July 11, 2012
Members of the Council.
Sub : Master Circulars of Reserve Bank of India
The Reserve Bank of India has issued the following Master Circulars on July 2, 2012.
- RBI/2012-13/14 dated July 2, 2012 regarding Export of Goods and Services – This circular contains the general guidelines for exports including exemptions from declarations, manner of receipt and payment, realization and repatriation of export proceeds, foreign currency account, Exchange Earners Foreign Currency Account (EEFC), advance payments against exports etc.
- RBI/2012-13/15 dated July 02, 2012 regarding Foreign Investment in India – This circular has guidelines regarding Foreign Direct Investment in India, Entry routes, Eligibility for investment in India, Foreign investments under PORTFOLIO INVESTMENT SCHEME (PIS), FOREIGN VENTURE CAPITAL INVESTMENTS and guidelines in INVESTMENT IN PARTNERSHIP FIRM / PROPRIETARY CONCERN.
- RBI//2012-13/12 dated July 2, 2012 regarding External Commercial Borrowings (ECB) and Trade Credits - This Circular has details of the ECB offered under automatic route and approval route, reporting arrangements for ECB and trade credits offered for import into India
- RBI/2012-13/11 dated July 2, 2012 on Direct Investment by Residents in Joint Venture (JV)/Wholly Owned Subsidiary (WOS) Abroad – This circular has details of guidelines on Direct Investment outside India, prohibitions, permissions under automatic route etc.
- RBI/2012-13/13 dated July 2, 2012 on Import of Goods and Services – This Circular has details like time limit for settlement of import payments and operational guidelines for imports including advance remittances, interest on import bills, receipt of import bills/documents, follow-up for import evidence, issue of bank guarantee etc.
- RBI/2012-13/93 dated July 2, 2012 regarding Lending to MSME sector – This circular has details concerning Micro, Small & Medium Enterprises Development (MSMED) Act, 2006, Common Guidelines / Instructions for Lending to MSME Sector, Debt restructuring mechanism for MSMEs, etc.,.
- RBI/2012-13/97 dated July 2, 2012 on Export Credit Refinance Facility - This circular has details of the pre-shipment and post-shipment rupee export credit, limit, interest rate, documentation etc
- RBI/2012-13/70 dated July 2, 2012 regarding Interest Rates on Advances which contains details on the applicability of Base Rate System for interest including Interest Rate Structure for all Rupee Advances including Term Loans of Commercial Banks sanctioned up to June 30, 2010, Guidelines on Benchmark Prime Lending Rate (BPLR) applicable to loans sanctioned upto June 30, 2010 etc.
The above Master Circulars are a compilation of the existing regulations and instructions in the form of a single circular. For more details, members may refer the RBI website www.rbi.org.in
Members may kindly note the above.
D Saalai Maraan
COUNCIL FOR LEATHER EXPORTS