FEMA / RBI Monthly Updates : April 2021

 FEMA / RBI Monthly Updates : April 2021

Important Updates, March-2021:

1.      R RBI Has Released New Rules For Card Payments To Come Into Effect From April 1st, 2021

Reserve Bank of India has issued a new set of rules for payments made automatically from a user’s account for mobile, utility, e-commerce, OTT platforms and other bills. These automatic payments are likely to be disrupted from April 1st, 2021 as the new mandates will come into effect from the first of April. The RBI has issued that there will be a requirement of an additional authentication for recurring transactions using credit cards, debit cards, UPI or other prepaid payment instruments (PPIs). 

2. Banks to conduct special clearing operations for closure of govt accounts on Mar 31: RBI

"It is mandatory for all banks to participate in the special clearing operations on March 31, 2021.” Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year.

To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021.

3. FEMA to help manage unaccompanied minors at US-Mexico border

FEMA will support a governmentwide effort over the next three months to safely receive, shelter and transfer minor children who arrive alone at the U.S. southwest border, without a parent or other adult, Homeland Security Secretary Alejandro Mayorkas said Saturday.

The Biden administration is turning to the Federal Emergency Management Agency for help managing and caring for record numbers of unaccompanied immigrant children who are streaming into the United States by illegally crossing the border with Mexico

Government figures show a growing crisis at the border as hundreds of children illegally enter the U.S. from Mexico daily and are taken into custody.

 

4. Govt has received complaints against some e-commerce firms alleging violation of FDI policy: Piyush Goyal

"The government has received complaints against certain e-commerce companies alleging violation of FDI policy and necessary actions under the provisions of Foreign Exchange Management Act, 1999 have been taken for investigation by the Enforcement Directorate," Goyal said.

The government has received complaints against certain e-commerce companies alleging violation of foreign direct investment (FDI) policy and necessary actions have been taken for investigation by the Enforcement Directorate, Parliament was informed on Wednesday. In a written reply to the Lok Sabha, Commerce and Industry Minister Piyush Goyal said no representation from All India Chamber of Commerce and Industry (AICCI) was received regarding banning of some big e-commerce companies from operating in India.

 

 

r RBI Circulars / Notifications: March, 2021

 

Sl.	Particulars of the Circulars	Link
1	Finance Minister Smt. Nirmala Sitharaman attends virtual G20 Finance Ministers and Central Bank Governors Meeting	Click Here
2	Sovereign Gold Bond Scheme 2020-21 (Series XII) – Issue Price	Click here
3	Finance Minister Smt. Nirmala Sitharaman chairs meeting to discuss post-budget action points for infrastructure roadmap ahead	Click Here
4	Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds – Relaxations	Click Here
5	Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments	Click Here
6	Reserve Bank of India imposes monetary penalty on Bank of Maharashtra	Click Here
7	RBI Bulletin - February 2021	Click Here
8	Financial Action Task Force (FATF) High risk and other monitored jurisdictions	Click Here
9	RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities	Click Here
10.	RBI releases data on ECB / FCCB/RDB for January 2021	Click Here
11.	Performance of the private corporate business sector during the third quarter of 2020-21	Click Here
12	Overseas Direct Investment for February 2021	Click Here
13	India attracted total FDI inflow of US$ 67.54 billion during April to December 2020;	Click Here
14	Enabling Dealings by IFSC – Banking Units in Bullion Unallocated Accounts	Click Here
15	Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures	Click here
16	Extension of Cheque Truncation System (CTS) across all bank branches in the country	Click here
17	Reporting and Accounting of Central Government transactions of March 2021	Click here
18	RBI to conduct 14-day Variable Rate Reverse Repo auction under LAF on March 12, 2021	Click here
19	Revocation of Certificate of Authorisation	Click here
20	RBI imposes monetary penalty on the United India Co-operative Bank Limited, Nagina	Click here
21	Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS)– Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd. Nilanga, District Latur, Maharashtra – Extension of Period	Click here
22	RBI imposes monetary penalty on State Bank of India	Click here
23	Survey on Computer Software and Information Technology- Enabled Services Exports: 2019-20	Click here
24	RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities	Click here
25	Government encouraged investment for economic growth, including health sector	Click Here
26	Large Exposures Framework – Deferment of applicability of limits on non-centrally cleared derivatives exposures	Click here
27	Amendment to Master Direction (MD) on KYC – Procedure for Implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967	Click here
28	Master Direction - Amalgamation of Urban Cooperative Banks, Directions, 2020	Click here
29	Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Amendment of 8 entries	Click here
30	Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2020-21)	Click here
31	FETERS – Cards: Monthly Reporting	Click here
32	Special Clearing operations on March 31, 2021	Click here
33	RBI Bulletin - March 2021	Click here
34	588th Meeting of Central Board of the Reserve Bank of India	Click here
35	RBI announces rate of interest on Government of India Floating Rate Bond, 2033	Click here
36	Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract	Click Here

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