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FEMA

Downstream Investments & Regulations under Fema,1999

Fema / RBI - DOWNSTREAM INVESTMENT & REGULATIONS You are aware that investment in Indian Company can be made by a Non-resident as well as a resident person or entities. Any investment by non-resident in India is called Foreign Direct Investment and regulated by RBI, FDI Guidelines. On the other hand investment by a resident in Indian entities can ...

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Some Facts Related To Rupee Denominated or Masala Bonds

Fema / RBI - RUPEE DENOMINATED BONDS OR MASALA BONDS A business may gets its funding either from the owner’s equity or borrowed capital. When funds are borrowed from outside India from specified foreign sources it is called External Commercial Borrowings(ECB). It is an additional source of fund with lower rate of interest than domestic market and ma...

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Taxability on sale of Foreign Currency

Fema / RBI - Let us first understand the taxability from an individual perspective who does not conduct any business activity, he purchases the Foreign Currency (FC) for personal purpose, which may be medical treatment abroad or for a foreign trip outside India....

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Foreign Owned or Controlled Companies (FOCC)

Fema / RBI - Introduction Foreign Owned or Controlled Companies or FOCC is a familiar name for Indian subsidiaries or entities controlled of/by non- resident/ foreign or multinational companies. FOCC is an Indian company set up or owned or controlled by a non- resident/ a foreign company or MNCs (hereinafter referred as parent company). FOCC becomes a...

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Overview of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019

Fema / RBI - Foreign Exchange Management Act, 1999 (FEMA) which was enacted by the Parliament has substituted the Foreign Exchange Regulations Act, 1973. FEMA came into effect on 1st June, 2000. The importance of foreign exchange reserves was felt by the Exchange Control of India in the year 1939 as there was a huge shortage of it...

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ICSI requests relaxation in RBI reporting requirements

Fema / RBI - We wish to submit that companies are facing difficulty in complying with RBI reporting requirements due to problem in signing of documents from Authorized Signatories. We, therefore, request your goodself to kindly consider to grant relaxation of time period for filing the following forms as mentioned below without levy of additional fees...

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Time period of realisation of Export Proceeds under FEMA

Fema / RBI - FEMA UPDATE > Temporary relaxation in time period of realisation of Export Proceeds- – The Government of India as well as the Reserve Bank has been receiving representations from Exporters Trade bodies to extend the period of realisation of export proceeds in view of the outbreak of pandemic COVID- 19. – It has, therefore, ...

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15 Statutory compliances of Private Company under Company & FEMA Law

Fema / RBI - Article compiles 15 Statutory compliances to be done by a Private Limited Company under Companies Act 2013 & FEMA Act,1999. Article explains Nature of Compliance to be Done, Forms which needs to be filed for Compliance, Due date of Compliance and Provisions of Due date of Compliance. Statutory Compliance Of The Company S.N0 Particular...

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ROC & RBI Compliance list for Branch Office of foreign companies

Fema / RBI - MCA/ROC COMPLIANCE 1. Financial Year :- We need to determine F.Y. of the BO. This can be same as that is followed by the Company in its country of incorporation 2. Prepare Financial Statements and file form with MCA :- Within six months of closure of Financial Year. 3. Annual Return with MCA :- Within […]...

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RBI extends FLA 2020 due date to 31st July 2020

Fema / RBI - Submission of annual return on FLA through the web-based FLAIR portal for financial year 2019-20 has been started. Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and they can file FLA return. However, the en...

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Offence under FEMA – Distinction between two stages of adjudication process

J P Morgan India Private Limited Vs Special Director, Directorate of Enforcement and Anr. (Delhi High Court) - J P Morgan India Private Limited Vs Special Director, Directorate of Enforcement and Anr. (Delhi High Court) Brief: Offence under FEMA – Distinction between the two stages of the adjudication process – eligible reasons by the respondent no. 1 for the formation of opinion to proceed with ...

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Excess jewellery seized : ED should pass reasoned order

Banka Bullion Private Limited Vs Assistant Director & Ors. (Calcutta High Court) - Banka Bullion Private Limited Vs Assistant Director & Ors. (Calcutta High Court) With regard to the search and seizure of the excess jewellery that has been seized by the Enforcement Directorate, it is to be noted that in the writ petition, the petitioner has relied on several documents to indic...

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No interest liability against ED u/s 42(3) towards seizing of travellers cheques

Smt. Sulaihar Vs Deputy Director, Enforcement Directorate (Madras High Court) - Since the petition against Enforcement Directorate towards claiming of interest under section 42(3) of FERA towards seized travellers cheques was filed more than 9 years after receiving the rupee equivalent of UK Pounds 1800 without providing of any reasonable explanation for the delay, therefore, t...

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HC on Entitlement to extension of usance period of Letter of Credit Facility from 180 to 270 days

Rajgaria Timber Private Limited And Others Vs State Bank Of India And Others (Calcutta High Court) - The moot question raised in the writ petition is, whether the writ petitioners are entitled to an extension of the usance period of the Letter of Credit Facility sanctioned to the writ petitioners from 180 days to 270 days....

