IFSCA Banking Handbook Conduct of Business Directions- v 4.0.
The direction set out the framework for setting up and permitted activities for Global Administrative Office (GAO) in IFSC. Banking company incorporated in India or outside India and having an IBU or Representative Office (RO) in IFSC is also permitted to set up an GAO. The GAO shall be located in IFSC, but not on the same or contiguous premises as its IBU, unless specifically permitted by the Authority.
RBI allows International Trade Settlement in Indian Rupees (INR).
All exports and imports under this arrangement may be denominated and invoiced in Rupee and the Exchange rate between the currencies of the two trading partner countries may be market determined.
RBI notifies measures to boost forex inflow.
Beginning July 30, 2022 incremental Foreign Currency Non-Resident (Bank) [FCNR(B) and Non-Resident (External) Rupee (NRE) deposits with reference base date of July 1, 2022 will be exempt from the maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). This relaxation will be available for deposits mobilised up to November 4, 2022. Transfers from Non-Resident (Ordinary) (NRO) accounts to NRE accounts shall not qualify for the relaxation.
RBI clarification on Requirement for obtaining prior approval in case of takeover / acquisition of control of non-bank Payment System Operators (PSOs)
The non-bank PSOs shall inform RBI within 15 calendar days of change in management / directors and Sale / Transfer of payment activity to an entity authorized for undertaking similar activity.
RBI Announces Rate of Interest on Floating Rate Savings Bond, 2020 (Taxable) – FRSB 2020 (T) for the Period July 01 – December 31, 2022
Accordingly, the coupon rate on FRSB 2020 (T) for period July 1, 2022 to December 31, 2022 and payable on January 1, 2023 remains at 7.15% (6.80% +0.35%), unchanged from the previous half-year.
RBI directs strict compliance with provisioning Requirement for Investment in Security Receipts (SRs) under Transfer of Loan Exposures Directions
All lending institutions shall put in place a board approved plan to ensure that the provisioning made in each of the financial years is not less than one fifth of the required provisioning on this count.
RBI clarification on Tokenisation of Card Transactions: Permitting Card-on-File Tokenisation (CoFT) Services
It has been decided to extend the timeline for storing of CoF data by three months, i.e., till September 30, 2022, after which such data shall be purged.
Master Direction on Outsourcing of IT Services
Comments / feedback from REs and other stakeholders may be submitted by July 22, 2022 through email with the subject line ‘Feedback on Master Direction on Outsourcing of IT Services’. The final Master Direction shall be issued by Reserve Bank after considering the feedback received.
RBI extends the timeline for implementing certain provisions related to credit and debit cards.
Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card, if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card-issuers shall close the credit card account without any cost to the customer within seven working days from date of seeking confirmation from the customer.
Ministry of Finance notifies discount on the Sovereign Gold Bond Scheme 2022-23.
The Gold Bonds issued under this Scheme can be invested by a Trust, HUFs, Charitable Institutions, Universities, or an individual resident in India, individual, or on behalf of a minor child, or jointly with any other persons.
