Taxmann's FEMA & FDI Ready Reckoner

CONTENTS

% ' !

0

ACRONYMS USED IN FEMA & FDI

I-9

CHAPTER 1 FEMA - OVERVIEW

1

CHAPTER 2 AUTHORISED PERSON UNDER FEMA

8

CHAPTER 3 ACCOUNTS IN INDIA BY PERSON RESIDENT OUT OF INDIA

16

CHAPTER 4 ACCOUNTS OF INDIAN RESIDENTS IN FOREIGN CURRENCY

29

CHAPTER 5 RECEIPT AND PAYMENT IN FOREIGN EXCHANGE

40

CHAPTER 6 REALISATION, REPATRIATION AND SURRENDER OF FOREIGN EXCHANGE

45

CHAPTER 7 MONEY CHANGING ACTIVITIES

48

CHAPTER 8 MONEY TRANSFER SERVICE SCHEME (MTSS)

60

CHAPTER 9 POSSESSION AND RETENTION OF FOREIGN CURRENCY

66

CHAPTER 10 EXPORT AND IMPORT OF CURRENCY OR CURRENCY NOTES

67

CHAPTER 11 REMITTANCES ON CURRENT ACCOUNT I-5

71

3 4 . % 4 . / #

I-6 % ' !

0

CHAPTER 12 LIBERALISED REMITTANCE SCHEME (LRS)

86

CHAPTER 13 EXPORT OF GOODS AND SERVICES

94

CHAPTER 14 IMPORT OF GOODS AND SERVICES

133

CHAPTER 15 PROJECT EXPORTS AND SERVICE EXPORTS

155

CHAPTER 16 FOREIGN EXCHANGE RATES

157

CHAPTER 17 OVERVIEW OF CAPITAL ACCOUNT TRANSACTIONS

164

CHAPTER 18 FOREIGN INVESTMENT IN INDIA

169

CHAPTER 19 FDI IN INDIAN COMPANY

178

CHAPTER 20 SECTOR WISE FDI POLICY AT A GLANCE

199

CHAPTER 21 FDI - DOWNSTREAM INVESTMENT I.E. INDIRECT INVESTMENT

208

CHAPTER 22 FDI THROUGH RIGHTS, BONUS, SWEAT EQUITY OR MERGER/ AMALGAMATION

215

CHAPTER 23 FDI - TRANSFER OF SECURITIES

221

CHAPTER 24 FDI IN LLP

236

CHAPTER 25 FDI IN GDR/ADR

239

CHAPTER 26 INVESTMENT BY NRI OR OCI

245

3 4 . % 4 . / #

I-7

% ' !

0

CHAPTER 27 FDI IN STARTUP COMPANY

259

CHAPTER 28 INVESTMENT BY FOREIGN PORTFOLIO INVESTOR

262

CHAPTER 29 FDI IN INVESTMENT VEHICLE

269

CHAPTER 30 FDI BY FVCI

272

CHAPTER 31 FDI - INVESTMENT IN SECURITIES BY FUNDS, FOREIGN CENTRAL BANK ETC.

275

CHAPTER 32 INVESTMENT BY INDIAN ENTITY IN JV/WOS ABROAD

277

CHAPTER 33 GUARANTEES

306

CHAPTER 34 INSURANCE

311

CHAPTER 35 BORROWING AND LENDING IN FOREIGN CURRENCY

319

CHAPTER 36 BORROWING AND LENDING IN INDIAN RUPEES

324

CHAPTER 37 FOREIGN INVESTMENT IN DEBT INSTRUMENTS

331

CHAPTER 38 EXTERNAL COMMERCIAL BORROWINGS

342

CHAPTER 39 TRADE CREDIT (TC) AND STRUCTURED OBLIGATIONS

358

CHAPTER 40 ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA

365

3 4 . % 4 . / #

I-8 % ' !

