Category: Notifications

Large Exposures Framework – Exemptions

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RBI/2020-21/104
DOR.No.CRE.BC.45/21.01.003/2020-21

February 24, 2021

All Scheduled Commercial Banks
(Excluding Small Finance Banks, Payments Banks
Local Area Banks and Regional Rural Banks)

Dear Sir/Madam,

Large Exposures Framework – Exemptions

Please refer to circular No.DBR.No.BP.BC.43/21.01.003/2018-19 dated June 03, 2019 on Large Exposures Framework (LEF)

2. Paragraph 3 of the Annex to the above circular specifies the exposures that are exempt from the LEF. On a review, it has been decided to further exempt the following exposures from the LEF:

• Exposures to foreign sovereigns or their central banks that are:

  1. subject to a 0% risk weight under Table 2 of paragraph 5.3.1 of the Master Circular – Basel III Capital Regulations dated July 1, 2015, as modified vide circular dated October 8, 2015; and,

  2. denominated in the domestic currency of that sovereign and met out of resources of the same currency.

Yours faithfully,

(Manoranjan Mishra)
Chief General Manager

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Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Amendment of 92 entries

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RBI/2020-21/103
DOR.AML.BC.No.44/14.06.001/2020-21

February 24, 2021

The Chairpersons/ CEOs of all the Regulated Entities

Madam/Dear Sir,

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List – Amendment of 92 entries

Please refer to Section 51 of our Master Direction on Know Your Customer dated February 25, 2016 as amended on December 18, 2020, in terms of which “Regulated Entities (REs) shall ensure that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967, they do not have any account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the United Nations Security Council (UNSC).”

2. In this regard, Ministry of External Affairs (MEA) has now forwarded the following Press Release issued by the United Nations Security Council (UNSC) Committee established pursuant to Resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals, groups, undertakings and entities regarding changes in the List of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of UNSC resolution 2368 (2017), and adopted under Chapter VII of the Charter of the United Nations.

Note SC/14446 dated 23 February 2021 regarding amendment of ninety two entries[1. QDi.006, 2. QDi.012, 3. QDi.015, 4. QDi.029, 5. QDi.057, 6. QDi.126, 7. QDi.135, 8. QDi.141, 9. QDi.150, 10. QDi.154, 11. QDi.155, 12. QDi.184, 13. QDi.208, 14. QDi.217, 15. QDi.219, 16. QDi.222, 17. QDi.223, 18. QDi.226, 19. QDi.244, 20. QDi.251, 21. QDi.268, 22. QDi.282, 23. QDi.292, 24. QDi.293, 25. QDi.295, 26. QDi.299, 27. QDi.296, 28. QDi.298, 29. QDi.328, 30. QDi.333, 31. QDi.338, 32. QDi.343, 33. QDi.344, 34. QDi.345, 35. QDi.348, 36. QDi.349, 37. QDi.350, 38. QDi.355, 39. QDi.356, 40. QDi.357, 41. QDi.358, 42. QDi.359, 43. QDi.360, 44. QDi.363, 45. QDi.364, 46. QDi.365, 47. QDi.367, 48. QDi.368, 49. QDi.371, 50. QDi.372, 51. QDi.336, 52. QDi.377, 53. QDe.001, 54. QDe.002, 55. QDe.003, 56. QDe.004, 57. QDe.006, 58. QDe.007, 59. QDe.008, 60. QDe.010, 61. QDe.011, 62. QDe.012, 63. QDe.014, 64. QDe.019, 65. QDe.021, 66. QDe.070, 67. QDe.088, 68. QDe.089, 69. QDe.090, 70. QDe.092, 71. QDe.098, 72. QDe.100, 73. QDe.101, 74. QDe.104, 75. QDe.106, 76. QDe.108, 77. QDe.109, 78. QDe.110, 79. QDe.111, 80. QDe.112, 81. QDe.113, 82. QDe.114, 83. QDe.115, 84. QDe.116, 85. QDe.118, 86. QDe.119, 87. QDe.130, 88. QDe.131, 89. QDe.132, 90. QDe.147, 91. QDe.148, 92. QDe.151]

