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As many of you aware that the RBI will be issuing Master Circular in the subject matter on every year in the month of July. It is consolidated the instructions/ guidelines/ circulars issued from July 01 to June 30 (12 months period) in every year. Accordingly, the RBI has issued Master Circular on the following matters pertaining to FEMA by today i.e July 01, 2009.
We welcome you to view updated version of various Forms under Foreign Exchange Management Act (FEMA), 1999. This part shows all the Forms issued by the Reserve Bank of India since inception of FEMA, 1999 i.e. w.e.f. 01/06/2000 up till date. We have uploaded all the forms in word format. Our site is the only site which provides all the forms for free.
In exercise of the powers conferred by sub-section (1) and clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in consultation with the Reserve Bank, the Central Government, having considered it necessary in the public interest, hereby makes the following further amendments in the Foreign Exchange Management (Current Account Transactions) Rules, 2000, namely
The documentary evidence which was placed by the appellant before the Appellate Authority should have been considered independently of provisions of Section 72 of the FERA . The appellant could prove his contention with evidence available including the documents. If the documents are not authenticated the appellant could be given opportunity to prove the documents and their contents. His contention could not be rejected merely because the documents were not authenticated.
Another Press Note or a clarification could be issued to make clear that the government will ensure that sectors such as multi-brand retail, agriculture, lottery and atomic energy, where foreign investment is prohibited, will be kept out of the reach of even indirect foreign investment.
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to A.P.(DIR Series) Circular No. 39 dated December 8, 2008 and A.P. (DIR Series) Circular No. 58 dated March 13, 2009 on the captioned subject. In terms of Para 4 B of A.P (DIR Series) Circular No. 39 dated December 8, 2008, Reserve Bank has been considering proposals from Indian companies for buyback of FCCBs out of their internal accruals, under the approval route up to a total amount of USD 50 million of the redemption value per company, subject to a minimum discount of 25 per cent on the book value.
The directions contained in this circular have been issued under sections 10(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions/approvals, if any, required under any other law.
As announced in Para 107 of the Annual Policy Statement 2009-10 and considering the continuing pressure on credit spreads in the international markets, it has been decided to extend the relaxation in all–in-cost ceilings, under the approval route, until December 31, 2009. This relaxation will be reviewed in December 2009.
Those exercising the option include Mahindra & Mahindra, Reliance Communications, Tulip Telecom, Moser Baer, Jubilant Organosys, Radico Khaitan, Hotel Leela, Pidilite Industries and Uflex. Together, these firms have bought back bonds worth $240 million (around Rs 1,200 crore) at a discount of 30 to 50 per cent on the face value.
The Guidelines for calculation of total foreign investment, both direct and indirect in an Indian company, at every stage of investment, including downstream investment, have been detailed in Press Note 2 of 2009 which enables determination of total foreign investment in any/all Indian Companies.