0

CHAPTER 41 ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY OUT OF INDIA

371

CHAPTER 42 REMITTANCE OF ASSETS

373

CHAPTER 43 BRANCH/LO/PROJECT OFFICE IN INDIA BY FOREIGN ENTITIES

377

CHAPTER 44 INDIAN DEPOSITORY RECEIPTS

393

CHAPTER 45 RISK MANAGEMENT AND INTER-BANK DEALINGS

400

CHAPTER 46 VOSTRO ACCOUNT OF NON-RESIDENT EXCHANGE HOUSES

403

CHAPTER 47 INDUSTRIAL POLICY OF GOVERNMENT OF INDIA

406

CHAPTER 48 ENFORCEMENT OF FEMA

412

CHAPTER 49 PENALTIES UNDER FEMA

415

CHAPTER 50 APPEALS UNDER FEMA

421

CHAPTER 51 COMPOUNDING OF CONTRAVENTIONS UNDER FEMA

425

CHAPTER 52 PREVENTION OF MONEY LAUNDERING ACT

437

CHAPTER 53 FOREIGN CONTRIBUTION (REGULATION) ACT (FCRA)

470

CHAPTER 54 COFEPOSA, 1974 SUBJECT INDEX

496 511

12

LIBERALISED REMITTANCE SCHEME (LRS)

D S S % EE N O S I

I R I L

E T A A

3 R L E U O 2 B) G I .E , $ 2 2 A0 R

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S N!' E ) L ) F"NU O O 2 2 I T S A Y E N V CA l R F I E T O S O T E R R .A E )P G OT N 'O A HN H T S I C I XNWE EODM E NDAH GEEC C I R E U S R S OD H I O F T R FT O N L Y NI G N OSYI A R I T T WAS I U S E O RR P3BT E 2 E E,& N L )

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12.1 Background

vide

RN E DO O U I V S S S I N I D O S

NT I I I H C TA T N N ES O N DA S I DN S R EO E T R I TTT ENAC T UDU A O T R T

I C L S C N I

C A I

AL D

F A E T OT I

T A P D EA I R L C O UR O SO .S A N ETNO OC MNI E S T NRC N R I OU E A I R T T CI A N ZD$O I E R L C T A E

T T R I 3 S E MA 2 BR I , L E- AP$E SR% A O M DF$E ED H CA)C UO"3 E DR2C N OBH RAT T A S T N DOT I SNBI A UFM FOE WT 2 N EI O D I MMT E S EEA I R L HO N A I CT R B S E ESMB L I HA O, 4UC @ -

D E T A D

O .

N O I T C E R I $ R E T S A $ % & ) " 2 N I D N U O F E B N A C S N

O I G T N C I UT RR T O S P NE I 2 G@ NN I T O R O P E 2

T SN I H E 4R R U R A # E YL% A I & C NF AO N l

R E PM E T I ) ) ) E U L $D 3E H 5C S3 I TR I ME H IT L LO L A S R A

E L VL

OE EWS HSE 4AL SU L 2 A U S DN I V O I I D T C NA I S ON T A SR E 4 I L P T PN AU O TC I MC I! L Limit of USD 2,50,000 per financial year for current account transactions for individuals and others ix

S N O I T C A S N A R T T N U O C C A T N E R R U C L L A O T S E I L P P A 3 2 , Y L T C E R I D N I S U H 4

F O S L I A T E D S E V I G

D E T A D

O .

N O I T C E R I $

RS E W T S O A L L -F O $S %A $E M )E "H 2C FS O 3 !2 A, R E A H 0T

12.2 Liberalised Remittance Scheme (LRS) of USD 2,50,000 for resident individuals

FC WI LO T OR E N L P L OS A !I T T S YR AU L ANR E I EEB R 9M4 F & LO YA C5 AI MCA( N RS AO SN M R INR E & L Ol A I ERT P E C I $P AH S D SR E NE A

S N R I T T R

R TA O N H U

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SR L A E T UN DU I V O I C D NE I B TT N ES DU I M S E

R L! L A M OR T O E& L B E AH L I T A VR AO N SI I EM M EA HG N CI 3E

N EBA HRI D 4E T R T A I U MG EL R A FR O U T EA S N A CS

NR ) O I N S R OM NE I H MT GY NB I D D E UN L C G NS I I

TY SF E DKR ENE IC MMT N A GE N EET I TR B T HMM O R CYR R AA NU 3I LEGPNC EM P N OAN I HA CCG TN T T

I N RFOES E N L P E R E R A O S E DU O D I F NI ND S GA S UI WS E N V R SI I HORE B E D COAT T CNBU C A R NI USE L E AOC E T TLSHHH T N T T T I ROTRT C ME U I O E F T O V EJ N & C T 2BEA E I U Y R S D T SWN A E R SO A Y R E ( R R EP C E T T HO E BS T H MNNFRT P I O U R EI TOYT O I MD T N C CREF E YNA Y L PMC OLO I TN MCA S R T E ADI PER F V P F

R3 FNAO NU A I O CE C2

TSRS T N, C EMOANGR PRFHUIE SESCOED T R R R C E ON SEUC R F T P B U A NI K ND I HMT I DT ENNTA I EW ANO MEB T R M EB A DGYTSDA L I S I N A I S L I D MEER E O Y V S L SL AI E NR NP RH F E OMR

VET T H CO O E N T EC HN O U U E T BS HNO OT O A NR C C AEYCFOC A CBBAOT RE R EO S I D WSN N RI U E G HR D T A E O W EMO R RL L A OA HF CET I O CN H N WA E ST NTR OIA M I Y T E T C R R AF A S P NOR AEE R T R T N U RT U E A O HN C T O ES LH A L TE !

