fema

Essar Roseneft deal – some questions

Fema / RBI - The sale of a 98 per cent stake in Essar Oil to Rosneft and the Trafigura-United Capital Partners (UCP) consortium. Of the total deal amount of $12.9 billion, about $5 billion debt held at group level will get settled through this transaction and another $6 billion debt of Essar Oil will be taken by Rosneft consortium,...

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Everything about Branch Office/ Project Office/ Liaison Office by Foreign Company in India

Fema / RBI - Foreign Company Approvals, Reporting and Taxation for opening and operating Branch Office/ Liaison Office/ Project Office in India. Taxation of foreign income entails the taxation by one country of income that its residents earn in another country. India limits the foreign tax credit to the lesser of foreign tax paid or local tax payable....

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Resolution of Stressed Assets: Towards Endgame – Understanding RBI Governor’s observations from speech delivered on August 19, 2017

Fema / RBI - On August 19, 2017, Mr. Urjit Patel, Governor, RBI spoke on the inaugural session of the National Conference on Insolvency and Bankruptcy: Changing Paradigm, Mumbai, and emphatically mentioned the present precarious position of the Balance Sheet of the banks in India and the efforts of RBI, Ministry of Finance as well the banks themselves...

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Convergence from FII to FPI: a Novel Sunrise for Company Secretary Professionals

Fema / RBI - In order to streamline the deficiencies, functioning and to pluck out money laundering in the area of Foreign Investment by Institutional Investors abroad, Securities and Exchange Board of India (SEBI) has come up with new regulation being SEBI (Foreign Portfolio Investors) Regulations, 2014 ...

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Standard Operating Procedure for FDI in India

Fema / RBI - The Finance Minister in his budget speech for FY 2017-18 had included a significant proposal of abolishing the Foreign Investment Promotion Board (FIPB) and replace it with a decentralized mechanism at the respective ministry level to examine and approve FDI proposals in India....

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Investments by NRIs as FDI and in stock changes

Fema / RBI - Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time: i. As per Regulations 5(1), NRIs may invest in shares/Compulsorily Convertible Preference Shares...

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Draft ‘Fugitive Economic Offenders Bill, 2017’ -Govt invite comments

Fema / RBI - It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India. It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed....

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NHAI Masala Bond Launched at London Stock Exchange

Fema / RBI - The Union Minister of Road Transport & Highways and Shipping Shri. Nitin Gadkari yesterday launched the NHAI Masala Bond issue at the London Stock Exchange. The NHAI issue witnessed an overwhelming response from a wide range of investors, some of them being first timers to participate in the Masala Bond market....

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SIT directs ED to take action against Export Companies

Fema / RBI - SIT directs Enforcement Directorate to take necessary action under FEMA with respect to 216 Companies for the period before 1st March, 2016 and against 572 Companies for the period after 1st March, 2016 for which each such Company had export proceeds pending for realisation for more than Rs. 100 crore....

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NRIs can now join & subscribe to NPS online through eNPS

Fema / RBI - NRIs have a pivotal role to play in the Indian economy. India has the second-largest Diaspora in the world, with around 29 million people living in over 200 countries and out of these 25% live in the Gulf countries. Most of the Indians going to the Gulf and some other countries go for employment and return to India after having worked abr...

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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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Members cannot be appointed part-time to Fema Tribunal

Union Of India And Others Vs S. Srinivasan (Supreme Court of India) - Rule 2 (1) (b) provides the qualification to be a Member. Needless to say, the same is in total accord with the Act. The first proviso to Rule 5 introduces part time Member. We have held that the said proviso, as far as it introduces the concept of part time Member, is contrary to the provision cont...

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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 High Court) - 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 fo...

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SC asks Ketan Ketan Parikh and Co to Deposit deposit 50 percent of penalty imposed for Fema violations

Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court of India) - Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai ...

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Section 45(1A) of the Prevention of Money Laundering Act, 2002 – Binod Kumar Versus State of Jharkhand & Others

Binod Kumar Vs State of Jharkhand & Others (Supreme Court of India) - Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to have been so earned is of unprecedented amounts. However...

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PML (Maintenance of Records) Fifth Amendment Rules, 2017

Notification No. 6/2017 - (16/10/2017) - Obtaining a certified copy by reporting entity shall mean comparing the copy of officially valid document so produced by the client with the original and recording the same on the copy by the authorized officer of the reporting entity in a manner prescribed by the regulator....

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Facilities for Hedging Trade Exposures invoiced in Indian Rupees

RBI/2017-18/75 A.P. (DIR Series) Circular No. 08 - (12/10/2017) - To hedge the currency risk arising out of genuine trade transactions involving exports from and imports to India, invoiced in Indian Rupees, with AD Category I banks in India....

