RBI revises guidelines for concurrent audit system in commercial banks
Considering the changes in organizational structure of banks, its business models, use of technology (implementation of Core Banking Solution), etc., RBI re-looks at concurrent audit system in banking sector; Revises scope of audit, coverage of business / branches, types of activities to be covered, appointment of auditors and accountability, facilities for effective audit, remuneration, reporting systems etc.; States that concurrent audit system is regarded as part of bank's early warning system to ensure timely detection of irregularities and lapses, which also help in preventing fraudulent transactions at branches, the bank's management may continue to bestow serious attention to the implementation of various aspects of the system: RBI
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RBI reviews criterias for share issue under ESOPs & Sweat equity shares
RBI reviews guidelines for issue of ESOPs / Sweat Equity Shares to persons resident outside India; Subject to prescribed conditions, RBI states that an Indian company may issue ESOPs and/or sweat equity shares to its employees/directors or employees/directors of its holding company or JV or wholly owned overseas subsidiary/subsidiaries who are resident outside India; Prescribed conditions include: (i) Scheme should be drawn either in terms of SEBI Regulations or Cos. (Share Capital and Debentures) Rules, 2014 under Cos. Act 2013, (ii) ESOPs / Sweat equity shares are issued to non-resident employees/directors under applicable rules/regulations are in compliance with sectoral-cap applicable to the co. (iii) Issue of ESOPs / Sweat equity shares in company where foreign investment is under approval route shall require prior FIPB approval, (iv) Issue of ESOP / Sweat equity shares under applicable rules/regulations to an employee/director who is a citizen of Bangladesh/Pakistan shall require prior FIPB approval; States that issuing company shall furnish to concerned Regional Office of RBI within 30 days from the date of issue of ESOPs / Sweat equity shares, in Form-ESOP: RBI
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RBI permits Authorized Dealer Banks to factor export receivables on non-recourse basis
Based on the recommendation of the Technical Committee on Facilities and Services to Exporters, RBI now permits Authorised Dealer Category – I ('AD-Banks') to factor export receivables on a 'non-recourse basis', subject to compliance of certain conditions; Conditions include (i) AD-Banks may take their own business decision to enter into export factoring arrangement on non-recourse basis, by ensuring that their client is not over financed,(ii) In case export financing has not been done by Export Factor, the Export Factor may pass on net value to financing bank/ Institution after realising export proceeds; (iii) AD-Bank, being Export Factor, should have an arrangement with the Import Factor for credit evaluation & collection of payment, (iv) Notation should be made on the invoice that importer has to make payment to the Import Factor, (v) After factoring, Export Factor may close export bills and report the same in Export Data Processing & Monitoring System (EDPMS) of RBI, (vi) KYC and due diligence on the exporter shall be ensured by the Export Factor; Presently, Authorised Dealer Category – I ('AD-Banks') are permitted to provide 'export factoring' services to exporters on 'with recourse' basis by entering into arrangements with overseas institutions without RBI's prior approval but subject to certain compliances: RBI
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RBI clarifies on FPI's investment in security receipts issued by Asset Reconstruction Companies
RBI states that it has received enquiries about applicability of Reserve Bank directions on investment by FPIs in security receipts (SRs) issued by Asset Reconstruction Companies (ARCs); Clarifies that the restriction on investments with less than 3-years residual maturity shall not be applicable to investment by FPIs in SRs issued by ARCs; States that investment in SRs shall be within the overall limit prescribed for corporate debt from time to time: RBI
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RBI issues updated Master Circular on Export of Goods and Services
RBI issues updated Master Circular on Export of Goods and Services (Updated as on July 16, 2015).
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RBI issues updated Master Circular on Foreign Investment in India
RBI issues updated Master Circular on Foreign Investment in India (Updated as on July 16, 2015).
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Apple sued over 'iWatch' trademark, Google fights patent 'trolls'; Investors can't drag brokers to consumer courts
Apple sued over 'iWatch' trademark, Google fights patent 'trolls'; Investors can't drag brokers to consumer courts
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