The Reserve Bank of India has been allowing requests from the exporters through their Authorised Dealer Category 1 banks for “set-off” of export receivables against import payables in respect of the same overseas buyer and supplier subject to certain terms and conditions. It has now been decided to delegate the power to Authorised Dealer Category – I banks to allow such set off with immediate effect. Detailed instructions in this regard have been issued in AP(DIR Series) Circular No. 47 dated November 17, 2011

The Reserve Bank of India has on September 15, 2011 cancelled the certificate of registration No.09.00044 dated March 2, 1998 issued to M/s. Canaan International Creditcap Limited, having its registered office at Plot No. W 4/510, Usmanasahebpet, Stonehousepet, Nellore-524002, Andhra Pradesh for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate the company cannot transact the business of a non-banking financial institution.

The result of the RBI Reverse Repo auction held today is as under:

In the auctions conducted on November 17, 2011 for Additional Competitive Underwriting (ACU) of the following securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below: