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Reserve Bank of India (RBI) was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank is in Mumbai since 1937. Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
Reserve Bank of India was nationalised in the year 1949. The general superintendence and direction of the Bank is entrusted to Central Board of Directors of 20 members, the Governor and four Deputy Governors, one Government official from the Ministry of Finance, ten nominated Directors by the Government to give representation to important elements in the economic life of the country, and four nominated Directors by the Central Government to represent the four local Boards with the headquarters at Mumbai, Kolkata, Chennai and New Delhi. Local Boards consist of five members each Central Government appointed for a term of four years to represent territorial and economic interests and the interests of co-operative and indigenous banks.
As supreme banking authority in the country, the Reserve Bank of India, therefore, has the following powers:
The Reserve Bank of India Act, 1934 was commenced on April 1, 1935. The Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank. The Bank was constituted for the need of following:
FUNCTIONS OF RESERVE BANK OF INDIA
The Reserve Bank of India Act of 1934 entrust all the important functions of a central bank the Reserve Bank of India.
CLASSIFICATION OF RBIS FUNCTIONS
The functions which are monetary also called as the central banking functions of the RBI relates to control and regulation of money and credit, i.e., control of bank credit, controls, issue of currency of F.E.(foreign exchange) operations, banker to the govt.(Government) and to the money market. Monetary functions of the RBI are most significant part as they are controlling and regulating the volume of money and credit in the country.
Equally important, however, are the non-monetary functions of the RBI in the context of India's economic backwardness. The supervisory function of the RBI may be regarded as a non-monetary function (though many consider this a monetary function). The promotion of sound banking in India is an important goal of the RBI, the RBI has been given wide and drastic powers, under the Banking Regulation Act of 1949 - these powers relate to licencing of banks, branch expansion, liquidity of their assets, management and methods of working, inspection, amalgamation, reconstruction and liquidation. Under the RBI's supervision and inspection, the working of banks has greatly improved. Commercial banks have developed into financially and operationally sound and viable units. The RBI's powers is to supervise have now been increased to non-banking financial intermediaries. Since independence, particularly after its nationalization 1949, the RBI has followed the promotional functions vigorously and has been responsible for strong financial support to industrial and agricultural development in the country.
BENEFITS AND BENEFICIARIES OF RBI LEGAL COMPLIANCE FOR ORGNISATION
Consequences of non-compliance of RBI related compliance are stiff. Failure to comply with the statutory requirements of RBI can result in fines, penalties, and in the most extreme cases, imprisonment for the company, Directors and/or the officer-in-charge of the Company.
We have carved a niche as one of the prime RBI Consultants based in New Delhi. The company provides complete guidance to the clients that are related to Foreign Direct Investment, Foreign Portfolio Investment, Acquisition and Transfer of Indian Immovable Property, Acquisition and Transfer of shares of Indian Company and so on. Backed by a highly qualified team, we strive hard to assist the clients in the best possible way we can.
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Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.
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