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April 2014

A. P. (DIR Series) Circular No. 111 dated 13th March, 2014

By Gaurang Gandhi Chartered Accountant
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Rupee Drawing Arrangement – Increase in trade related remittance limit

At present, the limit for undertaking permitted transactions under the Rupee Drawing Arrangements (RDA), as mentioned in the Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses, is Rs. 2,00,000.

This circular has, with immediate effect, increased the said limit for undertaking permitted transactions under the Rupee Drawing Arrangements (RDA) from Rs. 2,00,000 to Rs. 5,00,000. Press Note No. 2 (2014 Series) D/O IPP File No: 12/10/2011-FC.1 dated 4th February, 2014

Policy on Foreign Investment in the Insurance Sector – Amendment of Paragraph 6.2.17.7 of ‘Circular 1 of 2013 – Consolidated FDI Policy’

This Press Note has, with effect from 5th April, 2013, replaced Paragraph 6.2.17.7 with respect to FDI in the Insurance Sector as under:

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