RBI/2013-14/648
A .P. (DIR Series) Circular No.146
June 19, 2014
To
All Authorised Persons
Madam/ Sir,
Export and Import of Currency:
Enhanced facilities for residents and non-residents
Attention of Authorised Persons is invited to Regulation (3) of Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2009, notified vide Notification No.FEMA.258/2013-RB dated February 15, 2013 and A.P. (DIR Series) Circular No. No. 39 dated September 6, 2013, in terms of which, any person resident in India may take outside India or having gone out of India on a temporary visit, may bring into India (other than to and from Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.10,000 (Rupees Ten Thousand only).
2. In view of the evolving economic conditions and with a view to facilitating travel requirements of residents travelling aboard as well as non-residents visiting India, it has been decided to allow all residents and non-residents (except citizens of Pakistan and Bangladesh and also other travellers coming from and going to Pakistan and Bangladesh) to take out Indian currency notes up to Rs. 25,000 while leaving the country. An announcement to this effect was made in the Second Bi-Monthly Monetary Policy Statement, 2014-15 released on June 3, 2014.
3. Accordingly, any person resident in India:
i) may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees twenty five thousand only); and
ii) who had gone out of India on a temporary visit, may bring into India at the time of his return from any place outside India (other than from Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees twenty five thousand only).
4. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India:
i) may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while exiting only through an airport.
ii) may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while entering only through an airport.
5. Authorised Persons may bring the contents of this circular to the notice of their constituents, customers and foreign counter parties concerned.
6. Necessary amendments [No. FEMA. 309/2014-RB dated June 4, 2014] to Foreign Exchange Management (Export and Import of Currency) Regulations 2000 (Notification No.FEMA.6/2000-RB dated May 3, 2000) have been notified in the Official Gazette vide G.S.R. Nos. 399(E) dated June 12, 2014, a copy of which is annexed.
7. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(C D Srinivasan)
Chief General Manager
| Venue of Written Test & Interview on
21.06.14 | Atomic Energy Central School-2,
DAE. Colony, ECIL Post, Hyderabad -500 062 . | ||
| Registration | From 8.30 A.M. to 10.00 A.M. | ||
| Date & Time of Written Test (50 Marks) | 21.06.2014…11.00 AM | ||
| Mode of Selection | Interview for the short listed candidates who are successful in written examination, 02.00 P.M.onwards |
As many as 1,122 candidates have been recommended for appointment in Indian Administrative Service (IAS), Indian Foreign Service (IFS), Indian Police Service (IPS) and other central services on the basis of the Civil Services Examination, 2013, said a release issued by the Ministry of Personnel.This is the highest intake of civil servants through this examination, nearly double the 580 civil servants recruited in 2009. An additional 210 candidates have been placed in the reserve list.
There are 15 males and 10 females in top 25 positions. Among the top 25 candidates, 24 took the examination in English and one in Kannada medium.
In terms of educational qualifications, engineering and medical graduates dominated the top 25 positions, with 9 from engineering background, 3 from medical sciences, 4 from the sciences and 9 belonging to commerce, humanities and other social sciences background.
Of the 1,122 candidates whose names have been recommended for appointment to IAS, IFS, IPS and other central services, 861 are men and 261 women. The list includes 15 orthopaedically-challenged, 7 visually challenged and 8 hearing impaired candidates.
An analysis of the 25 top-ranking candidates confirms that male candidates have an edge, with 15 of them having cracked the civil services, the 10 women in the list show that the fairer sex is not too far behind. While 5 of the 25 toppers made to the merit list in their first attempt, 11 shone in their second attempt, 7 in third and 2 in the fourth attempt..
The result also showcases the pan-India distribution of successful candidates. Among the top 25, there are candidates claiming domicile from as many as 11 states or union territories: Bihar, Delhi, Haryana, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Rajasthan and Uttar Pradesh, it said.
Of these, 20 appeared for the examination from Delhi; two from Jaipur and one each from Lucknow, Bangalore and Chandigarh centres.
While 517 candidates have cleared the examination in the general category, 326 belong to Other Backward Classes, 187 Scheduled Caste and 92 Scheduled Tribe categories.
