Press Releases - RBI - Reserve Bank of India
Press Releases
Apr 19, 2004
RBI advises Banks to accept Coins by Weight
Members of public can now tender current and uncurrent coins at the counters of public and private sector banks as also at the Reserve Bank of India's counters. Banks and the Reserve Bank will accept these coins by weight.The Reserve Bank of India has advised all the branches of public/private sector banks in Mumbai city to accept, by weight, aluminium coins of 5 paise, 10 paise, 20 paise, aluminium bronze coins of 10 paise, stainless coins of 10 paise, cupronickel co
Members of public can now tender current and uncurrent coins at the counters of public and private sector banks as also at the Reserve Bank of India's counters. Banks and the Reserve Bank will accept these coins by weight.The Reserve Bank of India has advised all the branches of public/private sector banks in Mumbai city to accept, by weight, aluminium coins of 5 paise, 10 paise, 20 paise, aluminium bronze coins of 10 paise, stainless coins of 10 paise, cupronickel co
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Apr 17, 2004
RBI Rationalises Non-Resident Deposit Schemes
On a review of the existing non-resident deposit schemes, it has been decided to implement the following measures with immediate effect: Ceiling on Interest Rate on NRE Term Deposits It has now been decided that, until further notice, the interest rates on Non-Resident (External) Rupee (NRE) deposits for one to three years, contracted effective close of business in India on April 17, 2004, should not exceed the LIBOR/SWAP rates for US dollar of corresponding maturity.
On a review of the existing non-resident deposit schemes, it has been decided to implement the following measures with immediate effect: Ceiling on Interest Rate on NRE Term Deposits It has now been decided that, until further notice, the interest rates on Non-Resident (External) Rupee (NRE) deposits for one to three years, contracted effective close of business in India on April 17, 2004, should not exceed the LIBOR/SWAP rates for US dollar of corresponding maturity.
Mar 18, 2004
Liberalised Remittance Scheme of USD 25,000 for Resident Individuals-Investor Protection – Disclosure Requirements
In terms of A.P. DIR (Series) Circular No. 64 dated February 4, 2004, Reserve Bank has operationalised the Scheme permitting resident individuals to make remittance for an amount not exceeding USD 25,000 per calendar year. This facility is now available for making remittance up to USD 25,000 per calendar year for any current or capital account transaction or a combination of both. A number of foreign banks operating in India as well as Indian banks have been subsequen
In terms of A.P. DIR (Series) Circular No. 64 dated February 4, 2004, Reserve Bank has operationalised the Scheme permitting resident individuals to make remittance for an amount not exceeding USD 25,000 per calendar year. This facility is now available for making remittance up to USD 25,000 per calendar year for any current or capital account transaction or a combination of both. A number of foreign banks operating in India as well as Indian banks have been subsequen
Feb 24, 2004
Current Account Transactions Further Lliberalised
In order to further simplify and liberalise the current account transactions, the Reserve Bank of India has announced its decision to freely allow the Authorised Dealers, the following categories of remittances in terms of the Foreign Exchange Management Act (Current Account Transactions) Rules, 2000: Remittance by artistes, e.g., wrestlers, dancers, entertainers etc. Commission to agents abroad for sale of residential plots for amounts up to USD 25,000 or 5 per cent
In order to further simplify and liberalise the current account transactions, the Reserve Bank of India has announced its decision to freely allow the Authorised Dealers, the following categories of remittances in terms of the Foreign Exchange Management Act (Current Account Transactions) Rules, 2000: Remittance by artistes, e.g., wrestlers, dancers, entertainers etc. Commission to agents abroad for sale of residential plots for amounts up to USD 25,000 or 5 per cent
Feb 04, 2004
Liberalised Remittance Scheme of USD 25,000 for Resident Individuals
As a part of the measures for further liberalization, residents would be permitted to remit an amount up to USD 25,000 per calendar year for any purpose without any distinction between the transaction being on the current account or capital account, for which a Scheme has been formulated by the Reserve Bank.All resident individuals are eligible to avail of the facility under the scheme. This facility is available for making remittance up to USD 25,000 per calendar yea
As a part of the measures for further liberalization, residents would be permitted to remit an amount up to USD 25,000 per calendar year for any purpose without any distinction between the transaction being on the current account or capital account, for which a Scheme has been formulated by the Reserve Bank.All resident individuals are eligible to avail of the facility under the scheme. This facility is available for making remittance up to USD 25,000 per calendar yea
