FEMA

Annual Performance Report Under FEMA 1999

Fema / RBI - In this article we shall discuss about Annual Performance Report (i.e. APR) & Process of Filing it. Annual Performance Report is a mandatory annual compliance specified under FEMA 1999. Non-filing of the APR before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA....

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FEMA and GST implications on Export of Goods

Fema / RBI - An Export in International Trade means Goods and Services produced in one country and sold to buyers in another country (Foreign buyer). India’s Exports & Imports complete the term International Trade and together it decides the country’s Trade Balance. When the country’s export exceeds the imports it leads to Trade Surplus, how...

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Can NRI (Non Resident India) purchase Commercial property in India?

Fema / RBI - ALL ABOUT THE PROVISIONS TO BUY THE COMMERCIAL PROPERTY BY NRI IN INDIA:- Article answers if NRIs buy Commercial property in India, What are the types of properties that NRIs/PIOs can buy, What are the types of properties that NRIs/PIOs cannot buy, What Procedures should be followed by NRI to buy a property in India, […]...

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Applicability of Secretarial Audit

Fema / RBI - WITH ANALYSIS Every Company, while pursuing its business activities, has to comply with  so many rules and regulations relating to the Companies Act, Securities laws, FEMA, Industry Specific laws and General laws like Labour laws and so on… Therefore company have chances to face non- compliance risk like fine imprisonments penalties, l...

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Overview of Residential status -Resident & Non-Resident Indian

Fema / RBI - Hello readers, Today I discuss very interesting and confusing topic after amendment in Finance Bill 2020– Residential Status- Resident & Non-Resident Indian in very simplified manner.. Now first question comes in our mind why it is important to determine residential status- Residential status is important as on basis of which we...

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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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Relax FEMA compliance due to COVID-19 pandemic: ICSI

Fema / RBI - ICSI made a representation to RBI GOvernor requesting Relaxation from compliance with provisions of Foreign Exchange Management Act, 1999 (FEMA) due to the COVID-19 pandemic. Text of the Same is as follows:- Institute of Company Secretaries of India ICSI:PFP: 2020 April 16, 2020 Shri Shaktikanta Das Governor Reserve Bank of India Central ...

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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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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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HC: No evidentiary value of statement which was retracted later

Manak Kala Vs Union of India & Anr. (Delhi High Court) - Assessee could not be held guilty for violation of provisions of Section 9(1)(b) of FERA, on the sole basis of the statement of Sh. Ashish Jain, which was retracted later on as none of the orders of the authorities, namely, the Adjudicating Authority, the Appellate Authority or the Tribunal refer to...

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SC held provisions of Section 45(1) of PMLA provision Imposing Twin Condition for granting Bail as unconstitutional

Nikesh Tarachand Shah Vs. Union Of India & Anr. (Supreme Court of India) - SC held that Section 45(1) of the Prevention of Money Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Articles 14 and 21 of the Constitution of India. ...

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PML Act, 2002 Provisions cannot be invoked Retrospectively

M/s Obulapuram Mining Company Pvt Ltd Vs Joint Director (Karnataka High Court) - By consent of the learned advocates appearing for the parties, all these writ petitions are taken up for hearing together, as similar questions of law are involved in these writ petitions, in order to avoid a conflicting judicial opinion. We are also informed that facts are, almost, identical....

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RBI relaxes period of parking of unutilised ECB proceeds in term deposits

RBI/2021-22/16 A.P. (DIR Series) Circular No. 01 - (07/04/2021) - It has been decided to relax the above stipulation as a one-time measure. Accordingly, unutilised ECB proceeds drawn down on or before March 01, 2020 can be parked in term deposits with AD Category-I banks in India prospectively for an additional period up to March 01, 2022....

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RBI notifies Limits for FPI investment in Corporate bonds for FY 2021-22

RBI/2020-21/116 A.P. (DIR Series) Circular No. 14 - (31/03/2021) - The limits for FPI investment in Corporate bonds shall remain unchanged at 15% of outstanding stock of securities for FY 2021-22. Accordingly, the revised limits for FPI investment in corporate bonds, after rounding off, shall be as under...