The UNSC press release concerning amendments to the list is available at URL: https://www.un.org/securitycouncil/sanctions/1267/press-releases

3. Updated lists of individuals and entities linked to ISIL (Da’esh), Al-Qaida and Taliban are available at:

www.un.org/securitycouncil/sanctions/1267/aq_sanctions_list

https://www.un.org/securitycouncil/sanctions/1988/materials

4. The details of the sanctions measures and exemptions are available at the following URL: https://www.un.org/securitycouncil/sanctions/1267#further_information

5. As per the instructions from the Ministry of Home Affairs (MHA), any request for delisting received by any Regulated Entity (RE) is to be forwarded electronically to Joint Secretary (CTCR), MHA for consideration. Individuals, groups, undertakings or entities seeking to be removed from the Security Council’s ISIL (Da’esh) and Al-Qaida Sanctions List can submit their request for delisting to an independent and impartial Ombudsperson who has been appointed by the United Nations Secretary-General. More details are available at the following URL:

https://www.un.org/securitycouncil/ombudsperson/application

6. In view of the above, REs are advised to take note of the aforementioned UNSC communication and ensure meticulous compliance.

Yours faithfully,

(Vivek Srivastava)
General Manager

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Reserve Bank of India – Notifications

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RBI/2020-21/102
DOR.No.Ret.BC.43/12.07.150/2020-21

February 22, 2021

All Scheduled Commercial Banks

Dear Sir/Madam

Inclusion of “Fino Payments Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934

We advise that “Fino Payments Bank Limited” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DoR.NBD.No.2138/16.03.005/2020-21 dated January 01, 2021 and published in the Gazette of India (Part III – Section 4) dated February 13 – February 19, 2021.

Yours faithfully

(S M Parida)
General Manager

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Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Deletion of two entries

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RBI/2020-21/101
DOR.AML.BC.No.42/14.06.001/2020-21  

February 22, 2021

The Chairpersons/ CEOs of all the Regulated Entities

Madam/Dear Sir,

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List – Deletion of two entries

Please refer to Section 51 of our Master Direction on Know Your Customer dated February 25, 2016 as amended on December 18, 2020, in terms of which “Regulated Entities (REs) shall ensure that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967, they do not have any account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the United Nations Security Council (UNSC).”

2. In this regard, Ministry of External Affairs (MEA) has now forwarded the following Press Release issued by the United Nations Security Council (UNSC) Committee established pursuant to Resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals, groups, undertakings and entities regarding changes in the List of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of UNSC resolution 2368 (2017), and adopted under Chapter VII of the Charter of the United Nations.

Note SC/14440 dated 19 February 2021 deleting two entries to list of individuals in UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List viz. [QDi.138 Name: 1: SAID 2: BEN ABDELHAKIM 3: BEN OMAR 4: AL-CHERIF ] and [QDi.362 Name: 1: EMRAH 2: ERDOGAN 3: na 4: na]

The UNSC press release concerning amendments to the list is available at URL: https://www.un.org/securitycouncil/sanctions/1267/press-releases

3. Updated lists of individuals and entities linked to ISIL (Da’esh), Al-Qaida and Taliban are available at:

www.un.org/securitycouncil/sanctions/1267/aq_sanctions_list

https://www.un.org/securitycouncil/sanctions/1988/materials

4. The details of the sanctions measures and exemptions are available at the following URL: https://www.un.org/securitycouncil/sanctions/1267#further_information

5. As per the instructions from the Ministry of Home Affairs (MHA), any request for delisting received by any Regulated Entity (RE) is to be forwarded electronically to Joint Secretary (CTCR), MHA for consideration. Individuals, groups, undertakings or entities seeking to be removed from the Security Council’s ISIL (Da’esh) and Al-Qaida Sanctions List can submit their request for delisting to an independent and impartial Ombudsperson who has been appointed by the United Nations Secretary-General. More details are available at the following URL:

https://www.un.org/securitycouncil/ombudsperson/application

6. In view of the above, REs are advised to take note of the aforementioned UNSC communication and ensure meticulous compliance.

