Reserve Bank of India – Notifications

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RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001

Notification No. FEMA 23(R)/(5)/2021-RB

September 08, 2021

Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021

In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015- RB dated January 12, 2016] (hereinafter referred to as ‘the Principal Regulations’), namely:

1. Short title and commencement: –

  1. These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021.

  2. They shall come into force from the date of their publication in the Official Gazette.

2. In the Principal Regulations, in Regulation 15, in sub-regulation 1, for clause (ii), the following shall be substituted, namely: –

“ii) the rate of interest, if any, payable on the advance payment shall not exceed 100 basis points above the London Inter-Bank Offered Rate (LIBOR) or other applicable benchmark as may be directed by the Reserve Bank, as the case may be; and”.

(R. S. Amar)
Chief General Manager


Foot Note: – The Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015-RB dated January 12, 2016] were published in the Official Gazette vide G.S.R.No.19 (E) dated January 12, 2016 in Part II, Section 3, Sub-Section (i) and subsequently amended as under:

  1. Notification No. FEMA 23(R)/(1)/2017-RB dated June 23, 2017 published in the Official Gazette vide G.S.R. No. 635(E) dated June 23, 2017

  2. Notification No. FEMA 23(R)/(2)/2019-RB dated December 03, 2019 published in the Official Gazette on December 09, 2019

  3. Notification No. FEMA 23(R)/(3)/ 2020-RB dated March 31, 2020 published in the Official Gazette on March 31, 2020

  4. Notification No. FEMA 23(R)/(4)/2021-RB dated January 08, 2021 published in the Official Gazette on January 11, 2021

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Reserve Bank of India – Press Releases

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The Reserve Bank of India (RBI) has imposed, by an order dated September 08, 2021, a monetary penalty of ₹5.00 lakh (Rupees five lakh only) on The Swasakthi Mercantile Cooperative Urban Bank Ltd., Vijayawada (the bank) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Circular on Board of Directors – UCBs dated July 1, 2015. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 taking into account, the failure of the bank to adhere to the aforesaid directions.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The Inspection report of the bank based on its financial position as on March 31, 2019 revealed, inter alia contravention of / non-compliance with the directions issued by RBI on “Board of Directors – UCBs”. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

After considering the bank’s written reply and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/831

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Reserve Bank of India – Press Releases

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The Reserve Bank of India (RBI) has, by an order dated September 08, 2021, imposed a monetary penalty of ₹40,000 (Rupees Forty Thousand only) on Shikshak Sahakari Bank Ltd., Nagpur, Maharashtra (the bank) for non-compliance with regulatory directions issued by RBI contained in its directive on “Membership of Credit Information Companies (CICs)” and the provisions of Credit Information Companies Rules, 2006 (CIC Rules). This penalty has been imposed in exercise of powers vested in RBI under clause (iii) of sub-section (1) of section 25 read with sub-section (4) of section 23 of the Credit Information Companies (Regulation) Act, 2005 (CIC Act).

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by the RBI with reference to the bank’s financial position as on March 31, 2019 and the Inspection Report pertaining thereto, and examination of all related correspondence revealed, non-compliance inter alia with the aforesaid directions issued by RBI and the provisions of CIC Rules on reporting of data to Credit Information Companies and failure to take appropriate and necessary steps for ensuring accuracy of data. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the statutory directions and the provisions of CIC Rules, as stated therein. After considering the bank’s reply to the notice, additional submissions and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty, to the extent of non-compliance with the aforesaid directions & the CIC Rules.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/830

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Reserve Bank of India – Press Releases

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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 – Tenders

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Reserve Bank of India, Kanpur invites Tenders in Part-I and Part-II for “Conducting Electrical Safety Audit in Bank Premises at Reserve Bank of India Kanpur”, the estimated cost of which is ₹1,06,200/- (Inclusive of 18% GST). The work is to be completed within a period of 30 days from 10th day of issue of work order and the final report should be submitted within 12 days thereafter.

Tender forms are available at 2nd Floor, Estate Department, Reserve Bank of India, Mahatma Gandhi Road, Kanpur, Uttar Pradesh – from 08.09.2021 to 29.09.2021 or it can be downloaded from our Website www.rbi.org.in. (https://rbi.org.in/Scripts/BS_ViewTenders.aspx). Tender Forms will have to be submitted in a sealed cover at 2nd Floor, Estate Department, Reserve Bank of India, Mahatma Gandhi Road, The Mall, Kanpur up to September 29, 2021 by 01:00 PM.

The Bank reserves the right to accept or reject any or all Tenders without assigning any reason thereof.

Tender for “Conducting Electrical Safety Audit in Bank premises at Reserve Bank of India, Kanpur”
Tender Issue Date 08.09.2021
Last Date & Time of submission 29.09.2021 till 13:00 Hrs.
Opening Date & Time of Tender Part-I 29.09.2021 at 15:00 Hrs.

Regional Director
Reserve Bank of India
Kanpur

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Reserve Bank of India – Tenders

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It has been decided with the approval of competent authority to extend bid submission end date and bid opening date. Accordingly, Calendar of Events (Page 4 of Tender Document) stands modified/amended as under:

Existing Amended
Last Date for Submitting Applications and Opening of Quotations September 06, 2021 (Mon) Last Date for Submitting Applications and Opening of Quotations September 13, 2021 (Mon)
Opening of Technical Bid and Issue of Draft Empanelment List September 06, 2021 (Mon) Opening of Technical Bid and Issue of Draft Empanelment List September 13, 2021 (Mon)

2. All other terms and conditions of the tender remain unchanged.

3. The above clarifications/modifications/amendments shall be part of the Bid document for all purposes.

Regional Director
Reserve Bank of India
Bengaluru

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Reserve Bank of India – Press Releases