S NR I E EV S O O HS T E G DN NA AH !C X -E %S &A E RS E R DE NV UO EO L T B I

SE S L L S M A I MCE RNH E IC PG 3 R TA E O H NMT E UR NA E

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MIW RDO E E L T PA L O ERF HES 4MA

E DNNNR OI OIU NI RT AT T ION DAS ECIDE U l T E6 I S QR L I CE A L S HUADD T QR NN O EU O R BFT FOC S& O NEEL ORCA U SI I E T TIV $ I R U R S S A FE-E I HU S O T SQ FO LO TA N GCS NAONSY T O I PI R I D S N O S L E T S S O U N HE S HE T I F N DM OIM G R T NUI NP O N AR R TDSEP L NS DMS O ON R T H I I E S A T I I E T R T W S I B VR I OO U EF NU QD TIC C YY E N N R N AO OS AA I T DYPPT A M AB ON MRE RAOOED BPCCND AMSNUT E A GMA SOE C I T ER S E N R R R ESE SN MAVO U E F R OA S TR OS S T D N E E FCN VVAO E U R NOFSI & I GDOE$A L R E S F NT A E T O I S H I R K I P S UA L A AN E# HFI MU SOL iii

M O R F T C E F F E H T I W

S E R U T N S ES 6E N TI N S I U O *B D N A S E I R A I R D O I F S BA I UD 3N D) EE NI D WS T /U YO L L

O

H 7 P U T GS NU I G T T U E !

S

S ) 2 .

S N A I D N ) T N E D I S E R N O .

O T ST E EC P! US E 2I NN A AP I D NM ) O N# I S N NI AD OE L N Gl NE I D D US L A C NS I E S V NT I AA OE L L GR NE I R D NA EO T H X EW

v

D A O R B A Y T R E P O R P F O E S A H C R U P

ii

bona fide

iv

K N A B A H T I W D A O R B A T N U O C C A Y C N E R R U C N G I E R O F F O G N I N E P O

i

-

Scheme available to minors also

-

Consolidation of remittance of family members

Para 12.2 87

Transactions not permissible under LRS

12.2-1 Capital Account transactions permissible under LRS

-

DLN A L O T U I I T OP C HAE SCR I SE$ KT NA R T AL E I T "I S C AA F O$ T S% L $ A U) D" I 2 V I D F NO I

T N

E! DA I S R E A R 0 O T E SM E I E T I H L I C C A3 F E TH

I

T D ER R E C D N FU O

SD DE NC E I T K NA AD YT T NI

AM

DE NR ET T N X U EO

TCO O C NA.

Banks should not finance to facilitate capital account remittances

LO T NS I ET I IRL E OV S EB S L E A A O T L L I A C A EV V IFA MR O EP H ED CZ C A NO 3I V A R E N B HSE A T N T S RONE I I E T A I DC D NAMU US S T

N N AO

9R D I T &TA A

O TR R RNG B A UI E MA O 9C T EN C LA A TE I TNM C T NNEA AEME R NR Y R I O T UL & L C P A RR MI C E PO D E FNE SO M E C

NDI P AAR O T T T R I B S S $MA E 3EGN 5RN I S SIU FE O O GB TM D

I U N MS OA I IBT O L R U A 3S B N A 2 O S S ,E DE ED I V T U F HL T I 4C G A

12.2-2 LRS for current account transactions

-

-

3 2 ,

% % ( # 3 % # . !

