Master Circular - Exemptions from the provisions of RBI Act, 1934 - ആർബിഐ - Reserve Bank of India
Master Circular - Exemptions from the provisions of RBI Act, 1934
RBI/2008-09/6 July 1, 2008 (i) The Secretary, Ministry of Finance Dear Sir, Master Circular- Exemptions from the provisions of RBI Act, 1934 The Bank has issued notifications from time to time exempting some entities from the requirements of Chapter III-B of the RBI Act, 1934 or part thereof. A Master Circular on the notifications issued upto June 30, 2008 has been prepared and placed on the RBI web-site (http: // www.rbi.org.in). 2. While the Master Circular has been prepared to enable the users to have the benefit of a consolidated circular, for the purpose of operations, they should refer to the instructions/directions contained in the relevant notification. A list of Notifications on which this Master Circular is based is given at the end of the Master Circular. Yours faithfully, (P. Krishnamurthy) 1. Introduction The Bank has issued notifications from time to time exempting some entities from the requirements of Chapter III B of the RBI Act, 1934 or part thereof. A Master Circular on the basis of notifications issued upto June 30, 2006 has been prepared. 2 (i) Exemption from provisions of Chapter III B of the RBI Act, 1934 – Housing Finance Institutions. The Bank has exempted a non-banking financial company which is a housing finance institution as defined in Section 2(d) of the National Housing Bank Act, 1987 from the provisions of Chapter III B of the RBI Act, 1934. 2(ii) Merchant Banking company : A merchant banking company has been exempted from the provisions of Section 45-IA [Requirement of registration and net owned fund], Section 45-IB [Maintenance of liquid assets] and 45-IC [Creation of Reserve Fund] of the RBI Act, 1934, Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998 and Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 subject to compliance with the following conditions: 2 (iii) Micro Finance Companies Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to any non-banking financial company
(a) engaged in micro financing activities, providing credit not exceeding Rs. 50,000 for a business enterprise and Rs. 1,25,000 for meeting the cost of a dwelling unit to any poor person for enabling him to raise his level of income and standard of living; and Mutual Benefit Companies Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to any non-banking financial company which
2(iv) Government Companies 2(v) Venture Capital Fund Companies 2(vi) Insurance/Stock Exchange/Stock Broker/Sub-Broker The provisions of Section 45-IA, 45-IB, 45-IC, 45MB and 45MC of the Reserve Bank of India Act, 1934 (2 of 1934) and provisions of Non-Banking Financial Companies Acceptance of Public Deposit (Reserve Bank) Directions contained in Notification No. DFC.118 / DG(SPT)-98 dated January 31. 1998, the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 dated January 31, 1998 shall not apply to any non-banking financial company not holding or accepting public deposit as defined in paragraph 2(1)(xii) of the Notification No. DFC.118/DG(SPT)-98 dated January 31, 1998, and - (a) doing the business of insurance, holding a valid certificate of registration issued under Section 3 of the Insurance Act, 1938 (IV of 1938); (b) being a stock exchange, recognised under Section 4 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) ; and (c) doing the business of a stock-broker or sub-broker holding a valid certificate of registration obtained under Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) 2(vii) Nidhi Companies The provisions of Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to any non-banking financial company (a) Notified under Section 620A of the Companies Act, 1956 (1 of 956), known as Nidhi Companies; and Chit Companies Securitisation and Reconstruction Companies Mortgage Guarantee Companies Annex
1 Notification DFC(COC) No 112 ED(SG)/97 read with circular DFC(COC) No. 4438/02.04/96-97 dated June 18, 1997 2 Notification No. DFC 123/ED(G)-98, dated February 3, 1998 3 Notification DFC(COC) No 118 DG(SPT)-98 dated January 31, 1998 4 Notification DFC(COC) No 119 DG(SPT)-98 dated January 31, 1998 5Notification No.DNBS.138/CGM(VSNM)-2000 read with DNBS.(PD).CC.No. 12 /02.01/99-2000dated January 13, 2000 6 Notification No.DNBS.134, 135, 138/CGM(VSNM)-2000 read with DNBS.(PD).CC.No. 12 /02.01/99-2000dated January 13, 2000 7 Notification No.DNBS.163/CGM(CSM)-2002 read with DNBS(PD)CC No.22 /02.59/ 2002-03 dated November 28, 2002 8 Notification No.DNBS.164/CGM(CSM)-2003 read with DNBS (PD) CC No. 23 / 01.18 / 2002-03 dated January 8, 2003 9 Notification No.DNBS.164/CGM(CSM)-2003 read with DNBS (PD) CC No. 23 / 01.18 / 2002-03 dated January 8, 2003 10 Notification No.DNBS. 3/CGM(OPA)-2003 dated August 28, 2003. 11 Notification No.DNBS.(MGC) 2/CGM(PK)-2008 read with DNBS (PD)(MGC) CC No. 111 / 03.11.001 / 2007-08 dated January 15, 2008. |