RBI to banks: Follow norms on sale/ purchase of real estate overseas

1.    RBI to banks: Follow norms on sale/ purchase of real estate overseas

i. The Reserve Bank of India on Thursday said banks should ensure that all future transactions relating to purchase/sale of real estate as well as acquiring /letting out property on lease/rental basis at overseas centres are undertaken in accordance with the board-approved policy.

ii. This directive has been issued after it came to the central bank’s notice that some Indian banks have committed certain lapses in purchase/sale of real estate as well as in acquiring/ letting out property on lease/rental basis abroad.

iii. “In order to avoid such lapses in future it is advised that boards of directors of banks should lay down policies and formulate detailed operational guidelines to protect the interest of their respective banks.

iv. While undertaking transactions in the nature of sale and purchase of property and acquiring/letting out property on lease/rental basis at overseas centres, banks should also ensure that they comply with all the applicable laws of the host country /city or locality.

2.    Ratan Tata gets one of Britain's highest awards

i. Ratan Tata, former chairman of the Tata Group that has a large presence in Britain, is to be honoured by Queen Elizabeth with a GBE (Knight Grand Cross), which is one of the highest civilian honours in Britain, it was announced on Thursday.

ii. Tata, who was honoured with a KBE (Knight Commander) in 2009, is to be honoured during this year for his “services to UK/India relations, inward investment to the UK and philanthropy”.

iii. Tata is one of five foreign nationals to be honoured by Queen Elizabeth during 2014.

 iv. The Tata Group employs nearly 60,000 people in the UK, making it one of the largest employers in the country. Tatas’ long-standing engagement with Britain spans various sectors, including philanthropy and academia.