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Y E V N$I A3T 5 C NFE AO P T S T U E N R HU R "O I D R NMA AAE LEY A T L A A PG I EE C .R N GA OG N T NAl ANE HA N T OO RT E YR

HPNA T UAE O NY DEI E AG H ON#T RA-G BH& C N AX I &R SE T RU I N OD S I G R V I N E E ER E L T K OAA A E VF$ T I N R R I E DD PA EN RTS OBI &ORU S NOT AHS I CTI U L! V A F U O N DAR I V E MB I D O NF RM I U T N N E E D H I T S F E O R

T R NN O E A T HC E A D I WSRS A O E E T S DR R A R AE E E OV H P RO OT

L M D I R A NUO R R OF FAT

O A Y EC I TD HN S ON4E R C)T EIR GD U M NS I IC I D TL N U 3G UO L 2E I C ,R NC I TEO SEH F E STN S NTRI EEER PKDO C N S XI T UE E E S DP DE EU ES T SMR A A L UN E P SI A R B L RI D UN UA O2S) E T N LOBI L R L R !

L U E A %H H T FS I O SE TS E T S N ON U CE O P N XM OE A I T GS A I N T

H I R R OGTL E T PDC L SOE E NL V LA L AE L OR R T TCT

TN I O MI T EA R N YO AD MS LA A R UO DA I I V D I N D N) I E TI D N S ET DU I O S E G R N YD I NI !S E R N O S R E P A O T T F I G

A SI A D N 9) &E ED NS I OT NU I O N O I T A Z I N $A G 3R 5O ON T A PO UT W A AI R D DN N) AN CI R TE N L EA ME Y$ OD L P E S MR I EO RH OT F U D! A OY RN BA AM GO NF R I O G9 & NR OE SP R E

P !

$ 3 5 O T P U E G N A H C X E N G I E R O F

$FE ED S !ODNMN I Y S EOL A R T PC MT U

ON XES RUOEBD L F N OEA OO ECGT T N B N GEA ST EI NH T HD N AT H CIDE CYXCEM XBENRN EDNICR G R G EI NO E NB I E V GR I T SO R I E T O E C G E N F R S I N OE FMO I F R O SPS T WPTDGN N T R AN NE UA R I U W O DO N M ORS T N MT A AMAY EE CAYL V ENNRN O EH I T TAOFS A F D T A R OO EOE G T EWNR S I P C MU ODE NL E) V L N AA T AO O)I F T YTE O R MBN GO OY I EYT NG I A A 2 A T E T N MRW G

AA C YT TI I W# E MMB N N$ I M E O! LIOS S I I S T I

F D R R A H O N P E R R PA$T I G Y F 3 E R T !K5OT MN N S ARSNME BOEUI L O C A NX RI )O CO C EEF YI R R T NHEE OA L M GRITB A G NI EI I M I T G D MN A I O SE L #E) C E

$N O 3I T 5C E O3 T N PI UD TE I N Ml EE R D NS AA C E LV A I UT DL A I E V I R @ D ; NS I E TV N I T EA DL I E S R E E R S !O

LD C A FO O R EB CA N= A N E T

N I T A C M! SS DI E RN A A WP OM T 9O &# RE E H PT F O

R SE EL NR AA AB UM F D O CIU GTVN NEIE D I GN D H NI NI T TF EI N N T O E T A A D E R I T V S HE I E T T CR I C E WI T P S N E S NE I E R R OP T R I T R PNI C EAU9 N O& NGCA N N OI G CN N I I I E A NR R

I O STF L D O A ET US S I DL P I AI V I R$ I C T D ES 3 NP S5R

I SE Y NOA BRITE A S PY SNUU E T IIB T H M E S R I G E O G 6S &NN AR I ES H CT CU NIX S D I EV EN R E NE SG F S K N I E A ONET R I CS R OE LU F A D NBFN OSOU L I A I T S A A D T VS I NEA T RA I E NV E T AF R N CO T I

GR3 NE 2 I T, E T A BL EE SEDH I I S T EHT ETU G YYON I OBS Y L E F N P N I OR MR I E T EOC V NBAO S E AR NT T FAAC ) RE ST E TJ S NNB EUU POS XCI T ECM EAI HTL N T EY DR N NRA U AC T U EL VA O OUH T BDI IW AS EE HR$ T S FA! O E DH ET YT NA AE Y RRB OT N D F EE O I YBT T T LT IC I L T A A M N S HR ES N A NSER AEPT S E YN BE BE H YT PA DX F EE MO T U HD PC EU N DS A

S OER T T E A PM L A UI E ET GS$ NED AYE HNI S CAR XNO EO H T NGU GN I !

