Fema / RBI : Understand SOFTEX filing and Electronic Bank Realisation Certificate (EBRC) for service exporters. Learn the process, benefits, an...
Fema / RBI : Discover the RBIs Foreign Exchange Management (Overseas Investment) Regulations, 2022 and understand their purpose and obligations...
Fema / RBI : With the objective of integrating the extant reporting structures of various types of foreign investment in India, RBI introduced ...
Fema / RBI : FEMA regulates, prohibits and restricts acceptance of deposits by Person Resident in India from a Person Resident outside India (P...
Fema / RBI : 1. Who can issue? Any corporate (entity registered as a company under the Companies Act, 1956/ 2013) or body corporate (entity spe...
Fema / RBI : Explore the latest Foreign Direct Investment (FDI) policy amendments in Indias space sector. Understand the changes in caps, entry...
Corporate Law : In terms of instructions issued vide A.P. (Dir Series) circular No.45 dated September 16, 2013, the Reserve Bank of India had faci...
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 ceili...
Corporate Law : As per the extant ECB procedures, requests for reduction in the amount of ECB, changes in the drawdown schedule and reduction in t...
Corporate Law : The government says it will soon notify 100 per cent foreign direct investment in single-brand retail. Secretary in the Department...
Fema / RBI : Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could ...
Fema / RBI : Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s....
Fema / RBI : Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of...
Fema / RBI : Foreign exchange --Contravention of provisions of Act--Liable to prosecution as well as penalty by adjudicating officer--Proceedin...
Fema / RBI : The relief sought for by the petitioner seeking permission to be accompanied by an advocate of his choice when he appears before t...
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...
A person resident in India who proposes to transfer, by way of gift, to a person resident outside India any security including shares/convertible debentures is required to obtain prior approval of the Reserve Bank. However, the value of security to be transferred together with any security transferred by the transferor, as gift, to any person residing outside India which was not to exceed the rupee equivalent of USD 25,000 during a calendar year has been enhanced to USD 50,000 per financial year.
Non-Resident Indian (NRI), as defined in FEMA Notification No. 5, ibid, may be permitted to open NRE / FCNR(B) account with their resident close relative (relative as defined in Section 6 of the Companies Act, 1956) on ‘former or survivor’ basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder.
It has been decided that individuals resident in India may be permitted to include non-resident close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as a joint holder(s) in their resident bank accounts on ‘former or survivor’ basis. However, such non- resident Indian close relatives shall not be eligible to operate the account during the life time of the resident account holder.
Following the announcement by the Union Finance Minister Shri Pranab Mukherjee in his budget 2011-12, the Government in consultation with the regulators had raised the limit for FII investment in long-term corporate bonds issued by the companies in the infrastructure sector from USD 5 billion to USD 25 billion. This scheme was operationalised vide SEBI circular CIR/IMD/FIIC/5/2011 dated 31st March 2011.
As a measure of simplification of the existing procedures, it has been decided to delegate powers to the designated AD Category-I banks to approve the request from the ECB borrowers with respect to change in the recognized lender when the original lender is an international bank or a multilateral financial institution (such as IFC, ADB, CDC, etc.) or a regional financial institution or a Government owned development financial institution or an export credit agency or supplier of equipment and the new lender also belongs to any one of the above mentioned categories, subject to the Authorised Dealer ensuring the following conditions:
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.41 dated February 11, 2011, wherein the Rupee value of the special currency basket was indicated as Rs. 64.7004 effective from January 31, 2011..
FEMA Violations – The Foreign Exchange Management Act, 1999 is a civil act in nature as such there is no provision for launching the prosecutions. During the last three years i.e. 2009-10,2010-11 and 2011-12 (upto July 2011) , the Directorate of Enforcement has issued 990 Show Cause Notices to various persons/firms under Foreign Exchange Management Act,1999 (FEMA), for initiating the adjudication proceedings.
Under the Rupee Drawing Arrangements (RDAs), inward remittances for permissible purposes are received in India through Exchange Houses situated in Gulf countries, Hong Kong and Singapore, with prior approval of the Reserve Bank. With a view to extending the scope of the said Arrangement to other jurisdictions, it has been decided to extend the Rupee Drawing Arrangements (RDAs) only under the Speed Remittance procedures to Exchange Houses situated in Malaysia.
India now with consistent growth performance and abundant high-skilled affordable manpower provides enormous opportunity for investment both domestic and foreign. Foreign direct investment (FDI) causes a flow of money into the economies which stimulates economic activity, increases employment and induces the long run aggregate supply and brings in best practices. The FDI policy was liberalized progressively through review of the policy on an ongoing basis and allowing FDI in more industries under the automatic route.
WHEREAS section 11 of the Act prescribes that no person, save as otherwise provided in the Act, shall accept foreign contribution unless such person obtains a certificate of registration or prior permission of the Central Government and therefore, acceptance of foreign contribution without obtaining registration or prior permission from the Central Government constitutes an offence under the Act.