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Review of FDI Policy on downstream investments made by NRIs

Press Note No. 1 (2021 Series) - (19/03/2021) - Investments by NRI(s) on a non-repatriation basis as stipulated under Schedule IV of Foreign Exchange Management (Non-Debt Instruments) Rules 2019 are deemed to be domestic investments at par with the investments made by residents. Accordingly, an investment made by an Indian entity which is owned a...

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Financial Action Task Force High risk & other monitored jurisdictions

Press Release: 2020-2021/1176 - (01/03/2021) - The Financial Action Task Force (FATF), vide public document ‘High-Risk Jurisdictions subject to a Call for Action’ dated February 25, 2021, has called on its members and other jurisdictions to refer to the statement on these jurisdictions adopted in February 2020....

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Investment by FPI in Defaulted Bonds – Relaxations

RBI/2020-21/105 A.P. (DIR Series) Circular No. 12 - (26/02/2021) - Currently, FPI investments in corporate bonds are subject to a minimum residual maturity requirement, short-term investment limit (paragraph 4 (b)(ii)) and the investor limit (paragraph 4(f)(i)) in terms of the Directions....

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Recent Posts in "FEMA"

Time period of realisation of Export Proceeds under FEMA

A. P. (DIR SERIES 2019-20) Circular No. 27 01/04/2020

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, ...

Read More
Posted Under: Fema / RBI |

Annual Performance Report Under FEMA 1999

In this article we shall discuss about Annual Performance Report (i.e. APR) & Process of Filing it. Annual Performance Report is a mandatory annual compliance specified under FEMA 1999. Non-filing of the APR before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA....

Read More
Posted Under: Fema / RBI |

FEMA and GST implications on Export of Goods

An Export in International Trade means Goods and Services produced in one country and sold to buyers in another country (Foreign buyer). India’s Exports & Imports complete the term International Trade and together it decides the country’s Trade Balance. When the country’s export exceeds the imports it leads to Trade Surplus, how...

Read More
Posted Under: Fema / RBI |

RBI relaxes period of parking of unutilised ECB proceeds in term deposits

RBI/2021-22/16 A.P. (DIR Series) Circular No. 01 07/04/2021

It has been decided to relax the above stipulation as a one-time measure. Accordingly, unutilised ECB proceeds drawn down on or before March 01, 2020 can be parked in term deposits with AD Category-I banks in India prospectively for an additional period up to March 01, 2022....

Read More

Can NRI (Non Resident India) purchase Commercial property in India?

ALL ABOUT THE PROVISIONS TO BUY THE COMMERCIAL PROPERTY BY NRI IN INDIA:- Article answers if NRIs buy Commercial property in India, What are the types of properties that NRIs/PIOs can buy, What are the types of properties that NRIs/PIOs cannot buy, What Procedures should be followed by NRI to buy a property in India, […]...

Read More
Posted Under: Fema / RBI |

Applicability of Secretarial Audit

WITH ANALYSIS Every Company, while pursuing its business activities, has to comply with  so many rules and regulations relating to the Companies Act, Securities laws, FEMA, Industry Specific laws and General laws like Labour laws and so on… Therefore company have chances to face non- compliance risk like fine imprisonments penalties, l...

Read More
Posted Under: Fema / RBI |

15 Statutory compliances of Private Company under Company & FEMA Law

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...

Read More
Posted Under: Fema / RBI |

RBI notifies Limits for FPI investment in Corporate bonds for FY 2021-22

RBI/2020-21/116 A.P. (DIR Series) Circular No. 14 31/03/2021

The limits for FPI investment in Corporate bonds shall remain unchanged at 15% of outstanding stock of securities for FY 2021-22. Accordingly, the revised limits for FPI investment in corporate bonds, after rounding off, shall be as under...

Read More

Overview of Residential status -Resident & Non-Resident Indian

Hello readers, Today I discuss very interesting and confusing topic after amendment in Finance Bill 2020– Residential Status- Resident & Non-Resident Indian in very simplified manner.. Now first question comes in our mind why it is important to determine residential status- Residential status is important as on basis of which we...

Read More
Posted Under: Fema / RBI |

Liberalised Remittance Scheme (LRS)

Liberalised Remittance Scheme (LRS) is a measure to facilitate Resident Individuals (including minors) to remit funds outside India up to USD 250,000 or its equivalent in any freely convertible foreign currency per financial year (April-March) for any permissible capital or current account transaction or a combination of both. The scheme ...

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Posted Under: Fema / RBI |

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