RBI March 2014

By April 26, 2014 December 20th, 2019 No Comments
Date Subject Amendment
13-Mar-14 Foreign Exchange Management
(Transfer or Issue of Security by a Person Resident Outside India) (Second
Amendment) Regulations, 2014
The Regulations are amended to
bring it in line with the new SEBI Portfolio Investor Regulations 2014. The
amended Regulations recogise registered foreign portfolio investor (RFPI) as
person reigstered as such with SEBI. Further, the regulations provide that
any foreign institutional investor who holds a valid certificate of
registration from SEBI shall be deemed as a RFPI till the expiry of the block
of three years. The amended Regulkations are amended at appropriate places to
recognise investments to be made by RFPI and also prescribes limits,
conditions and complainces required for investments by RFPI.
(DIR Series) Circular No.
25-Mar-14 Foreign Portfolio Investor
– investment under Portfolio Investment Scheme, Government and Corporate
A framework for investments
under a new scheme i.e. ‘Foreign Portfolio Investment’ scheme has been
issued. This scheme details out all terms and conditions with respect to
investment by a SEBI registered Foreign Portfolio Investor.  
(DIR Series) Circular No.113
26-Mar-14 External Commercial Borrowings
(ECB) for Civil Aviation Sector
In terms of A.P. (DIR Series)
Circular No. 113 dated April 24, 2012 ECB can be raised by airline companies
for working capital as a permissible end-use, under the approval route,
subject to the conditions stipulated in the said Circular. The scheme was extended
till December 31, 2013 vide A.P. (DIR Series) Circular No. 116 dated June 25,
2013. Now, this scheme has been further extended till March
31, 2015
. All other conditions stipulated in
aforesaid Circular dated April 24, 2012 remain unchanged.
28-Mar-14 Issuance and Operation of
Pre-paid Payment Instruments in India – Consolidated
Revised Policy Guidelines
Consolidated guidelines under
Section 10(2) of the Payment and Settlement Systems Act, 2007 have been
notified. These guidelines prescribe the general type of pre-paid payment
instruments that
can be issued by banks and non-bank entities, as well as guidelines on
specific types of prepaid
payment instruments that have been permitted for issuance, such as,
co-branded cards,
pre-paid gift instruments, pre-paid instruments issued by banks to
government organisations /
financial institutions / corporate for specific purposes, as well as
pre-paid instruments issued by
banks for crediting cross border inward remittances

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