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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]
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 ...
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]
The Act gives the RBI the power to license banks, have regulation over shareholding and voting rights of shareholders; supervise the appointment of the boards and management; regulate the operations of banks; lay down instructions for audits; control moratorium, mergers and liquidation; issue directives in the interests of public good and on ...
Promoting International Financial Services Centre: The IFSCA is responsible for promoting IFSCs and developing them into world-class financial centers. It has the power to enter into MoUs with other regulatory bodies, financial institutions, and governments of foreign countries to promote financial services in IFSCs. [citation needed]
The foreign exchange reserves of India are holdings of cash, bank deposits, bonds, and other financial assets denominated in currencies other than India's national currency, the Indian rupee. The foreign-exchange reserves are managed by the Reserve Bank of India (RBI) for the Indian government , and the main component is foreign currency assets.
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 ...
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.