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A voluntary organisation established on 6th July 1949, BCAS has presently more than 9,000 members from all over the country. BCAS is a principle-centered and learning-oriented organisation promoting quality service and excellence in the profession of Chartered Accountancy.
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August 2013

A. P. (DIR Series) Circular No. 08 dated July 11, 2013

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Overseas Investments – Shares of SWIFT

Notification No. FEMA.271/RB-2013 dated March 19, 2013

Presently, banks resident in India require specific approval of RBI to acquire shares of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Belgium.

This circular grants general permission to a bank in India which has been permitted by RBI to become a member of the ‘SWIFT User’s Group in India’ to acquire the shares of SWIFT.

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August 2013

A. P. (DIR Series) Circular No. 08 dated July 11, 2013

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