Yours faithfully,

(Vivek Srivastava)
General Manager

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Reserve Bank of India – Notifications

Notifications

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April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Capital and provisioning requirements for exposures to entities with Unhedged Foreign Currency Exposure

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RBI/2020-21/100
DOR.No.MRG.BC.41/21.06.200/2020-21

February 17, 2021

All Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir/Madam

Capital and provisioning requirements for exposures to entities with Unhedged Foreign Currency Exposure

Please refer to our circular DBOD.No.BP.BC.116/21.06.200/2013-14 dated June 3, 2014 on capital and provisioning requirements for exposures to entities with Unhedged Foreign Currency Exposure (UFCE).

2. The guidelines mandate that information on UFCE may be obtained by banks from entities on a quarterly basis, on self-certification basis, and preferably should be internally audited by the entity concerned. We have received representation from banks expressing their inability in obtaining UFCE certificates from listed entities for the latest quarter due to restrictions on disclosure of such information prior to finalisation of accounts.

3. In view of this, it has been decided that in such cases, banks may use data pertaining to the immediate preceding quarter for computing capital and provisioning requirements in case of Unhedged Foreign Currency Exposures.

4. All other instructions remain unchanged.

Yours faithfully,

(Usha Janakiraman)
Chief General Manager

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Reserve Bank of India – Notifications

Notifications

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April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Notifications

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RBI/2020-21/99
A.P. (DIR Series) Circular No. 11

February 16, 2021

To

All Category-I Authorised Dealer Banks

Madam / Sir

Remittances to International Financial Services Centres (IFSCs) in India under the
Liberalised Remittance Scheme (LRS)

Please refer to the Statement on Development and Regulatory Polices announced as part of the Bi-monthly Monetary Policy Statement dated February 05, 2021 on the above subject.

2. With a view to deepen the financial markets in International Financial Services Centres (IFSCs) and provide an opportunity to resident individuals to diversify their portfolio, the extant guidelines on Liberalised Remittance Scheme (LRS) have been reviewed and it has been decided to permit resident individuals to make remittances under LRS to IFSCs set up in India under the Special Economic Zone Act, 2005, as amended from time to time. Accordingly, AD Category – I banks may allow resident individuals to make remittances under LRS to IFSCs in India, subject to the following conditions:

  1. The remittance shall be made only for making investments in IFSCs in securities, other than those issued by entities/companies resident (outside IFSC) in India.

  2. Resident Individuals may also open a non interest bearing Foreign Currency Account (FCA) in IFSCs, for making the above permissible investments under LRS. Any funds lying idle in the account for a period upto 15 days from the date of its receipt into the account shall be immediately repatriated to domestic INR account of the investor in India.

  3. Resident Individuals shall not settle any domestic transactions with other residents through these FCAs held in IFSC.

3. AD Category – I banks, while allowing such remittances, shall ensure compliance with all other terms and conditions, including reporting requirements prescribed under the Scheme. It may be noted that any person resident in India (outside IFSC) entering into any transaction with a person/entity in IFSC shall only be governed by regulations/directions and rules issued/notified by the Reserve Bank of India and the Government of India respectively under Foreign Exchange Management Act (FEMA), 1999. Further, compounding of any contravention of FEMA provision by such person resident in India shall be dealt by the Reserve Bank of India in accordance with the extant instructions/provisions on compounding of contraventions under FEMA.

