Provisions of section 15 of FEMA, 1999, enable compounding of contraventions and, empowers the RBI to compound any contravention as defined under section 13 of FEMA, 1999, except contraventions under section 3 (a) of FEMA, 1999, on an application made by person committing such contravention.
RBI has come across instances of guarantees (including Standby Letters of Credit [SBLCs] and / or performance guarantees) issued by persons resident outside India, favouring persons resident in India, which are not permitted under extant FEMA regulations.
GOI, vide Trade Notice No.18/2024-2025 dated 30-09-2024, has allowed for an extension of the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit ('Scheme') for three months up to 31-Dec-2024.
The Credit Information Companies (Regulation) Act, 2005 (CICRA) stipulates that only Credit Institutions (CIs) can furnish credit information to Credit Information Companies (CICs).
ARCs advised to become a member of at least one CIC.
A reference is invited to RBI Master Circular on Customer Service in Banks dated 01-July-2015, containing instructions for scheduled commercial banks to ensure banking services for Persons with Disabilities.
Nasscom, representing India’s $200 billion technology industry, advocates in the Union Budget for raising safe harbour eligibility thresholds in international transactions from the current Rs 200 crore to a minimum of Rs 2,000 crore.
The government may not tinker with rates under the old tax regime despite requests to increase the threshold for the highest tax slab to Rs 20 lakh. This is to ensure that more people are incentivised to move towards the new regime that discourages exemptions and rebates.
