Fema Notifications

FAQS on Issuance of Rupee denominated bonds overseas

Fema / RBI - 1. Who can issue? Any corporate (entity registered as a company under the Companies Act, 1956/ 2013) or body corporate (entity specially created out of a specific act of the Parliament) is eligible to issue Rupee denominated bonds overseas. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) coming under th...

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Consolidated FDI Policy of 2015 – Key changes & Comparative

Fema / RBI - The Ministry of Commerce & Industry released the consolidated Foreign Direct Investment policy of 2015 effective from May 12, 2015. We list below the key changes. Further, a detailed comparative of changes incorporated in FDI Policy 2015 juxtaposed with the consolidated FDI policy of 2014 is specified in Annexure A. ...

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Import of gold on consignment basis by both nominated agencies and banks shall now be permissible only to meet the needs of exporters of gold jewellery

Fema / RBI - It has further been decided that all Letters of Credit (LC) to be opened by Nominated Banks / Agencies for import of gold under all categories will be only on 100 per cent cash margin basis. Further, all imports of gold will necessarily have to be on Documents against Payment (DP) basis. Accordingly, gold imports on Documents against Acce...

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Recent Liberlisation and Simplification in Softex Procedure, Payment allowed to be recd. in advance beyond one year, Release of Foreign Exchange for Imports

Fema / RBI - Considering the spurt in volume of software exports from India in recent times, other complexities involved in execution of work contracts and time consumed in the certification of SOFTEX forms, a simplified procedure has since been finalised by the Reserve Bank. Under the revised procedure, a software exporter, whose annual turnover is a...

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Summary of recent Rationalisation and Liberalization in External Commercial Borrowing (ECB) Policy

Fema / RBI - On a review of the current ECB policy, it has been decided, in consultation with the Government of India, to further rationalise and liberalize the ECB Policy as under : (i) The limit for eligible borrowers to avail of ECB under the automatic route per financial year has been enhanced as follows: corporates in real […]...

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Carrying of INR 10,000 by Non-residents and Residents : RBI Clarifies

Fema / RBI - In terms of instructions issued vide A.P. (Dir Series) circular No.45 dated September 16, 2013, the Reserve Bank of India had facilitated encashment of rupees into convertible currencies even beyond Immigration/Customs desk.  This instruction has been misreported in certain sections of the media as a new restriction imposed by the Reserv...

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Fema – Review of all-in-cost (AIC) on External Commercial Borrowings (ECB) and Trade Credit

Fema / RBI - On a review of the conditions in the global financial markets, it has been decided to continue with the enhanced all-in-cost ceiling for ECB and trade credit for a further period of six months as under:...

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RBI permission no longer required for cut in sanctioned ECB limit

Fema / RBI - As per the extant ECB procedures, requests for reduction in the amount of ECB, changes in the drawdown schedule and reduction in the all-in-cost of the ECB after obtaining the loan registration number (LRN) is required to be referred by the bank concerned to the RBI for necessary approval. Simplifying norms for overseas borrowers, the RBI...

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Govt to notify 100% FDI in single-brand retail soon

Fema / RBI - The government says it will soon notify 100 per cent foreign direct investment in single-brand retail. Secretary in the Department of Industrial Policy and Promotion (DIPP) P K Chaudhery said this in response of a question about issuance of notification of 100 per cent FDI in single-brand retail....

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Foreign individuals can invest directly in public issues

Fema / RBI - In a major policy decision, the Central Government has decided to allow Qualified Foreign Investors (QFIs) to directly invest in Indian equity market in order to widen the class of investors, attract more foreign funds, and reduce market volatility and to deepen the Indian capital market. QFIs have been already permitted to have direct ac...

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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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Foreign exchange –Contravention of provisions of Act–Liable to prosecution as well as penalty by adjudicating officer

Radheshyam Kejriwal Vs. State of West Bengal & ANR. (Supreme Court of India) - Foreign exchange --Contravention of provisions of Act--Liable to prosecution as well as penalty by adjudicating officer--Proceeding before adjudicating officer for acts considered offence--Exoneration in adjudication proceedings--No case for criminal proceedings thereafter on same facts--Foreign Exc...

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Appeal No.: Writ Petition Nos. 23110 & 23558 of 2009, dated: 26.03.2010

P. Giribabu Vs. Dy. Director of Enforcement (Madras High Court) - The relief sought for by the petitioner seeking permission to be accompanied by an advocate of his choice when he appears before the Enforcement Directorate in pursuance of the summons issued under section 37 of the Foreign Exchange Management Act, 1999 and recording of statement in the presence of ...