As many as 180 candidates have made it to the highly-coveted IAS, while 32 to Indian Foreign Services and 150 to Indian Police Service. The maximum (710) number of candidates has been selected for Central Services Group 'A' and the rest (156) to Group 'B' Services.
The civil services (preliminary) examination was held on May 26, 2013. A total of 776,565 candidates applied for this examination, out of which 323,949 candidates actually appeared and 14,959 candidates were declared qualified for appearance in the mains examination.
The mains exam was held in December, 2013 and based on their performance, 3,003 candidates were shortlisted for the personality test which was conducted in April-June.
1st Rank :
For the first time in four years, a male candidate has topped the prestigious civil services examination 2013
.
Jaipur's Gaurav Agrawal has got the first rank in the exam with Economics as his optional subject. He holds Bachelor of Technology (Computer Science) degree from Indian Institute of Technology (IIT), Kanpur and a Post Graduate Diploma in Management from Indian Institute of Management (IIM) Lucknow.This was his second attempt.
Agrawal, selected for IPS in his first attempt at Civil Services Examination, is currently undergoing training at the Sardar Vallabbhai National Police Academy in Hyderabad. He appeared for the exam from Jaipur.
Agrawal, who earlier worked as an investment banker with Citigroup in Hong Kong, credited his family and his near and dear ones for his success. "I used to study for 10-12 hours for my last exams. For 2013 Civil Services, I studied for about 6-8 hours," he was quoted by PTI as saying.
A strong believer in hard work, he chose history and economics as optional subjects last year though he had no background of history. This year his optional was economics.
"I had interest in studies from the beginning. I always loved reading and writing," Gaurav said. He, however, admitted that he had slipped after making it to IIT. "I had failed and my degree had to be extended. This was a lesson for me. I then started focusing on studies," he said.
Gaurav has a message for youngsters: "One should identify one's weaknesses and overcome them because there is a general tendency to negate the shortcomings. We should continuously think of improving."
He also wants students not to become arrogant on small achievements. "We should strive for our ultimate goal. Hard work is the only way. The results will come automatically," he said.
2nd Rank :
The second rank has gone to Munish Sharma, a BSc in bio-chemistry from Sri Venkateswara College,New Delhi. He got through the exam in second attempt.Second-rank holder Munish Sharma, when contacted by TOI, said he was indebted to his mother for her "single-handed effort" in supporting his dreams. Sharma lost his father when he was in Class XII.
Topper among female candidates :
Bharti Dixit is the topper among female candidates. She has secured fifth rank. She has done Bachelor of Medicine and Bachelor of Surgery (MBBS) from Lady Hardinge Medical College, Delhi. This was her first attempt.Having cracked the exam in her very first attempt, Dixit said she relied on government websites and newspapers more than prepared study material. "I was already working as a doctor... so I could just manage four to six hours a day of preparation," she said, adding that she hoped to apply her knowledge of medicine to addressing the needs of the health sector.
Introduction:
Foreign direct investment (FDI) is a direct investment into production or business in a country by an individual or company of another country, either by buying a company in the target country or by expanding operations of an existing business in that country. Foreign direct investment is in contrast to portfolio investment which is a passive investment in the securities of another country such as stocks and bonds.
Definitions:
Broadly, foreign direct investment includes "mergers and acquisitions, building new facilities, reinvesting profits earned from overseas operations and intra company loans". In a narrow sense, foreign direct investment refers just to building new facilities. The numerical FDI figures based on varied definitions are not easily comparable.
As a part of the national accounts of a country, and in regard to the GDP equation Y=C+I+G+(X-M)[Consumption + gross Investment + Government spending +(eXports - iMports], where I is domestic investment plus foreign investment, FDI is defined as the net inflows of investment (inflow minus outflow) to acquire a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. FDI is the sum of equity capital, other long-term capital, and short-term capital as shown the balance of payments. FDI usually involves participation in management, joint-venture, transfer of technology and expertise. There are two types of FDI: inward and outward, resulting in a net FDI inflow (positive or negative) and "stock of foreign direct investment", which is the cumulative number for a given period. Direct investment excludes investment through purchase of shares. FDI is one example of international factor movements
Types:
1. Horizontal FDI arises when a firm duplicates its home country-based activities at the same value chain stage in a host country through FDI.
