Fema Notifications

Maintenance of Accounts in India by a Person Resident outside India

Fema / RBI - FEMA regulates, prohibits and restricts acceptance of deposits by Person Resident in India from a Person Resident outside India (PROI) and prescribes maintenance of accounts in India by PROI. This article provides an insight to the same....

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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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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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Electronic Trading Platforms (Reserve Bank) Directions, 2018

RBI/2018-2019/55 FMRD.FMID.07/14.03.027/2018-19 - (05/10/2018) - RBI hereby issues Electronic Trading Platforms (Reserve Bank) Directions, 2018 to the entities operating Electronic Trading Platforms (ETPs) to transact trade in eligible instruments....

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RBI liberalises ECB policy on Rupee denominated bonds

RBI/2018-19/48 A.P. (DIR Series) Circular No.9 - (19/09/2018) - It has been decided, in consultation with the Government of India, to liberalise some aspects of the ECB policy including policy on Rupee denominated bonds as indicated below:...

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Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2018

Notification No. FEMA 22(R) (1)/2018-RB - (31/08/2018) - (i) These regulations may be called the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2018. (ii) These regulations shall come into force from the date of their publication in the...

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018

Notification No. No. FEMA.20(R) (3)/2018-RB - (03/08/2018) - (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018. (ii) They shall come into force with effect from the 1st day of September, 2018....

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PAN Mandatory for all remittances under Liberalised Remittance Scheme

RBI/2017-18/204 A.P. (DIR Series) Circular No. 32 - (19/06/2018) - It has been decided that furnishing of Permanent Account Number (PAN), which hitherto was not to be insisted upon while putting through permissible current account transactions of up to USD 25,000, shall now be mandatory for making all remittances under Liberalised Remittance Scheme (LRS)....

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Recent Posts in "Fema Notifications"

Electronic Trading Platforms (Reserve Bank) Directions, 2018

RBI/2018-2019/55 FMRD.FMID.07/14.03.027/2018-19 (05/10/2018)

RBI hereby issues Electronic Trading Platforms (Reserve Bank) Directions, 2018 to the entities operating Electronic Trading Platforms (ETPs) to transact trade in eligible instruments....

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Maintenance of Accounts in India by a Person Resident outside India

FEMA regulates, prohibits and restricts acceptance of deposits by Person Resident in India from a Person Resident outside India (PROI) and prescribes maintenance of accounts in India by PROI. This article provides an insight to the same....

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Posted Under: Fema / RBI |

RBI liberalises ECB policy on Rupee denominated bonds

RBI/2018-19/48 A.P. (DIR Series) Circular No.9 (19/09/2018)

It has been decided, in consultation with the Government of India, to liberalise some aspects of the ECB policy including policy on Rupee denominated bonds as indicated below:...

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Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2018

Notification No. FEMA 22(R) (1)/2018-RB (31/08/2018)

(i) These regulations may be called the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2018. (ii) These regulations shall come into force from the date of their publication in the Official Gazette....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018

Notification No. No. FEMA.20(R) (3)/2018-RB (03/08/2018)

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018. (ii) They shall come into force with effect from the 1st day of September, 2018....

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PAN Mandatory for all remittances under Liberalised Remittance Scheme

RBI/2017-18/204 A.P. (DIR Series) Circular No. 32 (19/06/2018)

It has been decided that furnishing of Permanent Account Number (PAN), which hitherto was not to be insisted upon while putting through permissible current account transactions of up to USD 25,000, shall now be mandatory for making all remittances under Liberalised Remittance Scheme (LRS)....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2018

Notificatio No. FEMA. 20(R)(2)/2018-RB (01/06/2018)

Reserve Bank of India hereby notifies that proviso (ii) to sub-regulation (1) of regulation 10 and proviso (ii) to sub-regulation (2) of regulation 10 of the Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2017, shall come into force with effect from June 02, 2018....

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PML (Maintenance of Records) Amendment Rules, 2018

Notification No. G.S.R. 456(E) (16/05/2018)

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette....

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Investment by Foreign Portfolio Investors (FPI) in Debt – Review

RBI/2017-18/170 A.P. (DIR Series) Circular No. 26 (01/05/2018)

While the FPIs are only permitted to invest in corporate bonds with minimum residual maturity of above one year, in order to bring consistency across debt categories, it is stipulated that investments by an FPI in corporate bonds with residual maturity below one year shall not exceed, at any point in time, 20% of the total investment of t...

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Changes affecting operational aspects of FPI investments in debt

RBI/2017-18/168 A.P. (DIR Series) Circular No. 24 (27/04/2018)

In terms of AP (DIR Series) Circular No. 22 dated April 6, 2018, the revised framework for Foreign Portfolio Investors (FPI) in debt was announced. It was further stated that a separate notification would be issued announcing other changes affecting operational aspects of FPI investments in debt, in consultation with SEBI....

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