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OTC Government Securities Transaction by FPIs – Settlement Period

RBI/2017-18/97 FMRD.DIRD.05/14.03.007/2017-18 - (16/11/2017) - As announced in paragraph 13 of the Statement on Developmental and Regulatory Policies, of the fourth Bi-monthly Monetary Policy Statement for 2017- 18 dated October 04, 2017, it has now been decided to permit FPIs to settle OTC secondary market transactions in Government Securities either on T+1 or...

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Simplified Hedging Facility Guidelines for Resident and non-resident entities

RBI/2017-18/88 A.P. (DIR Series) Circular No. 11 - (09/11/2017) - ii. If hedging requirement of the user exceeds the limit in course of time, the designated bank may re-assess and, at its discretion, extend the limit up to 150% of the stipulated cap. iii. Hedge contracts in OTC market can be booked with any AD Cat-I bank, provided the underlying cash flow takes pl...

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Latest Law on Transfer or Issue of Security by a Person Resident Outside India

Notification No. FEMA 20(R)/2017-RB - (07/11/2017) - These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017....

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Permission to resident / non-resident entities to hedge transactions with simple Procedures

Notification No. FEMA. 388/2017-RB - (24/10/2017) - Notwithstanding anything contained in paras 4, 5, 5A and 5B, resident entities with foreign currency exposures and non- resident entities with rupee exposures, other than individuals, may hedge underlying exchange rate risk arising out of transactions permitted under Foreign Exchange Management Act,...

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PML (Maintenance of Records) Sixth Amendment Rules, 2017

Notification No. G.S.R. 1318(E) - (23/10/2017) - Provided also that in case the officially valid document presented by a foreign national does not contain the details of address, in such case the documents issued by the Government departments of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India shall be accepted as...

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Recent Posts in "Fema Notifications"

OTC Government Securities Transaction by FPIs – Settlement Period

RBI/2017-18/97 FMRD.DIRD.05/14.03.007/2017-18 (16/11/2017)

As announced in paragraph 13 of the Statement on Developmental and Regulatory Policies, of the fourth Bi-monthly Monetary Policy Statement for 2017- 18 dated October 04, 2017, it has now been decided to permit FPIs to settle OTC secondary market transactions in Government Securities either on T+1 or on T+2 basis. It may be ensured that al...

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Simplified Hedging Facility Guidelines for Resident and non-resident entities

RBI/2017-18/88 A.P. (DIR Series) Circular No. 11 (09/11/2017)

ii. If hedging requirement of the user exceeds the limit in course of time, the designated bank may re-assess and, at its discretion, extend the limit up to 150% of the stipulated cap. iii. Hedge contracts in OTC market can be booked with any AD Cat-I bank, provided the underlying cash flow takes place with the same bank....

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Latest Law on Transfer or Issue of Security by a Person Resident Outside India

Notification No. FEMA 20(R)/2017-RB (07/11/2017)

These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017....

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Permission to resident / non-resident entities to hedge transactions with simple Procedures

Notification No. FEMA. 388/2017-RB (24/10/2017)

Notwithstanding anything contained in paras 4, 5, 5A and 5B, resident entities with foreign currency exposures and non- resident entities with rupee exposures, other than individuals, may hedge underlying exchange rate risk arising out of transactions permitted under Foreign Exchange Management Act, 1999...

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PML (Maintenance of Records) Sixth Amendment Rules, 2017

Notification No. G.S.R. 1318(E) (23/10/2017)

Provided also that in case the officially valid document presented by a foreign national does not contain the details of address, in such case the documents issued by the Government departments of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India shall be accepted as proof of address....

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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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Investment by FPI in Government Securities Medium Term Framework

RBI/2017-18/68 A.P.(DIR Series) Circular No. 7 (28/09/2017)

The limits for investment by FPIs for the quarter October-December 2017 is increased by INR 80 billion in Central Government Securities and INR 62 billion in State Development Loans. The revised limits are allocated as per the modified framework prescribed in the RBI/2017-18/12 A.P.(Dir Series) Circular No.1 dated July 3, 2017, and given ...

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Harmonisation of norms for Masala Bonds issuance with ECB guidelines

RBI/2017-18/ 64 A.P. (DIR Series) Circular No. 05 (22/09/2017)

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB dated May 3, 2000, as amended from time to time....

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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 per the extant ECB norms....

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PML (Maintenance of Records) Third Amendment Rules, 2017

Notification No. 3/2017 (21/08/2017)

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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