International Financial Services Authority (IFSCA) (Banking) (Amendment) Regulations, 2023
Public comments are invited in the prescribed format via mail to supriyo.b@ifsca.gov.in and manisha.khuntia@ifsca.gov.in on or before June 19, 2023 in M.S Excel or MS Word format only.
Clarification on (IFSCA) (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022
It is clarified that every banking company or financial institution or intermediary, as the case may be, shall register the details of a client, in case of client being a non-profit organisation, on the DARPAN Portal of NITI Aayog, if not already registered, and maintain such registration records for a period of five years after the business relationship between a client and a reporting entity has ended or the account has been closed, whichever is later.
RBI circular regarding withdrawal of 2000 Rs. currency notes from circulation
In continuance of the facility of exchange of ₹2000 bank notes banks are required to provide infrastructural facilities like shaded waiting space, drinking water facilities, etc. considering the summer season. Also they are required to maintain daily data on deposit and exchange of ₹2000 banknotes in the prescribed format.
Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023
The amendment provides that the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India shall require Prior approval of Reserve Bank.
RBI directs banks to complete transition away from the London Interbank Offered Rate
The Reserve Bank of India (RBI) has issued an advisory to banks and other RBI-regulated entities, emphasizing the need to take steps to ensure a complete transition away from the London Interbank Offered Rate (LIBOR) from July 01, 2023.
RBI launches ‘100 Days 100 Pays’ Campaign for Return of Unclaimed Deposits
This measure will complement the ongoing efforts and initiatives by the Reserve Bank to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners/ claimants.
Clarification regarding use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards or any other instrument that can be used to create a financial liability as currency
A few Authorized Persons are levying certain fees/charges, which are payable in India on such instruments, in foreign currency. It is advised that fees/charges payable in India have to be denominated and settled in Rupees only.
RBI clarification regarding formalization of Informal Micro Enterprises on Udyam Assist Platform
An interface has been created between the UAP and Udyam Registration Portal (URP) to enable the transition and migration of the IMEs from UAP to URP, once IMEs obtain the mandatorily required documents.
Master Circular on Income Recognition, Asset Classification, Provisioning and Other Related Matters for Urban Co-operative Banks
Banks should classify their assets into Standard Assets, Sub-standard Assets, Doubtful Assets and Loss Assets.
RBI amends Master Direction (MD) on KYC to include Instructions on Wire Transfer
All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information.
