FATCA Reporting by reporting entities in India
FATCA letters to customers located in India, FATCA Reporting, FATCA, FATCA compliance, FATCA Reporting by reporting entities in India, Foreign Account Tax Compliance Act (FATCA) ...Read More
RBI (Reserve Bank of India) was set up in 1935, according to the Reserve Bank of India Act, 1934 provision. Since 1937 its central office is in Mumbai. Originally it was owned privately but after the nationalization in 1949, it is completely regulated by Government of India.
RBI was nationalized in 1949. The general superintendence of the Bank is in responsible to Central Board of Directors comprising of 20 members, one Government official from the Ministry of Finance, the Governor and four Deputy Governors, 10 nominated Directors by the Government which are selected for giving output on major economic life of the country. 4 nominated directors by the central government are appointed for representing 4 local Boards with Headquarters at Kolkata, Chennai, New Delhi and Mumbai. Local board comprise of 5 members. Each is appointed by the central Government for representing territorial, interest of co-operative and indigenous banks and economic interests.
As the supreme Bank authority, RBI enjoys the following powers:
The Reserve Bank of India Act which was commenced on 1 April, 1935 lay before the statutory basis of the bank’s functioning. The banks were established for the following purposes:
FUNCTIONS OF RESERVE BANK OF INDIA
The Act of 1934 entrust all the important functions of the central bank (Reserve Bank of India)
CLASSIFICATION OF RBI 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 the most significant part as they control and regulate the volume of money and credit in the country.
The non-monetary functions are equally important in relation with India’s economic backwardness. The supervisory function of the RBI is mostly regarded as non-monetary function. The establishment of flawless banking system in India accounts to the primary motive of RBI. Under the Banking Regulations Act, 1949, the RBI has been empowered with certain important functions like branch expansion, licensing of the banks, management, liquidity of their assets, reconstruction and liquidation, inspection and amalgamation. RBI’S strict supervision of the banks have resulted in effective functioning of the banks. The Commercial banks have developed to a commendable financial and operationally sound units. The RBI's power 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
The non-compliance with RBI could result in stringent actions. 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 established ourselves in the industry as one of the leading RBI Consultants in New Delhi. Our company provide complete insight and guidance into the queries related to Foreign Direct Investments, Acquisition and Transfer of Indian Immovable Property, Foreign Portfolio Investment, Acquisition and Transfer of Indian Company shares and more. Backed by a highly qualified team, we strive hard to assist the clients in the best possible way we can:
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