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It is not that complicated for Non-Resident Indians to buy or sell immovable property in India and remittance of sale proceeds, but there are certain rules and regulations to be followed during such transactions. The Reserve Bank of India governs them and they fall under the purview of the Foreign Exchange Management Act (FEMA).
What action the AD is required to take in case of any adverse reporting in Annual Activity Certificate (AAC) of LO/BO or non-submission of AACs? Ans: In case the designated AD Category I bank notices any adverse findings by the auditor in respect of LO/BO or the LO/BO is defaulting in submission of AACs, then the same should be immediately reported to the Reserve Bank.
These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eighteenth Amendment) Regulations, 2016.
1. (1) These rules may be called the Prevention of Money-laundering (Appeal) Amendment Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette.
Alternative option of issuing shares instead of remittance by wholly owned subsidiary for pre-incorporation/pre-operative expenses incurred by overseas holding entities may also be a favorable move for corporate sector.
At international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes which are legal tender;
In last two years, Government has brought major FDI policy reforms in a number of sectors viz. Defence, Construction Development, Insurance, Pension Sector, Broadcasting Sector, Tea, Coffee
The policy makers are determined to attract foreign investment through Foreign Direct Investment (FDI) and continue to revisit sectoral caps and mode of investment in various sectors of the economy.
Wherever hedging has been mandated by the RBI, the ECB borrower will be required to cover principal as well as coupon through financial hedges.
Govt permitted FDI up to 100% subject to certain conditions (up to 49% under Automatic route and under Government route beyond 49%) in Asset Reconstruction Companies (ARCs).
