Chains of control: Change of control approval keeps NBFCs perplexed, often non-compliant November 28, 2024/0 Comments/in Financial Services, NBFCs, RBI /by Vinod Kothari –Vinod Kothari (vinod@vinodkothari.com) Paragraph 42 of the Master Direction – Reserve Bank of India Non-Banking Financial...
1. RBI has permitted Bharat Bill Payment System (BBPS) to process cross-border inbound remittances. Foreign inward remittances received under the Rupee Drawing Arrangement (RDA) have been allowed by RBI to be transferred to the KYC compliant bank account of the beneficiary through BBPS. Presently...
Also, a concurrent auditor must be appointed to check that all the FFMC transactions are compliant with the instructions issued by the RBI. 5. Inspection of Books of Accounts by RBI The FEMA Act of 1999 empowers the RBI investigation authority to inspect the books of accounts and other ...