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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.
Every Indian Company who receives FDI (Foreign Direct Investment) needs to report such FDI inflow to Reserve bank of India. Therefore this is my attempt to clarify the procedure regarding report of FDI to RBI.
Foreign Exchange Management Act, 1999 (‘FEMA’) is one of the key Indian legislations brought into force with an objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. Reserve Bank of India (‘RBI’), which is the Apex Bank, governs FEMA and Regulations made thereunder.
Only Indian companies were required to submit FLA returns to the RBI but as per the A. P. (DIR Series) Circular No. 22 Dated: October 21, 2015 , all Limited Liabilities Partnerships (LLPs) in India which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) as well as in the current year, shall also submit the FLA return to the RBI in the same manner.
In this article, author attempts to highlight the basic concept of foreign currency translation and its impact on financial statement as per FASB 52. Please note this article is for giving the overview of its basic concept and it is not the exhaustive view for taking any opinion.
The capital instruments should be issued within 180 days from the date of receipt of the inward remittance received through normal banking channels including escrow account opened and maintained for the purpose or by debit to the NRE/FCNR (B) account of the non-resident investor.
Articles discusses instruments by which Indian Companies can raise Foreign Direct Investment in India. Details of such Instruments are as follows :- Equity Shares: The Indian Company can issue equity shares in accordance with the provisions of the Companies Act, as applicable, shall include equity shares that have been partly paid, subject to pricing guidelines/valuation norms prescribed under FEMA Regulations
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 abroad for a certain period.
Pledging of shares in order to avail the loan is neither a new concept for promoters nor for investors. In brief, when the promoters want to raise the funds for the personal or the company’s needs, they pledge their shares with the financial or non-financial institution.
Many persons are interested at preserving old currency, new released currency, foreign currency received by them. Few of them possess the foreign currency for some specified purpose. Many times they counter questions regarding eligibility for possession of foreign currency and the permitted limit to which they can possess the foreign currency.
