Foreign Exchange Management Act Current Affairs, GK & News
Amendment in FEMA Rules for LIC
The rules of the Foreign Exchange Management Act (FEMA) have been amended by the government to pave way for up to 20 per cent of foreign direct investment (FDI) in the Life Insurance Corporation of India (LIC). The central government also intends to reduce its stake in LIC through an Initial Public Offering (IPO). Overview: ..
Month: Current Affairs - April, 2022
Category: Economy & Banking Current Affairs - 2022
Topics: Department for Promotion of Industry and Internal Trade • FEMA • Foreign Exchange Management Act • Initial public offering (IPO) • LIC • Life Insurance Corporation of India • Securities and Exchange Board of India (SEBI)
Foreign direct investment in LIC
The Government of India recently decided to allow 20% Foreign Direct Investment (FDI) in LIC (Life Insurance Corporation). This is to be done by amending the Foreign Exchange Management Rules (FEMA). What is the plan? The DFS, DIPAM are to create a plan to amend the FDI in insurance sector after consulting DPIIT. DFS is ..
Month: Current Affairs - January, 2022
Category: Economy & Banking Current Affairs - 2022
Topics: body corporate • Companies Act 2013 • Corporate • Department for Promotion of Industry & Internal Trade (DPIIT). • Department of Investment and Public Asset Management (DIPAM) • DIPAM • DPIIT • FDI • Foreign direct investment • Foreign Exchange Management • Foreign Exchange Management Act • Insurance • LIC • LIC Act 1956 • Life Insurance Corporation (LIC)
Banking Reforms during Liberalization
The economic liberalization in India refers to the economic liberalization of the country’s economic policies, initiated in 1991 with the goal of making the economy more market-oriented and service-oriented, and expanding the role of private and foreign investment. The basic aim of liberalization was to put an end to those restrictions which became hindrances in ..
Topics: Banking in India • Economic liberalisation in India • Economic liberalization • Economy • Economy of India • Foreign Exchange Management Act • Liberalization • Narasimham Committee on Banking Sector Reforms • Trade policy of South Korea
RBI permits Reinsurance brokers to open Foreign Currency accounts
RBI has permitted Reinsurance brokers to open non interest bearing foreign currency accounts with banks for undertaking transactions. Earlier, the Insurance Regulatory and Development Authority of India (IRDAI) had issued notification and then RBI issued Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 – Opening of Foreign Currency Accounts by ..
Topics: Bank • Broker • Economy • Finance • Foreign Exchange Management Act • Insurance • Insurance In India • Insurance regulation • Insurance Regulatory and Development Authority • Legality of bitcoin by country or territory • Money
Karnataka High Court quashes ED freeze on Greenpeace Bank Accounts
The Karnataka High Court has quashed the order of Enforcement Directorate (ED) which froze the bank accounts of Greenpeace India. The court noted that the validity of the ED order has lost its efficacy on account of efflux of time as the period of 60 days has expired. The accounts of the Greenpeace India were frozen on ..
Month: Current Affairs - February, 2019
Topics: DDIIPL • Direct Dialogue Initiatives India Pvt Ltd • ED • Enforcement Directorate • Environmental conservation • FEMA • Foreign Exchange Management Act • Greenpeace India • Karnataka High Court
RBI imposes penalty on 5 foreign banks for violating FEMA rules
The Reserve Bank of India (RBI) has slapped a fine on five foreign banks, namely, Deutsche Bank, Standard Chartered Bank, Bank of America, Bank of Tokyo Mitsubishi and The Royal Bank of Scotland for violating reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA). Germany’s Deutsche Bank has been imposed a fine of Rs ..
Topics: Bank of America • Banks • British brands • Companies • Deutsche Bank • Finance • Foreign Exchange Management Act • Foreign trade of India • Primary dealers • Reserve Bank of India • Standard Chartered • The Bank of Tokyo