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Power of AO to Grant Stay — Whether Discretionary or Controlled By the Instructions and Circulars
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August 2013

A. P. (DIR Series) Circular No. 08 dated July 11, 2013

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Overseas Investments – Shares of SWIFT

Notification No. FEMA.271/RB-2013 dated March 19, 2013

Presently, banks resident in India require specific approval of RBI to acquire shares of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Belgium.

This circular grants general permission to a bank in India which has been permitted by RBI to become a member of the ‘SWIFT User’s Group in India’ to acquire the shares of SWIFT.

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August 2013

A. P. (DIR Series) Circular No. 08 dated July 11, 2013

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