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The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India". [1]
In 1991 Indian remittances were valued at US$2.1 billion; [5] [12] in 2006, they were estimated at between $22 billion [13] and $25.7 billion. [4] which grew to $67.6 billion in 2012–13, up from $66.1 billion the fiscal year, 2011–2012, [6] when the remittance exceed the foreign direct investment (FDI) inflow of $46.84 billion into India. [14]
Payment and settlement systems are used for financial transactions in India. Covered by the Payment and Settlement Systems Act of 2007 (PSS Act), legislated in December 2007, they are regulated by the Reserve Bank of India (RBI) and the Board for Regulation and Supervision of Payment and Settlement Systems.
Foreign share holding will be allowed in these banks as per the rules for FDI in private banks in India. The voting rights will be regulated by the Banking Regulation Act, 1949. The voting right of any shareholder is capped at 10%, which can be raised to 26% by the Reserve Bank of India. Any acquisition of more than 5% will require approval of ...
Headquartered in Mumbai, the mandate of the IFTAS is to provide IT-related services to the RBI, banks and other financial institutions. [2] Services like Indian Financial Network (INFINET), [3] Structured Financial Messaging System (SFMS) [4] and the Indian Banking Community Cloud (IBCC) [5] have been handed over to IFTAS with effect from April ...
The Foreign Contribution (regulation) Act, 2010 is an act of the Parliament of India, by the 42nd Act of 2010.It is a consolidating act whose scope is to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any ...
National Payments Corporation of India (NPCI) is an Indian public sector company that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement infrastructure in India.
Reserve Bank of India (RBI) (including the Banks Board Bureau) National Payments Corporation of India (NPCI) Deposit Insurance and Credit Guarantee Corporation (DICGC) Securities and Exchange Board of India (SEBI) Banking Codes and Standards Board of India (BCSBI); Forward Markets Commission (FMC) Insolvency and Bankruptcy Board of India (IBBI)