide number S.O. 5120(E), dated the 3rd October, 2018, namely:-
In the said notification, in paragraph 11, for the words "for a period of six months", the words, figures and letters "for a period upto 30th June, 2019" shall be substituted.
Tags : Amendment Notification Words Substitution
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Ministry of Finance
25.04.2019
Customs
Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulations, 2019
MANU/CUSN/0051/2019
In exercise of the powers conferred by section 157 read with section 50 of the Customs Act, 1962 (52 of 1962) and in supersession of the Shipping Bill (Electronic Integration Declaration) Regulations, 2011, except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs, hereby makes the following regulations, namely:-
1. Short title, application and commencement.--
(1) These regulations may be called the Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulations, 2019.
(2) They shall apply to export of goods from all customs stations where the Indian Customs Electronic Data Interchange System is in operation.
(3) They shall come into force on the date of their publication in the Official Gazette.
2. Definitions.--
(1) In these regulations, unless the context otherwise requires, -
(a) "Act" means the Customs Act, 1962 (52 of 1962);
(b) "authorised person" means an exporter or a person authorised by him who has a valid licence under the Customs Brokers Licensing Regulations, 2018 and includes an employee of the Customs broker who has been issued a photo identity card in Form G under the Customs Brokers Licensing Regulations, 2018;
(c) "electronic integrated declaration" means particulars relating to the export goods that are entered in the Indian Customs Electronic Data Interchange System;
(d) "ICEGATE" means the customs automated system of Central Board of Indirect Taxes and Customs;
(e) "section" means section of the Act;
(f) "service centre" means the place specified by the Principal Commissioner or the Commissioner of Customs, as the case may be, where the data entry of an electronic integrated declaration, is carried out;
(g) "shipping bill" means an electronic integrated declaration accepted and assigned a unique number by the Indian Customs Electronic Data Interchange System, and includes its electronic records or print outs.
Explanation. - For the purposes of this clause, the expression "electronic records" shall have the meaning assigned to it in the Information Technology Act, 2000 (21 of 2000);
(h) "supporting documents" means the documents in the electronic form or otherwise, which are relevant to the clearance of the export goods under sections 17 and 50 of the Act, respectively.
(2) Words and expressions used in these regulations and not defined but defined in the Customs Act, 1962 (52 of 1962) shall have the meanings as assigned to them in the said Act.
3. Authorised person to enter, etc. electronic integrated declaration.--
The authorised person shall -
(a) enter the electronic integrated declaration and upload the supporting documents on the ICEGATE by affixing his digital signature on the ICEGATE; or
(b) get the electronic integrated declaration made on the ICEGATE along with the supporting documents by availing the services at the service centre.
Explanation. - For the purposes of this regulation, the expression "digital signature" shall have the meaning assigned to it in the Information Technology Act, 2000 (21 of 2000);
4. Shipping bill when deemed to be filed and self assessment completed.--
The shipping bill shall be deemed to have been filed and self-assessment completed when, after entry of the electronic integrated declaration on the ICEGATE or by way of data entry through the service centre, a shipping bill number is generated by the Indian Customs Electronic Data Interchange System for the said declaration.
5. Order under section 51 or section 69.--
After the completion of assessment, payment of duty or cess, etc. if any, and examination of export goods, if so required, an order permitting clearance, under sub-section (1) of section 51 or section 69 as the case may be, shall be made and the order under this regulation may be recorded on the ICEGATE and conveyed electronically to the authorised person, the custodian, and to any other person(s) designated by the authorised person.
6. Retention of assessed copy of shipping bill and supporting documents.--
The authorised person shall retain, for a period of five years from the date of presentation of the shipping bill, the assessed copy of the shipping bill, digital or otherwise, and all supporting documents in original, which were used or relied upon by him in submitting the electronic integrated declaration, and shall produce them before Customs authorities in connection with any action or proceedings under the Act or under any other law for the time being in force.
7. Generation of authenticated copy of shipping bill.--
An authenticated copy of shipping bill may be generated at the request of the authorised person if possession of the said copy is required by him for compliance of provisions of any law for the time being in force.
8. Penalty for contravention, etc. of regulations.--
Any authorised person who contravenes any provision of these regulations or who fails to comply with any provisions of these regulations shall be liable to a penalty which may extend to fifty thousand rupees.
