Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT RATES :: articles on VAT and GST in India :: form 3cd :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: empanelment :: ACCOUNTING STANDARD
 
 
« Latest Circulars »
 Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks
 Applications invited for the Post of Deputy Governor, Reserve Bank of India
 Auction of Government of India Dated Securities May 22, 2017
  Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
 A Call for Enterprise in Economic Data Generation and Information Analytics - Dr. Viral V Acharya, Deputy Governor - May 19, 2017 - Presentation at the 9th Indian Chamber of Commerce Banking Summit, Kolkata
 Reserve Bank of India Outlines the action plan to implement the Banking Regulation (Amendment) Ordinance, 2017
 RBI to conduct 7 day, 14 day and 28 day Variable Rate Reverse Repo Auctions under LAF on May 18, 2017
 RBI to conduct 7 day, 14 day and 28 day Variable rate Reverse Repo auctions under LAF on May 17, 2017
 RBI-Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
 Auction of Government of India Dated Securities May 15, 2017
 Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India

Increase in Foreign investment limit/ceiling in an Indian Company under PIS-FIIs - Removal from the Ban List: M/s City Union Bank Limited
May, 09th 2014

The Reserve Bank of India today notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 35 per cent of the paid up capital of M/s City Union Bank Limited under the Portfolio Investment Scheme (PIS). M/s City Union Bank Limited has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs).

This approval is given subject to the condition that the onus of compliance with FDI policy and FEMA regulations including downstream investment would continue to remain on the Indian company, M/s City Union Bank Limited.

It is also advised that for FII/RFPI/QFI and NRI under Portfolio Investment Scheme, individual ceiling shall be 5% respectively and aggregate limit for all RFPI/FII/QFI shall be 35%.

M/s City Union Bank will have to monitor individual limits of FII/FPI/QFI & NRI and also ensure that at no time its total foreign investment (direct as well as indirect) exceeds 49%, beyond which, it should seek prior FIPB approval.

Further, the Reserve Bank notified that the foreign share holding by Foreign Institutional Investor (FIIs), in M/s City Union Bank Limited have gone below the revised threshold limit stipulated under the extant Foreign Direct Investment (FDI) Policy. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.

Ajit Prasad
Assistant General Manager

Press Release : 2013-2014/2141

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions