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Fema Notifications

Form FCGPR (Theoretical And Practical Aspects)

Fema / RBI - With the objective of integrating the extant reporting structures of various types of foreign investment in India, RBI introduced Single Master Form (SMF) through its Circular RBI/2017-18/194 A.P (DIR Series) Circular No. 30. Dated June 07, 2018 w.e.f. September 1, 2018. SMF Form provides reporting of various forms for foreign investment ...

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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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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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Introduction of Legal Entity Identifier for Cross-border Transactions

RBI/2021-22/137 A.P. (DIR Series) Circular No. 20 - (10/12/2021) - AD Category-I banks shall have the required systems in place to capture the LEI information and ensure that any LEI captured is validated against the global LEI database available on the website of the Global Legal Entity Identifier Foundation (GLEIF)....

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Changes to all-in-cost benchmark & ceiling for FCY ECBs/ TCs

RBI/2021-22/135 A.P. (DIR Series) Circular No. 19 - (08/12/2021) - In view of the imminent discontinuance of LIBOR as a benchmark rate, it has been decided, in consultation with stakeholders, to make the following changes to the all-in-cost benchmark and ceiling for FCY ECBs/ TCs...

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RBI withdraws circular on Foreign Investment in India by FPIs

Circular No. RBI/2021-22/130 A.P. (DIR Series) Circular No.18 - (16/11/2021) - As part of the implementation of the interim recommendations of the RRA 2.0, the A.P. (DIR Series) Circular No.6 dated July 16, 2015 on Foreign Investment in India by Foreign Portfolio Investors is withdrawn with immediate effect by RBI. Reserve Bank of India RBI/2021-22/130 A.P. (DIR Series) Circul...

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FCNR(B) – Master Direction on Interest Rate on Deposits

Master Direction No. RBI/2021-2022/123 DOR.SOG (SPE).REC.No 67/13.03.00/2021-22 - (11/11/2021) - Reserve Bank of India RBI/2021-2022/123 DOR.SOG (SPE).REC.No 67/13.03.00/2021-22 November 11, 2021 All Scheduled Commercial Banks (including Regional Rural Banks) All Small Finance Banks All Local Area Banks All Payment Banks All Primary (Urban) Co-operative Banks/ DCCBs /State Cooperative Banks Dea...

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Investment by Foreign Portfolio Investors (FPIs) in Debt Review

RBI/2021-22/120 A.P. (DIR Series) Circular No. 16 - (08/11/2021) - FPIs can acquire debt securities issued by InvITs and REITs under the Medium-Term Framework (MTF) or the Voluntary Retention Route (VRR). Such investments shall be reckoned within the limits and shall be subject to the terms and conditions for investments by FPIs in debt securities under the respect...

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Fema Notifications’s Popular Posts

Recent Posts in "Fema Notifications"

Introduction of Legal Entity Identifier for Cross-border Transactions

RBI/2021-22/137 A.P. (DIR Series) Circular No. 20 10/12/2021

AD Category-I banks shall have the required systems in place to capture the LEI information and ensure that any LEI captured is validated against the global LEI database available on the website of the Global Legal Entity Identifier Foundation (GLEIF)....

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Changes to all-in-cost benchmark & ceiling for FCY ECBs/ TCs

RBI/2021-22/135 A.P. (DIR Series) Circular No. 19 08/12/2021

In view of the imminent discontinuance of LIBOR as a benchmark rate, it has been decided, in consultation with stakeholders, to make the following changes to the all-in-cost benchmark and ceiling for FCY ECBs/ TCs...

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RBI withdraws circular on Foreign Investment in India by FPIs

Circular No. RBI/2021-22/130 A.P. (DIR Series) Circular No.18 16/11/2021

As part of the implementation of the interim recommendations of the RRA 2.0, the A.P. (DIR Series) Circular No.6 dated July 16, 2015 on Foreign Investment in India by Foreign Portfolio Investors is withdrawn with immediate effect by RBI. Reserve Bank of India RBI/2021-22/130 A.P. (DIR Series) Circular No.18 November 16, 2021 To All Author...

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FCNR(B) – Master Direction on Interest Rate on Deposits

Master Direction No. RBI/2021-2022/123 DOR.SOG (SPE).REC.No 67/13.03.00/2021-22 11/11/2021

Reserve Bank of India RBI/2021-2022/123 DOR.SOG (SPE).REC.No 67/13.03.00/2021-22 November 11, 2021 All Scheduled Commercial Banks (including Regional Rural Banks) All Small Finance Banks All Local Area Banks All Payment Banks All Primary (Urban) Co-operative Banks/ DCCBs /State Cooperative Banks Dear Sir / Madam, Foreign Currency (Non-res...

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Investment by Foreign Portfolio Investors (FPIs) in Debt Review

RBI/2021-22/120 A.P. (DIR Series) Circular No. 16 08/11/2021

FPIs can acquire debt securities issued by InvITs and REITs under the Medium-Term Framework (MTF) or the Voluntary Retention Route (VRR). Such investments shall be reckoned within the limits and shall be subject to the terms and conditions for investments by FPIs in debt securities under the respective regulations of MTF and VRR....

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Foreign Exchange Management (Debt Instruments) (First Amendment) Regulations, 2021

Notification No. FEMA.396(1)/2021-RB 13/10/2021

(i) These Regulations shall be called the Foreign Exchange Management (Debt Instruments) (First Amendment) Regulations, 2021. (ii) They shall come into force with effect from the date of their publication in the Official Gazette....

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Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2021

Notification No. S.O. 4091(E) 05/10/2021

1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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AD banks can use any widely accepted/Alternative reference rate in place of LIBOR

RBI/2021-2022/101 A.P. (DIR Series) Circular No.13 28/09/2021

In view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions....

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FEMA 1999: Govt appoints Regional Special Director (Appeals) to hear appeal against order of Adjudicating Authority

Notification No. S.O. 3958(E). 24/09/2021

FEMA 1999: Govt appoints Regional Special Director (Appeals) to hear appeal against order of Adjudicating Authority MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 24th September, 2021 S.O. 3958(E).—In exercise of the powers conferred by sub-section (1) of section 17 of the Foreign Exchange Management Act, 1999 (...

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Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021

Notification No. FEMA 23(R)/(5)/2021-RB. 08/09/2021

Rate of interest, if any, payable on the advance payment shall not exceed 100 basis points above the London Inter-Bank Offered Rate (LIBOR) or other applicable benchmark as may be directed by the Reserve Bank, as the case may be...

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