Establishment of Branch Offices (BO)
/ Liaison Offices (LO) in India by Foreign Entities
– Delegation of Powers
The Reserve Bank of India (RBI) in its circular has made relaxations in filing Annual Activity Certificates (AACs) for Branch Offices
/ Liaison Offices established in India by foreign entities. The AACs from the Auditors along with audited Balance sheet as at end of 31st March have to be filed on or before 30th September of same year. Previously it was on or after 30th April of the same year.
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External Commercial
Borrowings (Policy) – Liberalisation
RBI has permitted corporate in Hotel, Hospital and Software sectors to avail ECB beyond USD 100 million under the Approval Route for foreign currency and
/ or Rupee capital expenditure for permissible end uses.
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Rupee Export Credit Interest Rate
W.e.f. 1st April, 2010, RBI has extended interest subvention of 2% on rupee export credit to Jute and Leather manufacturing, Engineering Goods and Textiles for the FY 2010-11 on the existing terms and conditions.
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Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)
The Reserve Bank of India (RBI) in its circular has decided to consider applications from Indian Companies allowed to buy back their Foreign Currency Convertible Bonds (FCCBs) under the approval route, until 30th June, 2011 instead of 30th June, 2010 subject to the issuers complying with the terms and conditions of buyback / prepayment of FCCBs.
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Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh
– Guidelines
With the object of providing interest subsidy on Housing Loans to eligible borrowers in the middle and lower income groups the Reserve Bank of India (RBI) has issued guidelines for Scheduled Commercial Banks for implementing the scheme of 1% interest subvention on housing loans upto 10 Lakhs. Accordingly, housing loans sanctioned
/ disbursed up to 31st March, 2011 would be eligible under this scheme.
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Administrative Control over Export Oriented Units by the Central Excise formations
The Directorate General of Export Promotion (DGEP) has decided to shift the administrative formation for EOUs (Including EHTP & STP) in the port cities, falling within the Customs formation to Excise formation for facilitating uniform and better administration
/ control of such EOUs. This change in formation will be not applicable to Bangalore Customs region.
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