2. Platform FDI Foreign direct investment from a source country into a destination country for the purpose of exporting to a third country.
3. Vertical FDI takes place when a firm through FDI moves upstream or downstream in different value chains i.e., when firms perform value-adding activities stage by stage in a vertical fashion in a host country.
Methods:
The foreign direct investor may acquire voting power of an enterprise in an economy through any of the following methods:
· by incorporating a wholly owned subsidiary or company anywhere
· by acquiring shares in an associated enterprise
· through a merger or an acquisition of an unrelated enterprise
· participating in an equity joint venture with another investor or enterprise.
Forms of FDI incentives:
Foreign direct investment incentives may take the following forms:
· low corporate tax and individual income tax rates
· tax holidays
· other types of tax concessions
· preferential tariffs
· special economic zones
· EPZ – Export Processing Zones
· Bonded warehouses
· Maquiladoras
· investment financial subsidies
· soft loan or loan guarantees
· free land or land subsidies
· relocation & expatriation
· infrastructure subsidies
· R&D support
· derogation from regulations (usually for very large projects)
Governmental Investment Promotion Agencies (IPAs) use various marketing strategies inspired by the private sector to try and attract inward FDI, including Diaspora marketing.
· by excluding the internal investment to get a profited downstream.
Importance and Barriers of FDI:
The rapid growth of world population since 1950 has occurred mostly in developing countries. This growth has been matched by more rapid increases in gross domestic product, and thus income per capita has increased in most countries around the world since 1950. While the quality of the data from 1950 may be of question, taking the average across a range of estimates confirms this. Only war-torn and countries with other serious external problems, such as Haiti, Somalia, and Niger have not registered substantial increases in GDP per capita. The data available to confirm this are freely available.
An increase in FDI may be associated with improved economic growth due to the influx of capital and increased tax revenues for the host country. Host countries often try to channel FDI investment into new infrastructure and other projects to boost development. Greater competition from new companies can lead to productivity gains and greater efficiency in the host country and it has been suggested that the application of a foreign entity’s policies to a domestic subsidiary may improve corporate governance standards. Furthermore, foreign investment can result in the transfer of soft skills through training and job creation, the availability of more advanced technology for the domestic market and access to research and development resources. The local population may be able to benefit from the employment opportunities created by new businesses.
Developing world :
A 2010 meta-analysis of the effects of foreign direct investment on local firms in developing and transition countries suggests that foreign investment robustly increases local productivity growth. The Commitment to Development Index ranks the "development-friendliness" of rich country investment policies.
China :
FDI in China, also known as RFDI (renminbi foreign direct investment), has increased considerably in the last decade, reaching $59.1 billion in the first six months of 2012, making China the largest recipient of foreign direct investment and topping the United States which had $57.4 billion of FDI. During the global financial crisis FDI fell by over one-third in 2009 but rebounded in 2010.
India :
Foreign investment was introduced in 1991 under Foreign Exchange Management Act (FEMA), driven by then finance minister Manmohan Singh. As Singh subsequently became the prime minister, this has been one of his top political problems, even in the current times. India disallowed overseas corporate bodies (OCB) to invest in India. India imposes cap on equity holding by foreign investors in various sectors, current FDI limit in aviation sector is maximum 49%.
Starting from a baseline of less than $1 billion in 1990, a 2012 UNCTAD survey projected India as the second most important FDI destination (after China) for transnational corporations during 2010–2012. As per the data, the sectors that attracted higher inflows were services, telecommunication, construction activities and computer software and hardware. Mauritius, Singapore, US and UK were among the leading sources of FDI. Based on UNCTAD data FDI flows were $10.4 billion, a drop of 43% from the first half of the last year.
United States :
Broadly speaking, the U.S. has a fundamentally 'open economy' and low barriers to foreign direct investment.
U.S. FDI totaled $194 billion in 2010. 84% of FDI in the U.S. in 2010 came from or through eight countries: Switzerland, the United Kingdom, Japan, France, Germany, Luxembourg, the Netherlands, and Canada. A 2008 study by the Federal Reserve Bank of San Francisco indicated that foreigners hold greater shares of their investment portfolios in the United States if their own countries have less developed financial markets, an effect whose magnitude decreases with income per capita. Countries with fewer capital controls and greater trade with the United States also invest more in U.S. equity and bond markets.
