Press Releases - RBI - Reserve Bank of India
Press Releases
Aug 23, 2005
Payment in Foreign Currency not to be insisted upon
It has been brought to the notice of the Reserve Bank that some of the service providers like hotels etc. quote differential tariff for foreigners in US$ and insist that the payment be made in foreign exchange. This practice is not consistent with Foreign Exchange Management Act (FEMA), 1999 and also undermines the legality of domestic currency in India. Earlier, under Foreign Exchange Regulation Act (FERA), 1973, the Government of India had issued a Notification date
It has been brought to the notice of the Reserve Bank that some of the service providers like hotels etc. quote differential tariff for foreigners in US$ and insist that the payment be made in foreign exchange. This practice is not consistent with Foreign Exchange Management Act (FEMA), 1999 and also undermines the legality of domestic currency in India. Earlier, under Foreign Exchange Regulation Act (FERA), 1973, the Government of India had issued a Notification date
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Jul 09, 2005
Deceased Depositors Accounts: Avoid Inconvenience and Hardships in Settlement of Claims: RBI tells Banks
In order to facilitate expeditious and hassle-free settlement of claims on the death of a depositor the Reserve Bank of India has asked the banks to follow a simple procedure with minimum documentation for release of the balance in deceased account holders’ accounts which operate under ‘Either or Survivor’ clause or in accounts which have a nomination. The Reserve Bank has advised banks to release the balance amounts in the deceased depositors’ accounts to the 'Surviv
In order to facilitate expeditious and hassle-free settlement of claims on the death of a depositor the Reserve Bank of India has asked the banks to follow a simple procedure with minimum documentation for release of the balance in deceased account holders’ accounts which operate under ‘Either or Survivor’ clause or in accounts which have a nomination. The Reserve Bank has advised banks to release the balance amounts in the deceased depositors’ accounts to the 'Surviv
May 20, 2005
Relief/Savings Bond holders to be compensated for late receipt of Interest/Principal
The Reserve Bank of India has today asked commercial banks to compensate the holders of Relief/Savings Bonds for the loss incurred by them on account of late receipt or delayed credit of the interest warrants/maturity value of their investments in these Bonds. The compensation would be paid at the current savings bank rate for the number of days of delay. The Reserve Bank has stated that its own offices will also pay such compensation in case the delay occurs at their
The Reserve Bank of India has today asked commercial banks to compensate the holders of Relief/Savings Bonds for the loss incurred by them on account of late receipt or delayed credit of the interest warrants/maturity value of their investments in these Bonds. The compensation would be paid at the current savings bank rate for the number of days of delay. The Reserve Bank has stated that its own offices will also pay such compensation in case the delay occurs at their
Sep 16, 2004
Coins of All Denominations are Legal Tender – RBI
The Reserve Bank of India has come across reports and has also received complaints that shopkeepers, traders, transport undertakings, Government departments, etc. do not readily accept 25 paise and 50 paise coins on the plea that these coins are no more legal tender or they are not accepted by bank branches. It is clarified for the benefit of public that all coins including 25 paise and 50 paise coins are legal tender and will continue to be so. Reluctance on the part
The Reserve Bank of India has come across reports and has also received complaints that shopkeepers, traders, transport undertakings, Government departments, etc. do not readily accept 25 paise and 50 paise coins on the plea that these coins are no more legal tender or they are not accepted by bank branches. It is clarified for the benefit of public that all coins including 25 paise and 50 paise coins are legal tender and will continue to be so. Reluctance on the part
Aug 16, 2004
RTGS Services now for Bank Customers: RBI
The Reserve Bank of India has, today announced that its Real Time Gross Settlement (RTGS) System has been enabled for ‘Straight Through Processing’ at the participant’s, that is, the bank’s end for putting through customer transactions. Straight through processing of customer transactions will, upon receiving the credit advice, allow banks to directly credit the customer’s account without any manual intervention. This will facilitate introduction of T+1 settlement in
The Reserve Bank of India has, today announced that its Real Time Gross Settlement (RTGS) System has been enabled for ‘Straight Through Processing’ at the participant’s, that is, the bank’s end for putting through customer transactions. Straight through processing of customer transactions will, upon receiving the credit advice, allow banks to directly credit the customer’s account without any manual intervention. This will facilitate introduction of T+1 settlement in
Jul 17, 2004
Simplification of RBI Note Refund Rules
The Reserve Bank of India (Note Refund) Rules, 1975, as amended from time to time, dealing with the adjudication of mutilated notes have been posted on our website www.rbi.org.in. With a view to simplify the same, the members of public are requested to make suggestions. The suggestions may be sent by post to the Chief General Manager, Department of Currency Management, Reserve Bank of India, Central Office, 21st Floor, Post Bag No.1379, Shahid Bhagat Singh Marg, Mumba
The Reserve Bank of India (Note Refund) Rules, 1975, as amended from time to time, dealing with the adjudication of mutilated notes have been posted on our website www.rbi.org.in. With a view to simplify the same, the members of public are requested to make suggestions. The suggestions may be sent by post to the Chief General Manager, Department of Currency Management, Reserve Bank of India, Central Office, 21st Floor, Post Bag No.1379, Shahid Bhagat Singh Marg, Mumba
May 25, 2004
Easing Individual Foreign Exchange Transactions : RBI implements Tarapore Committee recommendations
The Reserve Bank of India has initiated a variety of measures to ensure that individuals’ transactions in foreign exchange are as easy as their transactions in rupees. The measures include introduction of a liberalised scheme of personal remittance upto US$ 25,000 in February 2004 and removal of the restrictive clause of issuing Employees’ Stock Option at concessional rates. The Reserve Bank has also changed the name of the department handling the implementation of Fo
The Reserve Bank of India has initiated a variety of measures to ensure that individuals’ transactions in foreign exchange are as easy as their transactions in rupees. The measures include introduction of a liberalised scheme of personal remittance upto US$ 25,000 in February 2004 and removal of the restrictive clause of issuing Employees’ Stock Option at concessional rates. The Reserve Bank has also changed the name of the department handling the implementation of Fo
Apr 24, 2004
RBI disallows Certain Entities from accepting Fresh Deposits from NRIs
The Reserve Bank of India has today disallowed entities other than authorised dealers or authorised banks from accepting deposits from Non-Resident Indians (NRIs) received through fresh remittances from overseas. They will also not be permitted to accept deposits from NRIs by debit to their Non-Resident External (NRE)/Foreign Currency Non-Resident (Banks) (FCNR(B)) accounts. They will, however, be permitted to continue to hold the existing deposits and also renew such
The Reserve Bank of India has today disallowed entities other than authorised dealers or authorised banks from accepting deposits from Non-Resident Indians (NRIs) received through fresh remittances from overseas. They will also not be permitted to accept deposits from NRIs by debit to their Non-Resident External (NRE)/Foreign Currency Non-Resident (Banks) (FCNR(B)) accounts. They will, however, be permitted to continue to hold the existing deposits and also renew such
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
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.
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