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Issue of Convertible Notes by an Indian Start-up Company

Start-ups eco system is always dynamic and volatile. They are always in search of the innovative funding and that also in a cost effective manner. In order to promote start-ups, government always comes out with innovative initiatives either they give exemption from regulatory requirements or provide cost effective funding. One of the step...

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Posted Under: Fema / RBI |

Comparison between Liaison Office, Project Office & Branch Office

Liaison Office Companies incorporated outside India can open ‘Liaison Office’ (also known as representative office) in India. Liaison office is a place of business to act as a channel of communication between the principal place of business or Head Office.  The Liaison office can undertake only liaison activities, it is not allow...

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Posted Under: Fema / RBI |

Determining residential status as per FEMA Law and “major accounts” that can be opened in India by Non-resident Indians

Determining residential status as per FEMA Law and the ‘major accounts’ that can be opened in India by Non-resident Indians When a resident Indian gains non-resident Indian status, it is mandatory by the law to change the residential status in the bank accounts. FEMA rules for NRIs do not allow holding a savings bank account...

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Posted Under: Fema / RBI |

RBI Covid 19 Regulatory Complete Package

The Reserve Bank of India (RBI) has released 21st Issue of the Financial Stability Report (FSR), on 24th July 2020 which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporan...

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Posted Under: Fema / RBI |

Freely Convertible Currency

‘FREELY CONVERTIBLE CURRENCY’ is not defined in Foreign Exchange Management Act, 1999 [‘FEMA Act’], however it seems that it has been borrowed in Indian Act from Articles of Agreement of the International Monetary Fund [‘Fund’] of United Nation and bye laws thereof; ARTICLE XXX (F) OF ARTICLES OF AGREEMENT OF THE INT...

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Posted Under: Fema / RBI |

Financial Stability of Banking Sector – Bank & Borrower

THE FINANCIAL STABILITY OF THE BANKING SECTOR THE BANK AND THE BORROWER A RELATIONSHIP OF TRUST, FAITH, HOPE AND UNDERSTANDING. The advent of banking reforms in India has brought the concept of NPA (Non-Performing Asset) which has changed drastically the perception and approach of the bank and the customer when dealing with loans financed...

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Posted Under: Fema / RBI |

PMLA, 2002: Courts on curbing Financial Terrorism

Prevention of Money Laundering Act, 2002 (PMLA 2002): Courts on curbing Financial Terrorism Money Laundering, most commonly understood to as the conversion of black money into white money, has time and again been held to be one of the most serious offences by the Courts in India. The Prevention of Money Laundering Act, 2002 was […]...

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Posted Under: Fema / RBI |

RBI releases the Financial Stability Report, July 2020

Today, the Reserve Bank released the 21st Issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to d...

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Posted Under: Fema / RBI |

Filing of FC-TRS – Reporting to Reserve Bank of India

The literal meaning of Form FC-TRS is Foreign Currency Transfer of Shares. This form is filed in case of transfer of shares of an Indian Company from a resident to a Non-Resident/Non-Resident Indian and vice versa through its authorised dealer bank (AD Category-1 Bank)...

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Posted Under: Fema / RBI |

Prior RBI approval on change in management/control of NBFC

Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of Non-Banking Financial Companies (NBFCs) As per the RBI Notification DNBS (PD) CC.No.376/03.10.001/2013-14 and Notification No. DNBS(PD) 275/GM(AM)-2014 dated May 26, 2014 Prior approval of RBI is to be taken when there is change in management/ ...

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Posted Under: Fema / RBI |