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Relaxation in reporting requirement in respect of RDB transactions

RBI/2017-18/65- A.P. (DIR Series) Circular No. 06 - (22/09/2017) - Consequently, reporting requirement in terms of paragraph 8 (additional email reporting of RDB transactions for onward reporting to depositories) of A.P. (DIR Series) Circular No. 60 dated April 13, 2016 has been dispensed with. However, it should be noted that the reporting of RDBs will continue as...

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RBI tightens norms for issuance of Masala Bonds

RBI/2016-17/316 A. P. (DIR Series) Circular No. 47 - (07/06/2017) - RBI has today tightened the norms for issuance of masala bonds by Indian corporates – raising of such INR denominated debt would now be subject to RBI approval, will have to adhere to all-in-cost ceilings (earlier permitted at arm’s length) and cannot be issued to related parties. ...

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Draft guidelines of Simplified Hedging Facility for Residents & Non-Residents

Press Release : 2016-2017/2759 - (12/04/2017) - RBI today released draft guidelines of Simplified Hedging Facility for Residents and Non-Residents which permits dynamic hedging of currency risk and simplifies the procedure involved in booking hedge contracts....

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fema’s Popular Posts

Recent Posts in "fema"

PML (Maintenance of Records) Fifth Amendment Rules, 2017

Notification No. 6/2017 (16/10/2017)

Obtaining a certified copy by reporting entity shall mean comparing the copy of officially valid document so produced by the client with the original and recording the same on the copy by the authorized officer of the reporting entity in a manner prescribed by the regulator....

Read More

Facilities for Hedging Trade Exposures invoiced in Indian Rupees

RBI/2017-18/75 A.P. (DIR Series) Circular No. 08 (12/10/2017)

To hedge the currency risk arising out of genuine trade transactions involving exports from and imports to India, invoiced in Indian Rupees, with AD Category I banks in India....

Read More

Essar Roseneft deal – some questions

The sale of a 98 per cent stake in Essar Oil to Rosneft and the Trafigura-United Capital Partners (UCP) consortium. Of the total deal amount of $12.9 billion, about $5 billion debt held at group level will get settled through this transaction and another $6 billion debt of Essar Oil will be taken by Rosneft consortium,...

Read More
Posted Under: Fema / RBI |

Everything about Branch Office/ Project Office/ Liaison Office by Foreign Company in India

Foreign Company Approvals, Reporting and Taxation for opening and operating Branch Office/ Liaison Office/ Project Office in India. Taxation of foreign income entails the taxation by one country of income that its residents earn in another country. India limits the foreign tax credit to the lesser of foreign tax paid or local tax payable....

Read More
Posted Under: Fema / RBI |

Relaxation in reporting requirement in respect of RDB transactions

RBI/2017-18/65- A.P. (DIR Series) Circular No. 06 (22/09/2017)

Consequently, reporting requirement in terms of paragraph 8 (additional email reporting of RDB transactions for onward reporting to depositories) of A.P. (DIR Series) Circular No. 60 dated April 13, 2016 has been dispensed with. However, it should be noted that the reporting of RDBs will continue as per the extant ECB norms....

Read More

Resolution of Stressed Assets: Towards Endgame – Understanding RBI Governor’s observations from speech delivered on August 19, 2017

On August 19, 2017, Mr. Urjit Patel, Governor, RBI spoke on the inaugural session of the National Conference on Insolvency and Bankruptcy: Changing Paradigm, Mumbai, and emphatically mentioned the present precarious position of the Balance Sheet of the banks in India and the efforts of RBI, Ministry of Finance as well the banks themselves...

Read More
Posted Under: Fema / RBI |

Investments by NRIs as FDI and in stock changes

Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time: i. As per Regulations 5(1), NRIs may invest in shares/Compulsorily Convertible Preference Shares...

Read More
Posted Under: Fema / RBI |

Convergence from FII to FPI: a Novel Sunrise for Company Secretary Professionals

In order to streamline the deficiencies, functioning and to pluck out money laundering in the area of Foreign Investment by Institutional Investors abroad, Securities and Exchange Board of India (SEBI) has come up with new regulation being SEBI (Foreign Portfolio Investors) Regulations, 2014 ...

Read More
Posted Under: Fema / RBI |

Standard Operating Procedure for FDI in India

The Finance Minister in his budget speech for FY 2017-18 had included a significant proposal of abolishing the Foreign Investment Promotion Board (FIPB) and replace it with a decentralized mechanism at the respective ministry level to examine and approve FDI proposals in India....

Read More
Posted Under: Fema / RBI |

Foreign Companies : India Entry options

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Foreign companies in India typically operate through a Liaison Office, Project Office, Branch Office or Wholly Owned Subsidiary (WOS)...

Read More
Posted Under: Fema / RBI |
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