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TMI BlogBudget 2012 - Recent policy Changes- Financial servicesX X X X Extracts X X X X X X X X Extracts X X X X ..... Budget 2012 - Recent policy Changes- Financial services - By: - Swati Dodhi - Budget - Dated:- 19-3-2012 - - BUDGET 2012 Recent policy Changes- Financial services Mutual funds An AMC cannot carry out its operations including trading desk, unit holder servicing and investment operations outside India. An AMC having such operations outside India has been granted a period of one year (extend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able) to wind up overseas operations. The levy of entry load on investment in mutual fund schemes was abolished effective from 1 August 2009. Existing load balances in the books as on 31 July 2009 can be used for marketing and selling expenses including distributor/ agent commissions with a restriction that a maximum of one-third of the said balance can be used in any financial year. NBFC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NBFCs have been prohibited from contributing capital to partnership firms or becoming partners therein. NBFCs which have already contributed to the capital of firms or are partners in firms are directed to seek early retirement. The regulatory framework for a new category of NBFC viz MFI has been introduced. The RBI has revised and expanded the capital adequacy ramework for off bala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce sheet items for NBFCs to introduce greater granularity in the risk weights and credit conversion factors. The RBI has issued directions to NBFCs in connection with opening a branch/ subsidiary/ JV/ representative office or undertaking overseas investments. Prior approval of the RBI is to be sought by the NBFC and the NBFC would be permitted to invest overseas only in the financial service ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s sector or in entities having their core activity regulated by a financial services regulator. As per the directions, NBFCs shall not be allowed to open a branch overseas. The RBI has amended the definition of infrastructure loan in the NBFC directions to include telecom towers as an eligible infrastructure facility for availing credit facility. Banking The total investment by schedul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed commercial banks in liquid/ short term debt schemes of mutual funds with weighted average maturity of portfolio of not more than one year has been capped at 10% of the bank s net worth as on 31 March of the previous financial year. Further, banks which have already made investments in such mutual fund schemes in excess of the prescribed limit have been allowed six months to comply with the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e limit. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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