Jan 08, 2004
Banks can be penalised for stapling of Currency Note Packets : RBI
The Reserve Bank of India has reiterated that stapling of note packets had been totally banned and no bank or bank branch should issue or accept note packets in stapled condition. It has added that in case any bank or bank branch was found issuing or accepting note packets in stapled condition, it would be liable to be penalised under the existing provisions of the Banking Regulation Act, 1949. The Reserve Bank of India had last year issued a directive under Section 3
The Reserve Bank of India has reiterated that stapling of note packets had been totally banned and no bank or bank branch should issue or accept note packets in stapled condition. It has added that in case any bank or bank branch was found issuing or accepting note packets in stapled condition, it would be liable to be penalised under the existing provisions of the Banking Regulation Act, 1949. The Reserve Bank of India had last year issued a directive under Section 3
Dec 08, 2003
Residential Status of Indian Students Abroad Revised
The Reserve Bank of India has been receiving representations from Indian students studying abroad requesting that they may be treated as non-residents under FEMA. The purport of their argument is that though they are students, they are, in reality, not dependent for a dominant part of their expenses on remittances from their households in India. Often they are permitted to work and have to undertake certain related financial transactions. They urge, therefore, that th
The Reserve Bank of India has been receiving representations from Indian students studying abroad requesting that they may be treated as non-residents under FEMA. The purport of their argument is that though they are students, they are, in reality, not dependent for a dominant part of their expenses on remittances from their households in India. Often they are permitted to work and have to undertake certain related financial transactions. They urge, therefore, that th
Jul 21, 2003
Make Ordinary Bank Customer Ultimate Beneficiary of RTGS:
RBI urges Banks
RBI urges Banks
Shri Vepa Kamesam, Deputy Governor, Reserve Bank of India today urged banks to ensure complete infrastructural and human resources readiness, and connectivity and security at their end so that the Real Time Gross Settlement (RTGS) facilities could percolate to the ordinary customers. He added that one of the primary objectives of every central bank is to put in place a modern, robust, secure and integrated payment and settlement system to enable the common man to make
Shri Vepa Kamesam, Deputy Governor, Reserve Bank of India today urged banks to ensure complete infrastructural and human resources readiness, and connectivity and security at their end so that the Real Time Gross Settlement (RTGS) facilities could percolate to the ordinary customers. He added that one of the primary objectives of every central bank is to put in place a modern, robust, secure and integrated payment and settlement system to enable the common man to make
Jun 05, 2003
RBI appeals to Public to accept only Unstapled Notes
Some sections of the Print Media in their editions dated June 5, 2003, have carried stories on some difficulties and problems in, and plausible reasons, for non-implementation of the Reserve Bank of India’s Directive of November 7, 2001 regarding receipt and payment of cash only in unstapled notes. As the news item is not factual and to remove avoidable confusion, the Reserve Bank clarifies that it had issued the Directive and operative guidelines in November 2001. In
Some sections of the Print Media in their editions dated June 5, 2003, have carried stories on some difficulties and problems in, and plausible reasons, for non-implementation of the Reserve Bank of India’s Directive of November 7, 2001 regarding receipt and payment of cash only in unstapled notes. As the news item is not factual and to remove avoidable confusion, the Reserve Bank clarifies that it had issued the Directive and operative guidelines in November 2001. In
May 30, 2003
Acceptance of Small Coins
The Reserve Bank of India has come across reports in certain sections of the Press and is also receiving complaints that small coins of 5, 10 and 20 paise are not being accepted by banks, commercial organisations and general public for payments on the plea that these coins are no more legal tender. It is clarified that though minting and issue of these coins has been stopped, they have not been withdrawn by Government of India. All such coins issued earlier continue t
The Reserve Bank of India has come across reports in certain sections of the Press and is also receiving complaints that small coins of 5, 10 and 20 paise are not being accepted by banks, commercial organisations and general public for payments on the plea that these coins are no more legal tender. It is clarified that though minting and issue of these coins has been stopped, they have not been withdrawn by Government of India. All such coins issued earlier continue t
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