Tags : Shipping Bill Paperless Processing Regulations
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Reserve Bank of India
25.04.2019
Banking
Mr. Agustin Carstens, Bank for International Settlements delivered 17th C.D. Deshmukh Memorial Lecture titled "Central Banking and Innovation: Partners in the Quest for Financial Inclusion"
MANU/RPRL/0080/2019
The Reserve Bank of India hosted the Seventeenth C.D. Deshmukh Memorial Lecture on April 25, 2019 in Mumbai. The lecture was delivered by Mr. Agust¡n Carstens, General Manager, Bank for International Settlements (BIS). Governor Shri Shaktikanta Das in his opening remarks, welcomed the guests and highlighted the significance of the Lecture series, instituted by the Reserve Bank in the memory of Shri C.D. Deshmukh, the first Indian Governor of the Reserve Bank of India, to recognise his meritorious services to the Reserve Bank and the nation.
Mr. Agust¡n Carstens is General Manager of the BIS since December 2017. Mr. Carstens served as Governor of the Bank of Mexico from 2010 to 2017. As a member of the BIS Board from 2011 to 2017, he was chair of the Global Economy Meeting and the Economic Consultative Council from 2013 until 2017. He also chaired the International Monetary and Financial Committee, the IMF's policy advisory committee from 2015 to 2017. In today's lecture, Mr. Carstens highlighted the importance of access to financial services in a modern economy and underlined the crucial role that central banks can play in promoting financial inclusion in an economy. Financial inclusion can help in reducing poverty by fostering usage of formal credit, savings and insurance facilities. Lack of sufficient funds, high costs and lack of trust in formal financial system remain some of the key impediments to financial inclusion. Mr. Carstens posited that by looking after their core mandates - namely price and financial stability - central banks and financial authorities can bolster trust in the financial system, thus providing the basis for financial inclusion. The use of digital technology and big data can be leveraged to overcome some of the barriers to financial inclusion, namely the high costs, lack of documentation and credit history.
The full text of his lecture titled "Central Banking and Innovation: Partners in the Quest for Financial Inclusion" is placed at www.rbi.org.in.
Tags : Lecture Innovation Financial Inclusion
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Reserve Bank of India
24.04.2019
Banking
Reserve Bank of India releases Annual Report of the Banking Ombudsman Scheme 2006
MANU/RPRL/0079/2019
The Reserve Bank of India, today, released the Annual Report of the Banking Ombudsman Scheme for the year 2017-18.
Highlights
The 21 Offices of the Banking Ombudsman received 1,63,590 complaints in the year 2017-18 marking an increase of 24.9% over previous year.
Offices of Banking Ombudsman maintained a disposal rate of 96.5% as compared to 92.0% in the previous year.
The major grounds of complaints received during the year were non-observance of fair practices code (22.1%), ATM and debit card issues (15.1%), credit card issues (7.7%), failure to meet commitments (6.8%), mobile and electronic banking (5.2%).
Complaints received on grounds such as problems relating to 'Pension', 'Levy of Charges without Notice', 'Loans and Advances', 'Remittance', 'DSA and Recovery Agents' and 'Mis-selling' each accounted for 5% or less of the total complaints received.
65.8% of maintainable complaints were resolved by agreement i.e., through mediation. During the previous year, the figure stood at 42.4%.
148 Awards were issued by 12 out of the 21 Banking Ombudsman in 2017-18 as compared to 31 Awards issued in the previous year.
The Appellate Authority received 125 Appeals in the year 2017-18 as compared to 15 Appeals in the previous year. The rise in the number of Appeals followed expansion of the grounds on which Appeals can be filed against the decision of BOs with effect from July 1, 2017.
The average cost of handling a complaint came down from Rs. 3,626/- in 2016-17 to Rs. 3,504/- in 2017-18 due to increase in efficiency and economies of scale.
Offices of Banking Ombudsman organised awareness campaigns/outreach activities, town hall events, advertisement campaigns to spread awareness about the Scheme primarily covering the rural and semi-urban areas of their respective jurisdictions.
RBI's SMS handle 'RBISAY' was extensively used for sending text messages on topics such as fictitious offers of money, secured use of electronic banking facilities, BO Scheme, etc. An Integrated Voice Recognition Service facility (by giving a missed call on 14440) was also made available to public by RBI for getting more information on the above.
2. The Banking Ombudsman Scheme, 1995 was notified by the Reserve Bank of India on June 14, 1995 under Section 35A of the Banking Regulation Act, 1949. The aim and objective of the Scheme is to provide a quick and cost-free resolution mechanism for complaints relating to deficiency of banking services of common bank customers, who otherwise find it difficult or cost prohibitive to approach any other redressal fora such as courts. The Scheme is applicable to Scheduled Commercial Banks, Scheduled Primary Urban Co-operative Banks and the Regional Rural Banks. The Scheme has undergone several revisions since its inception. Presently, the Banking Ombudsman Scheme 2006, as amended up to July 1, 2017, is in operation. There are 21 Banking Ombudsmen with specific State-wise jurisdiction covering all the States and Union Territories.
Tags : Annual Report Release Ombudsman Scheme
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