With an aim to promote ease of doing business, the Reserve Bank today came out with nine updated regulations under the Foreign Exchange Management Act (FEMA), 1999.
Consequently, RBI said, respective original notifications and subsequent amendments stand repealed.
"Keeping in view the objective of promoting ease of doing business, a need was felt to consolidate the regulations and rationalise them in light of evolving business environment and changing practices in cross-border transactions relating to external trade and payments," RBI said.
For easy identification, revised regulations will carry same numbers as the old ones with a suffix '(R)', along with the year in which these are published.
The FEMA, enacted in 1999 with 25 original notifications, came into force with effect from June 1, 2000. Over the years, the regulations framed under the FEMA have had over 330 amendments.
The revised regulations come into force on the date of their publication in the Gazette of India as indicated in respective regulations.
Mundra added that website will act as a "force multiplier"
and go a long way in making the functioning of SLCCs more effective and curbing the menace of unauthorised money raising activities.
The SLCCs were reconstituted in 2014 in states to monitor aunthorised collection of deposits. They meet frequently under chief secretaries or administrators of the states.
It is comprised of various regulators including RBI, Sebi, National Housing Bank, Irdai, Registrar of Companies (ROC).
Concerned state government departments such as home, finance, law and various police authorities are also part of the committee.
SLCCs meet frequently with the top officials from all these agencies to share information about entities involved in unauthorised acceptance of deposits and also initiate action against them in a timely manner.
The launch of 'Sachet' also assumes significance in the backdrop of various money collecting schemes that have duped the public money running into crores.
The chit fund scheme run by Saradha group of West Bengal is alleged to have duped public Rs 2,500 crore.
Also, PACL, a Pearl Group firm raised money from the public in the name of agriculture and real estate businesses. It is found to have collected thousands of crores rupees via illegal collective investment schemes over 18 years.
The company raised Rs 49,100 crore from nearly five crore investors. However, it has been directed to refund it along with promised returns, interest payout and other charges, taking the total amount due to over Rs 55,000 crore, a Sebi (Securities and Exchange Board of India) order said recently.