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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on September 09, 2021, Thursday, as under:

Sl. No. Notified Amount
(₹ crore)
Tenor (day) Window Timing Date of Reversal
1 3,50,000 15
(September 10, 2021 being a holiday)
10:30 AM to 11:00 AM September 24, 2021
(Friday)

2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

Ajit Prasad
Director   

Press Release: 2021-2022/828

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Reserve Bank of India – Tenders

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(E-tender No. RBI/Lucknow/HRMD/10/21-22/ET/118)

A pre-bid meeting regarding the E-tendering for Procurement of Medicines for Dispensaries of RBI, Lucknow was held on September 04, 2021 at 12:00 PM. The meeting was conducted online through Cisco Webex. The meeting was attended by following:

Sr. No. Name Status
1 Soloman & Co. Not present
2 K C Pharmaceuticals Not present
3 Sheel Pharmaceuticals Utkarsh Parolia
4 Sagar Distributors Dr. Krishna Kumar
5 Truemed Chemists and Druggists Varun Anand
6 Apollo Pharmacies Ltd. Alok Singh and Amir Rai
7 Official from MSTC portal V N Singh
8 Reserve Bank of India Mohan Rawat (DGM, CES/ HRMD)
Markandeya Chaturvedi (AGM, CES)
Sonal Sinha (AM, CES)
Anurag Srivastava (Sr. Asst., CES)
Ravi Tripathi (Assistant, CES)

Following discussions took place in the pre-bid meeting: –

1. Shri Markandeya Chaturvedi, AGM apprised the vendors about the possible instance/ situation that if all the vendors quote same discount rate, then the Vendor who has first quoted the said rate in the MSTC portal will be declared the H1 bidder. It was also explained to them that the decision to award the contract to any bidder in above situation rests with the Regional Director, Lucknow.

2. The significance of negative sign in the discount rate column (price bid) of MSTC portal was apprised to the vendors by the Official from MSTC Shri V.N.Singh. He said that the MSTC portal is designed w.r.t. L1 bidders, so a negative sign is put in the discount column.

3. Shri Alok Singh from M/s Apollo Pharmacy and Dr. Krishna Kumar from M/s Sagar Distributors enquired whether list of medicines will be shared with them before placing the bid or not. AGM, CES informed that they will confirm with Central Office (CO) and share the details with vendors at the earliest.

4. Shri Utkarsh Parolia from M/S Sheel Pharmaceuticals enquired whether FDR can be taken in place of Bank Guarantee or not as mentioned in RFQ document. AGM, CES informed that as of now, there is no such provision.

5. Shri Varun Anand from Truemed Chemists and Druggists enquired about the helpline number of MSTC. The MSTC representative Shri V N Singh provided his contact details and MSTC, NRO helpline number.

6. Shri Alok Singh from Apollo Pharmacy enquired about the portal fees charged by RBI. In reply to the question, Shri V N Singh, MSTC, explained to the vendors that the fees required for E-tendering process is charged by MSTC portal and not by RBI.

7. Representative of M/S Sheel Pharmaceuticals enquired whether GST certificate will be provided by the end of financial year or not. AGM, CES replied that the same will be confirmed from the concerned section.

8. The representative from M/S Sagar Distributors enquired that in case they are not selected for the said contract whether EMD will be returned to them or not. AGM, CES responded whether the contract goes to the vendor or not, the EMD deposited by the vendors will be returned.

9. AGM, CES informed the vendors that they have been empanelled for the period April 2021 to March 2024 and advised them to comply to the guidelines and terms and conditions mentioned in the RFE and RFQ documents.

10. AGM, CES and MSTC representative advised all the vendors present at the meeting not to wait for the last date for quoting their respective price bids to avoid any last-minute issues.

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Reserve Bank of India – Press Releases

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Auction Results 91 Days 182 Days 364 Days
I. Notified Amount ₹9000 Crore ₹4000 Crore ₹4000 Crore
II. Competitive Bids Received      
(i) Number 95 86 103
(ii) Amount ₹44725.3 Crore ₹22870 Crore ₹21014.05 Crore
III. Cut-off price / Yield 99.1867 98.3282 96.5700
(YTM: 3.2889%) (YTM: 3.4098%) (YTM: 3.5616%)
IV. Competitive Bids Accepted      
(i) Number 28 18 9
(ii) Amount ₹8997.282 Crore ₹3999.708 Crore ₹3999.724 Crore
V. Partial Allotment Percentage of Competitive Bids 17.18% 51.88% 99.94%
(3 Bids) (1 Bid) (1 Bid)
VI. Weighted Average Price/Yield 99.1892 98.3330 96.5916
(WAY: 3.2787%) (WAY: 3.3998%) (WAY: 3.5384%)
VII. Non-Competitive Bids Received      
(i) Number 5 1 2
(ii) Amount ₹2902.718 Crore ₹0.292 Crore ₹1030.276 Crore
VIII. Non-Competitive Bids Accepted      
(i) Number 5 1 2
(ii) Amount ₹2902.718 Crore ₹0.292 Crore ₹1030.276 Crore
(iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids)

Ajit Prasad
Director   

Press Release: 2021-2022/827

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Reserve Bank of India – Press Releases

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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on September 09, 2021.

As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security Notified Amount Minimum Underwriting Commitment (MUC) amount per PD Minimum bidding commitment per PD under ACU auction
5.63% GS 2026 11,000 262 262
GoI FRB 2034 3,000 72 72
New GS 2035 10,000 239 239
6.67% GS 2050 7,000 167 167

The underwriting auction will be conducted through multiple price-based method on, September 09, 2021 (Thursday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9.00 A.M. And 9.30 A.M. on the date of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities.

Ajit Prasad
Director   

Press Release: 2021-2022/826

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