4. Master Direction No.7 (Master Direction – Liberalised Remittance Scheme) is being updated to reflect the above changes. AD Category – I banks should bring the contents of this circular to the notice of their constituents and customers.

5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

Yours faithfully

Ajay Kumar Misra
Chief General Manager-in-Charge

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RBI/2020-21/98
A. P. (DIR Series) Circular No. 10

February 15, 2021

All Authorised Dealer Category-I Banks

Madam/Sir,

Margin for Derivative Contracts

Attention of Authorised Dealer Category-I (AD Cat-I) banks is invited to the Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020 notified in the Gazette of India vide notification no. FEMA.399/RB-2020 dated October 23, 2020 (Annex I). Accordingly, directions are being issued to allow posting and collection of margin for permitted derivative contracts between a person resident in India and a person resident outside India.

2. AD Cat-I banks may post and collect margin in India, on their own account or on behalf of their customers, for a permitted derivative contract entered into with a person resident outside India in the form of:

  1. Indian currency;

  2. Freely convertible foreign currency;

  3. Debt securities issued by Indian Central Government and State Governments;

  4. Rupee bonds issued by persons resident in India which are:

    1. Listed on a recognized stock exchange in India; and

    2. Assigned a credit rating of AAA issued by a rating agency registered with the Securities and Exchange Board of India. If different ratings are accorded by two or more credit rating agencies, then the lowest rating shall be reckoned.

Explanation: Permitted derivative contract shall have the same meaning as assigned to it in the Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020 [Notification no. FEMA.399/RB-2020 dated October 23, 2020].

3. AD Cat-I banks may post and collect such margin outside India in the form of:

  1. Freely convertible foreign currency; and

  2. Debt securities issued by foreign sovereigns with a credit rating of AA- and above issued by S&P Global Ratings / Fitch Ratings or Aa3 and above issued by Moody’s Investors Service. If different ratings are accorded by two or more credit rating agencies, then the lowest rating shall be reckoned.

4. AD Cat-I banks may receive and pay interest on margin posted and collected on their own account or on behalf of their customers for a permitted derivative contract entered into with a person resident outside India.

5. AD Cat-I banks shall maintain a separate account in the name of persons resident outside India for the purpose of posting and collecting cash margin in India, and transactions incidental thereto.

6. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(Dimple Bhandia)
Chief General Manager

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Reserve Bank of India – Notifications

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RBI/2020-2021/97
DOR.CO.LIC.CC No.119/03.10.001/2020-21

February 12, 2021

To

Non-Banking Financial Companies (NBFCs)
(including Housing Finance Companies) and
Asset Reconstruction Companies

Madam / Dear Sir,

Investment in NBFCs from FATF non-compliant jurisdictions

The Financial Action Task Force (FATF) periodically identifies jurisdictions with weak measures to combat money laundering and terrorist financing (AML/CFT) in its following publications: i) High-Risk Jurisdictions subject to a Call for Action, and ii) Jurisdictions under Increased Monitoring. A jurisdiction, whose name does not appear in the two aforementioned lists, shall be referred to as a FATF compliant jurisdiction. Investments in NBFCs from FATF non-compliant jurisdictions shall not be treated at par with that from the compliant jurisdictions.

2. Investors in existing NBFCs holding their investments prior to the classification of the source or intermediate jurisdiction/s as FATF non-compliant, may continue with the investments or bring in additional investments as per extant regulations so as to support continuity of business in India.

3. New investors from or through non-compliant FATF jurisdictions, whether in existing NBFCs or in companies seeking Certification of Registration (COR), should not be allowed to directly or indirectly acquire ‘significant influence’ in the investee, as defined in the applicable accounting standards. In other words, fresh investors (directly or indirectly) from such jurisdictions in aggregate should be less than the threshold of 20 per cent of the voting power (including potential1 voting power) of the NBFC.

4. These instructions are applicable with immediate effect.

Yours faithfully,

(Prakash Baliarsingh)
Chief General Manager

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