Foreign Currency Accounts by Resident Individuals: Fifth Amendment
A new sub-regulation (CA) under Regulation 5 now permits Indian exporters to open, hold, and maintain Foreign Currency Accounts with banks outside India. This allows for greater control over their foreign exchange earnings and simplifies certain transactions.
Foreign Exchange Management (Deposit) (Fifth Amendment) Regulations, 2025
Authorised dealers in India and their branches abroad can now extend services, broadening their operational reach. Transfer of funds between repatriable Rupee accounts is now permitted for all legitimate transactions.
RBI announces Daily Variable Rate Repo (VRR) Auction
Based on assessment of the liquidity conditions, it is decided that the notified amount for the daily Variable Rate Repo (VRR) auction to be conducted on January 17, 2025, Friday, will be ₹50,000 crore.
RBI publishes details of steps introduced to encourage use of Indian Rupee and local / national currencies for settlement of cross border transactions
The Reserve Bank has signed Memorandum of Understanding (MoU) with the central banks of the United Arab Emirates, Indonesia and Maldives, to encourage cross-border transactions in local currencies. Further, in December 2023 the Foreign Exchange Management (Manner of Receipt and Payment) Regulations were revised to enable cross border transactions in all foreign currencies (including local currencies of trading partner countries) and INR.
RBI releases list of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation for NBFCs
The Reserve Bank of India announced today the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs for the year 2024-25. once an NBFC is classified as NBFC-UL, it shall be subject to enhanced regulatory requirement, at least for a period of five years from its classification in the layer, even in case it does not meet the parametric criteria in the subsequent year/s.
RBI to conduct Daily Variable Rate Repo (VRR) Auctions
RBI has decided to conduct Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice. The reversal of VRR auction conducted on a Friday will take place on the ensuing Monday or the next working day, if Monday is a holiday in Mumbai. The auction will be conducted between 10:00 AM and 10:30 AM every day.
RBI FAQs on the circular on ‘Reset of Floating Interest Rate on Equated Monthly Installments (EMI) based Personal Loans’
The circular exclusively applies to EMI-based personal loans. It does not extend to other loan types, such as business or commercial loans. Personal loans, as defined in the RBI’s earlier circular dated January 4, 2018, fall within its purview.
Assam Government Announces List of Holidays for the Year 2025
Assam Government Announces List of Holidays for the Year 2025
Karnataka Government Issues New Group Insurance Scheme Rules for State Employees
Government of Karnataka introduced Karnataka State Employees Group Insurance Scheme (Second Amendment) Rules, 2024.
RBI releases Draft Formats of Financial Statements of Co-operative Banks
The Reserve Bank has undertaken a comprehensive review of the formats of the financial statements of the co-operative banks and has released draft formats of the revised Forms and their schedules together with instructions for the compilation of the balance sheet and profit and loss account.
