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FEMA Regulations Pertinent to Information Technology (IT) Sector

This article highlights the provisions of Foreign Exchange Management Act, 1999 (FEMA), where IT companies have opted compounding of contraventions. IT has been significant contributor to India’s growth in the services and has emerged as the biggest IT Hub in the modern world. This sector has to its credit creation of more than 15 milli...

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Posted Under: Fema / RBI |

Compliance With Amended FCRA 2010 And FCRR 2011- Advisory

Advisory for Compliance by FCRA NGOs/Associations with the Amended Provisions in FCRA, 2010 and FCRR, 2011 Note: – This advisory is meant for any association that belongs to one of the following categories: (a) Those who have submitted application for registration/Prior Permission (b) Those who have submitted application for Renewal...

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Posted Under: Fema / RBI |

RBI: Governor’s recent speech – from foreign exchange/government bonds angle

Shri Shaktikanta Das, Governor, Reserve Bank of India, gave a lecture on ‘Accelerating Financial Market Reform in India’ at the 4th Annual Day of Foreign Exchange Dealers’ Association of India (FEDAI) on November 26, 2020, at Mumbai. Though the title involves an overhaul of total financial reforms in recent times in India, I...

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Posted Under: Fema / RBI |

Changing Paradigm For NGO’s In FCRA

The Ministry of Law and Justice notified the Foreign Contribution (Regulation) Amendment Act 2020 (FCRA Amendment Act) which amends the existing provisions of the Foreign Contribution Regulation Act 2010 (FCRA) after receiving assent of the President of India on the 28th September, 2020. The FCRA Amendment Act brings in a slew of amendmen...

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Posted Under: Fema / RBI |

Latest Ownership Guidelines & Corporate Structure for Indian Private Sector Banks- RBI

The Report of the Internal Working Group set up to Review extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks by Reserve Bank of India dated October 26, 2020, by four members team was submitted. As the name indicates this epoch-making event unlocks the mysteries of floating a private sector bank and the [&h...

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Posted Under: Fema / RBI |

RBI: NBFC Regulation- Looking ahead

Based on the brilliant lecture on the above subject by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – November 6, 2020 – at the ‘National E-Summit on Non-Banking Finance Companies’ organized by ASSOCHAM, the following article traces its origin. It has been drawn from the RBI web site as under: https://www....

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Posted Under: Fema / RBI |

K V Kamath Committee Report – Decoding

Loan Restructuring Scheme For COVID-19 Hit Stressed Borrowers. Synopsis : COVID -19 left a destructive mark on the World Economy including India, so the Government of India along with the Ministry of Finance & Reserve Bank Of India announced several Stimulus Shots to revive the Indian economy, so the Governor of RBI , Sri Sakthikantha...

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Posted Under: Fema / RBI |

Basic of FDI or Foreign Investment under NDI Rules

Till 16th October, 2019, Foreign Investment was governed, by RBI in consultation with Central Government, by Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017, called as TISPRO. Pursuant to amendment made in FEMA through Finance Act 2015, Central Government is empowered to mak...

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Posted Under: Fema / RBI |

Targeted Long Term Repo Operations (TLTROs)- FAQs

Will banks be required to maintain specified securities for the amount received in TLTRO in HTM book at all times?  Yes. The banks will have to maintain amount of specified securities for the amount received in TLTRO in its HTM book at all times till maturity of TLTRO....

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Posted Under: Fema / RBI |

Types of Bank Account Which a Foreigner can Maintain In India

Following are the types of Bank account which a foreigner can maintain in India: ♦ Non – Resident External Rupee Account (NRE). ♦ Non- Resident Ordinarily Account (NRO). ♦ Foreign Currency (Non – Resident) Account Bank (FCNR (B)). ♦ Non – Resident (Non Repatriable) Rupee Deposit Accounts (NRNR Accounts). ♦ Special Non- Res...

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Posted Under: Fema / RBI |