REGULATIONS – GUIDELINES ISSUED BY RESERVE BANK OF INDIA:
Till 2015, RBI was issuing Master Circulars on various subjects on July 1, every year. During the year ending June, AP DIR Circulars were issued for updating the guidelines. However, RBI has started issuing Master Directions on all regulatory matters beginning January 2016. The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions. Master Directions are issued for each subject matter covering all instructions on that subject. Any change in the rules, regulation or policy is communicated during the year by way of circulars/press releases. The Master Directions are suitably and simultaneously updated whenever there is a change in the rules/regulations or there is a change in the policy. All the changes will get reflected in the Master Directions available on the RBI website along with the dates on which changes are made. Explanations of rules and regulations are available by way of Frequently Asked Questions (FAQs). The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject. Please visit the section clicking the link Master Directions – RBI.
FREQUENTLY ASKED QUESTIONS:
In addition to the guidelines contained in Master Directions, AP DIR Circulars and other circulars, RBI has provided with clarifications on various issues relating to different subjects. These are available on RBI website under FAQ section. Please refer to RBI website for detailed information.The FAQs are updated up to the date mentioned on the subject. One need to go through the Master Directions to get the current applicable guideline on the subject. You may visit this section by clicking on the following link Frequently asked questions – RBI.
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