White House data reported in July 1991 found that a total of 5.7 million workers were employed at facilities highly dependent on foreign direct investors. Thus, about 13% of the American manufacturing workforce depended on such investments. The average pay of said jobs was found as around $70,000 per worker, over 30% higher than the average pay across the entire U.S. workforce.
President Barack Obama said in 2012, "In a global economy, the United States faces increasing competition for the jobs and industries of the future. Taking steps to ensure that we remain the destination of choice for investors around the world will help us win that competition and bring prosperity to our people."
In September 2013, the United States House of Representatives voted to pass the Global Investment in American Jobs Act of 2013 (H.R. 2052; 113th Congress), a bill which would direct the United States Department of Commerce to "conduct a review of the global competitiveness of the United States in attracting foreign direct investment."Supporters of the bill argued that increased foreign direct investment would help job creation in the United States.
Canada :
Foreign direct investment by country and by industry are tracked by Statistics Canada. Foreign direct investment accounted for CAD$634bn in 2012. Canada eclipses the US in this important economic measure. Global FDI inflows and outflows are tabulated by Statistics Canada.
United Kingdom :
The United Kingdom has a very free market economy and open to foreign investment. The current Prime Minister David Cameron has sought investment from emerging markets and from the Far East in particular and some of Britain's largest infrastructure including energy and skyscrapers such as The Shard have been built with foreign investment. The United Kingdom has been a nation of free trade and open to global markets and investment for decades often taking advantage of countries looking to make investments.
FOREIGN DIRECT INVESTMENT IN INDIA
Forms in which Business can be conducted by a Foreign Company in India:
A foreign company planning to set up business operations in India may:
· Incorporate a company under the Companies Act, 1956, as a Joint Venture or a Wholly Owned Subsidiary.
· Set up a Liaison Office / Representative Office or a Project Office or a Branch Office of the foreign company which can undertake activities permitted under the Foreign Exchange Management (Establishment in India of Branch Office or Other Place of Business) Regulations, 2000.
Procedure for receiving Foreign Direct Investment in an Indian Company:
An Indian company may receive Foreign Direct Investment under the two routes as given under:
i. Automatic Route: FDI is allowed under the automatic route without prior approval either of the Government or the Reserve Bank of India in all activities/sectors as specified in the consolidated FDI Policy, issued by the Government of India from time to time.
ii. Government Route: FDI in activities not covered under the automatic route requires prior approval of the Government which are considered by the Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, Ministry of Finance. Application can be made in Form FC-IL, which can be downloaded from http://www.dipp.gov.in. Plain paper applications carrying all relevant details are also accepted. No fee is payable.
Sectors where FDI is not allowed in India, both under the Automatic Route as well as under the Government Route:
FDI is prohibited under the Government Route as well as the Automatic Route in the following sectors:
i) Atomic Energy ii) Lottery Business iii) Gambling and Betting iv) Business of Chit Fund v) Nidhi Company vi) Agricultural (excluding Floriculture, Horticulture, Development of seeds, Animal Husbandry, Pisciculture and cultivation of vegetables, mushrooms, etc. under controlled conditions and services related to agro and allied sectors) and Plantations activities (other than Tea Plantations) (c.f. Notification No. FEMA 94/2003-RB dated June 18, 2003). vii) Housing and Real Estate business (except development of townships, construction of residential/commercial premises, roads or bridges to the extent specified in Notification No. FEMA 136/2005-RB dated July 19, 2005). viii) Trading in Transferable Development Rights (TDRs). ix) Manufacture of cigars , cheroots, cigarillos and cigarettes , of tobacco or of tobacco substitutes.
Read more at: http://www.mbaclubindia.com/articles/foreign-direct-investment-2603.asp#.U415p3YkTZk
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As such there is no change in system / syllabus (Except minimum passing marks in mains-language papers and that Essay paper may get two or more essays.)
| as per notification of given year | ||
| Job | 2013 | 2014 |
| Civil service | 1000 | 1291 (increased matlab acche din aa gaye hai.) |
| Forest service | 85 | 85 (same matlab bure din nahi aaye hai) |
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