COMMENTS ON FEMA (FOREIGN EXCHANGE AND MANAGEMENT ACT

FEMA requires observation of its provisions in letter and spirit and if any contravention may land in penalties on the erring company and individuals. There are various conditions and stipulations in case of FDI , ODI , investment by individuals in foreign shares , purchase of assets in foreign countries , extending guarantees , availing ECBs , supplier's credit . In this column , I will discuss all intricacies and complications involving the interpretation of FEMA Act provisions in detail.

Thursday, July 12, 2012

RBI HAS Revised A-2 Form for Various remittances out of India

Revised A-2 Form -Revised list of purpose codes along with Form A-2

In A-2 forms ,RBI has already amended the purpose codes for foreign exchange purchase/ sale transactions, used for filling up of the cover page of R-Return have since been revised, vide A.P.(DIR Series) Circular No. 84 dated February 29, 2012.; It has therefore become necessary to revise the list of purpose codes appended to Form A-2 also. The revised list of purpose codes along with Form A-2 are thus annexed for use by the applicants for remittance of funds abroad.

Please click the following link to go to the revised form Link

http://rbidocs.rbi.org.in/rdocs/content/pdfs/1ANN120712.pdf

Regards

R.V.Seckar

Mobile- 09848915177

Pl do visit my blogs :

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Tuesday, July 3, 2012

VARIOUS MASTER CIRCULARS ISSUED BY RBI UNDER FEMA - AN UPDATE

Dear Professional Colleagues,

RBI , today , updated various master circulars and the details of the same are given below . Please click the respective link to have more idea on the subject .

1. Master Circular on Direct Investment by Residents in Joint Venture (JV) /

Wholly Owned Subsidiary (WOS) Abroad

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/11MC1072011.pdf
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2. Master Circular on Export of Goods and Services

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/14ME010212FS.pdf

3.Master Circular on External Commercial Borrowings and Trade Credits

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/12EC010712EF.pdf

4.Master Circular on Direct Investment by Residents in Joint Venture (JV)/ Wholly Owned Subsidiary (WOS) Abroad

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/11MD010712IFL.pdf

5.Master Circular on Miscellaneous Remittances from India – Facilities for Residents

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/06MR010712F.pdf

6.Master Circular on Import of Goods and Services

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/13IGSM020712.pdf

7.Master Circular on Compounding of Contraventions under FEMA, 1999

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/09MC062812FC.pdf

8.Master Circular on Remittance Facilities for Non-Resident Indians /
Persons of Indian Origin / Foreign Nationals

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/08MCEF02072012.pdf

9.Master Circular on Establishment of Liaison / Branch / Project Offices in India by Foreign Entities

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/07MCEL02072012.pdf

10.Master Circular on Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/MC04AT28062012.pdf

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