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FERA Offence Liability depends on Role in Company Affairs & Not on Mere Designation or Status: SC

Shailendra Swarup Vs The Deputy Director (Supreme Court of India) - Shailendra Swarup Vs Deputy Director (Supreme Court of India) Section 68 of FERA, 1973 deals with Offences by companies. Section 68(1) provides that every person who, at the time of the contravention was committed, was in charge of, and was responsible to, the company for the conduct of business of ...

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Investment by Foreign Portfolio Investors (FPIs) in Debt Review

RBI/2021-22/120 A.P. (DIR Series) Circular No. 16 - (08/11/2021) - FPIs can acquire debt securities issued by InvITs and REITs under the Medium-Term Framework (MTF) or the Voluntary Retention Route (VRR). Such investments shall be reckoned within the limits and shall be subject to the terms and conditions for investments by FPIs in debt securities under the respect...

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Foreign Exchange Management (Debt Instruments) (First Amendment) Regulations, 2021

Notification No. FEMA.396(1)/2021-RB - (13/10/2021) - (i) These Regulations shall be called the Foreign Exchange Management (Debt Instruments) (First Amendment) Regulations, 2021. (ii) They shall come into force with effect from the date of their publication in the Official Gazette....

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Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2021

Notification No. S.O. 4242(E) - (12/10/2021) - 1. (1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2021

Notification No. S.O. 4091(E) - (05/10/2021) - 1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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AD banks can use any widely accepted/Alternative reference rate in place of LIBOR

RBI/2021-2022/101 A.P. (DIR Series) Circular No.13 - (28/09/2021) - In view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions....

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Recent Posts in "FEMA"

Downstream Investments & Regulations under Fema,1999

DOWNSTREAM INVESTMENT & REGULATIONS You are aware that investment in Indian Company can be made by a Non-resident as well as a resident person or entities. Any investment by non-resident in India is called Foreign Direct Investment and regulated by RBI, FDI Guidelines. On the other hand investment by a resident in Indian entities can ...

Read More
Posted Under: Fema / RBI |

Some Facts Related To Rupee Denominated or Masala Bonds

RUPEE DENOMINATED BONDS OR MASALA BONDS A business may gets its funding either from the owner’s equity or borrowed capital. When funds are borrowed from outside India from specified foreign sources it is called External Commercial Borrowings(ECB). It is an additional source of fund with lower rate of interest than domestic market and ma...

Read More
Posted Under: Fema / RBI |

Taxability on sale of Foreign Currency

Let us first understand the taxability from an individual perspective who does not conduct any business activity, he purchases the Foreign Currency (FC) for personal purpose, which may be medical treatment abroad or for a foreign trip outside India....

Read More
Posted Under: Fema / RBI |

Foreign Owned or Controlled Companies (FOCC)

Introduction Foreign Owned or Controlled Companies or FOCC is a familiar name for Indian subsidiaries or entities controlled of/by non- resident/ foreign or multinational companies. FOCC is an Indian company set up or owned or controlled by a non- resident/ a foreign company or MNCs (hereinafter referred as parent company). FOCC becomes a...

Read More
Posted Under: Fema / RBI |

Overview of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019

Foreign Exchange Management Act, 1999 (FEMA) which was enacted by the Parliament has substituted the Foreign Exchange Regulations Act, 1973. FEMA came into effect on 1st June, 2000. The importance of foreign exchange reserves was felt by the Exchange Control of India in the year 1939 as there was a huge shortage of it...

Read More
Posted Under: Fema / RBI |

Checklist for Incorporation of Foreign Subsidiary/WOS in India

Checklist for Incorporation of Foreign Subsidiary / Wholly Owned Subsidiary in India Following details are required for WOS (to be incorporated) 1. Authorized Share Capital 2. Paid- up Capital 3. Per share value (Face value) 4. Number of Shareholders 5. Registered Office Address 6. Phone No. & Mail id of the Company 7. Copy of [&helli...

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Posted Under: Fema / RBI |

Procedure for transfer of shares to Non-Resident- (FC-TRS)

Foreign Currency – transfer of shares (FC-TRS) FCTRS : 1. The Form FC-TRS shall be file within 60 days from the date of receipt/date of payment of the amount of consideration. 2. There will be no official fee for filing of form FC-TRS, if the form is filed within 60 days . 3. Form shall […]...

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Posted Under: Fema / RBI |

A brief on Foreign Contribution Regulations in India

FCRA i.e. Foreign Contribution Regulation Act was earlier enacted in year 1976 by Ministry of Home Affairs (MHA) to regulate the foreign funding that received by various charitable institute, political parties, print and other media and to prevent the foreign organizations or individuals from influencing the social, political economic and...

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Posted Under: Fema / RBI |

Things foreign entity can do to enter Indian Market

Today the market of India has shown more growth than any other nation across the world and watching this, businessmen who reside overseas are taking interest in doing business in India. The “Make in India” campaign promoted by the honorable chief minister of India Narendra Modi Ji encouraged foreign entities to do more business in [&h...

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Posted Under: Fema / RBI |

Investment by Foreign Portfolio Investors (FPIs) in Debt Review

RBI/2021-22/120 A.P. (DIR Series) Circular No. 16 08/11/2021

FPIs can acquire debt securities issued by InvITs and REITs under the Medium-Term Framework (MTF) or the Voluntary Retention Route (VRR). Such investments shall be reckoned within the limits and shall be subject to the terms and conditions for investments by FPIs in debt securities under the respective regulations of MTF and VRR....

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