Fema Articles, News, Notification & Circular

Recent Liberlisation and Simplification in Softex Procedure, Payment allowed to be recd. in advance beyond one year, Release of Foreign Exchange for Imports

Considering the spurt in volume of software exports from India in recent times, other complexities involved in execution of work contracts and time consumed in the certification of SOFTEX forms, a simplified procedure has since been finalised by the Reserve Bank. Under the revised procedure, a software exporter, whose annual turnover is at least Rs. 1000 crore or who file at least 600 SOFTEX forms annually, will be eligible to submit a statement in excel format, giving a..
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RBI allows exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship

With a view to liberalizing the procedure, it has been decided to permit AD Category- I banks to allow exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship and where the ‘export agreement’ provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment subject to the following conditions:-
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Increase in limit to USD 5000 for foreign exchange remittance towards imports without any documentation formalities

A.P. (DIR Series) Circular No. 82 - Attention of all the Authorised Dealers (ADs) in foreign exchange is invited to the A.P.(DIR Series) Circular No. 106 dated June 19, 2003 in terms of which applications by persons, firms and companies for making payments, exceeding USD 500 or its equivalent towards imports into India must be made in Form A-1. Based on suggestions received from the various stake holders, the said limit has been reviewed and it has been decided as a mea..
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FEMA – Clarification – Purchase of Immovable Property in India – Reporting requirement

when a person resident outside India, who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business, excluding a liaison office, acquires any immovable property in India in accordance with the provision of said regulation, the said person has to file with the Reserve Bank a declaration in the form IPI annexed to those re..
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Export of Goods and Services- Simplification and Revision of Softex Procedure

As per the revised procedure, a software exporter, whose annual turnover is at least Rs. 1000 crore or who files at least 600 SOFTEX forms annually, will be eligible to submit a statement in excel format as per Annexure A, giving all particulars alongwith quadruplicate set of SOFTEX form to the nearest STPI. STPI will then verify the details and decide on a percentage sample check of the documents in details. Software companies will submit all the documents on demand t..
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RBI permission no longer required for cut in sanctioned ECB limit

As per the extant ECB procedures, requests for reduction in the amount of ECB, changes in the drawdown schedule and reduction in the all-in-cost of the ECB after obtaining the loan registration number (LRN) is required to be referred by the bank concerned to the RBI for necessary approval. Simplifying norms for overseas borrowers, the RBI today said they will no longer require its approval to raise an amount lesser than sanctioned ECB as the power to authorize the same h..
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Clarification – Establishment of Project Offices in India by Foreign Entities – General Permission – A.P. (DIR Series) Circular No. 76

Attention of the Authorised Dealer Category - I (AD Category - I) banks is invited to Regulation 4 of Notification No.FEMA 22 /2000-RB dated May 3, 2000, viz., Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, as amended from time to time, in terms of which, no person, being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran or China, shall establish in India, a branch office or a liaison o..
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FEMA – Claim for interest in the nature of compensation for wrongful retention of money is not maintainable

Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could have been awarded to the respondent on the seized Indian currency only. The learned Single Judge has however applying the said Rule also awarded interest on the seized foreign currency and which cannot be sustained. The Division Bench of this Court in Neeraj Kumar (supra) has held that a writ remedy cannot be availed to circumvent the non gran..
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