The Hon'ble High Court has admitted a petition filed by the Reserve Bank of India against M/s. Asia Pacific Investment Trust Ltd., and has passed an order on September 7, 1998 for appointment of the Official Liquidator as Provisional Liquidator to take charge of all assets and properties of the company. The matter has been posted for further hearing on October 25, 1998. It may be recalled that M/s. Asia Pacific Investment Trust Ltd., a non-banking financial company (N

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration submitted by M/s. Elite Capital & Management Services Ltd., Flat No.1806, Sector-1, Pocket-B, Vasant Kunj, New Delhi-110 070 on September 28, 1998.  As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of S

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration on September 17, 1998 submitted by M/s. K.M. Capital Ltd., 303, Vardhman Plaza, D-14, Central Market, Prashant Vihar, New Delhi-110 085. As such, M/s. K.M. Capital Ltd. cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I of t

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the applications for certificates of registration submitted by the following financial companies: Name and address of the Company Date of rejection of application 1. M/s. Narain Properties Ltd., City Centre, 4th Floor, 63/2, The Mall, Kanpur-208 004. 18.9.1998 2. M/s. Kadambini Mercantiles Ltd., City Centre, 4th Floor, 63/2, The

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration on September 17, 1998 submitted by M/s. Keerthi Hire Purchase & Credits Ltd., having its Registered Office at Excel Building, Sastri Road, Kottayam 686001. As such, M/s. Keerthi Hire Purchase & Credits Ltd., is precluded from carrying on the business of a non-banking financ

The Reserve Bank of India has today reduced its export credit refinance rate by two percentage points. The refinance rate will now be 7 per cent (two percentage points below the Bank Rate) as against the previous 9 per cent. The revised rate will be effective today and valid up to March 31, 1999. The new rates of interest will be applicable up to March 31, 1999 after which status quo ante will be restored automatically, unless otherwise notified. (Alpana Killawala) Ge

The Reserve Bank of India has advised all non-banking financial companies holding/accepting public deposits and miscellaneous non-banking companies (chit funds) to ensure submission of the annual return within the stipulated date, i.e., as early as possible after March 31, 1998 and latest by September 30, 1998. The blank form of the annual return can be collected from the respective regional office of the Reserve Bank of India (Department of Non-Banking Supervision).

The Reserve Bank had prescribed prudential norms for Non-Banking Financial Companies (NBFCs) in January 1998. In response to advice received from the Institute of Chartered Accountants of India (ICAI) and in consultation with them, it has been decided to introduce certain modifications in the norms for accounting for investments and provisioning against non-performing assets (NPAs). The modifications are designed to bring the prudential norms on the above two aspects

Dear Sir, Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 - Amendments - Please refer to the Notification No.DFC.119/DG (SPT)-98 dated January 31, 1998 in terms of which Prudential Norms Directions were issued to NBFCs and RNBCs for mandatory compliance. 2. The Institute of Chartered Accountants of India (ICAI) expressed a view that valuation of Investments should be in alignment with the Accounting Standards issued by it and that ther

Reserve Bank of India today announced formation of an Informal Advisory Group on "Non-Banking Financial Companies" in order to review the implementation of the new NBFC regulations issued earlier this year. Besides, specific operational matters relating to regulatory and supervisory concerns will also be referred to this Committee for its suggestions. Shri S. Gurumurty. Executive Director of the Reserve Bank of India will be the Chairman of the Group and Shri V.S.N. M