Fema / RBI : RBI new circular allows resident individuals to remit funds to IFSCs for all permissible LRS purposes, boosting financial services...
Fema / RBI : FLA return is annual return required to be submitted by following entities which have received FDI and/or made FDI abroad (i.e. ov...
Fema / RBI : Gain insight into the RBI circular clarifying overseas investment rules for resident individuals and listed Indian companies, incl...
Fema / RBI : Discover RBI's rules on carrying cash & foreign currency when traveling to/from India. FAQs cover limits, exceptions, and complian...
Fema / RBI : Learn the rules for reinvesting proceeds from foreign equity sales without repatriating to India, covering ODI, OPI, and repatriat...
Finance : Understand the legal framework, regulations, and licensing requirements outlined in the IFSCA Banking Handbook General Directions ...
Fema / RBI : Explore the latest Foreign Direct Investment (FDI) policy amendments in Indias space sector. Understand the changes in caps, entry...
Finance : Ministry of Finance announces groundbreaking policy allowing Indian companies to list on GIFT IFSC, unlocking global capital, boos...
Corporate Law : CBI registers a case against a Delhi-based private company and its Director for alleged violations of FCRA provisions, involving u...
Finance : Crypto Assets are borderless, require international collaboration to prevent regulatory arbitrage Under PMLA, Rs. 936 crore relate...
Income Tax : Directorate of Enforcement cannot sit over the seized assets, and the failure to release them is a violation of Section 132B of th...
Fema / RBI : Assessee-company was engaged in the business of providing unsecured short-term loans to its customers/borrowers in India via its D...
Fema / RBI : Read Rajasthan High Court's judgment in Bhagwati Jewellers regarding release of seized gold bullion and goods by Enforcement Direc...
Fema / RBI : In present facts of the case, the Hon’ble Supreme Court observed that the Enforcement Officer appointed under Section 3 of FERA,...
Income Tax : Karnataka High Court held the provisional attachment order unjustifiable as the same was passed simply stating that there is likel...
Fema / RBI : Read about RBI's latest circular on Liberalised Remittance Scheme (LRS) allowing expanded remittances to IFSCs, implications, and ...
Fema / RBI : Understand RBI's latest guidelines on Basel III Capital Regulations and the use of credit ratings from accredited agencies like Br...
Fema / RBI : Explore RBI's latest circular detailing Exim Bank USD 2.50 mn Line of Credit to Guyana for a Solar PV Plant at Cheddi Jagan Int l ...
Fema / RBI : The RBI now allows unlimited remittance via online Form A2 submission, enhancing ease of business for Authorised Dealers and custo...
Fema / RBI : RBI revises foreign exchange regulations for miscellaneous remittances, requiring Form A2 for all transactions. Read the latest up...
On a review of the extant ECB policy, it has been decided, in consultation with the Government of India, to further rationalise and liberalize the ECB guidelines as under:- (i) Enhancement of ECB limit under the automatic route (a) Eligible borrowers in real sector-industrial sector-infrastructure sector can avail of ECB up to USD 750 million or equivalent per financial year under the automatic route as against the present limit of USD 500 million or equivalent per financial year.
Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector, where “infrastructure” is as defined under the extant guidelines on External Commercial Borrowings (ECB), to import capital goods by availing of short term credit (including buyers’ / suppliers’ credit) in the nature of ‘bridge finance’, under the approval route, subject to the following conditions:-
As per extant guidelines, repayment of existing Rupee loans is not a permissible end-use for ECB. Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector,
RBI liberalises Forex Facilities for Individuals- 1. NRIs can be Joint Holders in Resident’s SB/EEFC/RFC Accounts 2. Residents can be Joint Holders in NRE/FCNR Accounts 3. Residents can gift Shares/Debentures upto USD 50,000 Value 4. Resident Indian can open NRE / FCNR (B) account with their Resident close relative 5. Sale Proceeds of FDIs can be credited to NRE/FCNR (B) Account 6. Gifts to NRIs can be credited to NRO Accounts in Rupees 7. Loans to NRI Close Relatives can be given in Rupees 8. Residents can repay the loans given to NRI Close Relatives 9. Residents can bear Medical Expenses of NRIs
Attention of all the Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to A.P.(DIR Series) Circular No.66 dated May 20, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies.
Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from time to time. Non-compliance with the guidelines would attract penal provisions of the Acts concerned or Rules made there under.
Authorised Persons (Indian Agents) are accordingly advised to take into account risks arising from the deficiencies in AML/CFT regime of these countries, while entering into business relationships and transactions with persons (including legal persons and other financial institutions) from or in these countries/ jurisdictions.
Attention of the Authorised Persons is invited to A.P.(DIR Series) Circular No. 63 dated May 20, 2011 on risks arising from the deficiencies in AML/CFT regime of Iran and Democratic People’s Republic of Korea (DPRK).
It has been decided that where the medical expenses in respect of NRI close relative (relative as defined in Section 6 of the Companies Act, 1956) are paid by a resident individual, such a payment being in the nature of a resident to resident transaction may be covered under the term “services related thereto” under Regulation 2(i) of Notification No. FEMA 16 /2000- RB dated May 3, 2000, ibid.
It has been decided that where an authorised dealer in India has granted loan to a non-resident Indian in accordance with Regulation 7 of the Notification No. FEMA 4/2000-RB, ibid, such loans may also be repaid by resident close relative (relative as defined in Section 6 of the Companies Act, 1956), of the Non-Resident Indian by crediting the borrower’s loan account through the bank account of such relative.
