On 23 June, the Reserve Bank of India (RBI) released timelines within which its approval could be expected for matters such as licences for private banks, the issuance of licences to non-banking financial companies and external commercial borrowings not covered under the automatic route. In parallel, the RBI also placed a “Citizens’ Charter” on its website, providing timelines within which various departments would be able to provide services for matters such as permission for waiver of forms for exports and overseas investment not covered under the automatic route.
The timelines provided vary from seven days for trade credits under the approval route, to 180 days for compounding of contraventions under India’s Foreign Exchange Management Act, 1999, i.e. reaching a settlement. The issuance of these timelines is due to the implementation of one of the non-legislative recommendations of the report of the Financial Sector Legislative Reforms Commission (FSLRC).
The FSLRC was constituted under the chairmanship of retired Supreme Court justice BN Shrikrishna, to comprehensively “review, rewrite and clean up” the laws governing India’s financial system “to bring them in tune with current requirements”. The FSLRC submitted its report to the central government in March 2013.
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Sawant Singh is a partner and Aditya Bhargava is a principal associate at the Mumbai office of Phoenix Legal.
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