I E T R S T OI I S F M N EI I S TL A E EUV O L E HO R T B YIA AWE M9H T S&G R R E E N L I PD A ETE $NE E C L DA X EV E S IT I U R N OQU HEO T S T U M I !R A OR O &

R O T C O $D 3L

5A T FI O P S TO N UH OA M AM O NR AF

Medical treatment abroad

bona

fides

-

Tour related expenses

88 Para 12.2

Private visits abroad -

Gift/donation to person resident out of India -

Going abroad on employment -

Emigration

-

Maintenance of close relatives abroad

Business trips abroad -

LRS not permissible if employee deputed out of India

3 , !

5 $ ) 6 ) $ . ) 4 . % $ ) 3 % 2 2 / &

$ 3 5 & / 3 2 ,

T RN RE ME TL OF E A RA EM F T EK$A T CDE A I R MSET S L INI T R A EO S C L E L I H A D T EF E U HS T M !

NANR OHA O DO F EHYA S WBI A ED BNG N ON) NS AO F OR H I E S CK S PX I N M EA !

R N"

E G D E I PA E V LO R R A RO E R BF S E NADE E2 ERS GO E A T H RC ET E L DOE F NDRO L U EA L A BV ET GI OO NPSR ASLP HOAP CHYA XRAR EOMO I NADR IAP GD I E NOG R R N O)B I

F N KI A EIAED G E S RN S N A OI ) ET DTE L C U E OEOD R E I HS CT YDO T IU AER WO HP MT

L DA EC I WD OE L L M A SR I O RF A ED YA O LR A I B C NA AG NN I lO RG E T PN E T I A

P A O $T 3T 5N A OD T N PE UT T TA N US OA G MN AI Y NN AA EP VM OO

P BC U AC EAK HRC T E OH OF T C

NNT OON S I R E T I E M D DPA T AAE NT OT R ) )T FN SIYO TR O YI S O I R OREGKT U

GOYENT A

T I E N T A

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A

A#EN # N$VI $ O RE G!EH ! N T S DE D I $T N2 M E A 3I S T OA 5S ER NKHF D N OI T D T TAFE

PUBO V I UO)LE HYA

ET C RVE GI

NWOOR G R A E E PT HDT

CAAPAO XO#A .

M R R EB I OT N NA$I S O GS!REI P I T E EC E RGH I R E E D OU VNTR F EI I N T K ES WE O$ S R E O R A DE O SE ( EF T L TS S E U SY AA R L O B T YAI H S

AUR T $ I D

E MI W % V V

I I $ )D N S ) ) N5E YI C " R NN TG ON $2 A3 GE IT F E ED T I5O T R I A

OM S G F #E E !

N ER I $RH A D O R WE T !T A OE0 DTML NN LC AEOAXD E R L SAFY A A KVEAI O NITMD U R AQA)N B BEM) )A

S E S O P R U P G N I W O L L O F R O F D E S U E B N A C 3 2 , E V O B A S A S E S N E P X E L A N O S R E P S E D I S E "

R EE RH UT T S PS A RA O H F $ C DU % ES $ S S) UW " EA 2 BL F NEO AL CB A C! EL I A MP EPR HAA C 0 R 3E A I EHD T HO N T ) FF RO E O S DN T N NO E UI SS IM E V N

COR

NRE V APO T E T I H' MT E EOH

T 2TF D TOE C T E A Y J CD B I UL

SO 0 TE

R A

D A FR O

S4 T N C GO EI J E. B ORN O O G&I TC T NN I S E AR A T I HX CE$

R ET OEL I M B F M I S DAS E

ENI R

S N

UWME H R T

E EOP FO

B S O NLE .

AAHNN CUTOO I D H T I A G EV I T R U I MD C A OL E EN RC R HI I CTHE$ 3NTDR G E F N L E ED I E T I HS T S S T 4E TA U S R NEPI S HD A$ T G% NA NE I TD$ RN E I ) H A" O E T R2 HB I F E MAO $O T

I $H S AWI! V A F E H R O T T A A 0 MIV RWI OYRD P R F E A F EI B O HC I T R lEC NEMS I NIE E T CE R NBEP H F T AO T A

T

T ETM I A R MMSO

EANF R OE NI DEC T H RH T A A T D N S WNN E I TI T RA AE U RR OOT TD

SAECA L I R VA A D R UN SA E N0 D) S I EEA V D2RE I T I D S LM EL NT E ) UHAH OTHC KFG3 NOU ALOS I A R H BV

HT

AOT R HRGE P

T ND I PI WA TN S TU R T OUE P N L I D B UR R I E OPO G T CTF I A LD CU DE AO ES YHS E CT NIUC EWEN A R T

EBT R

UMYI

CEAM NHME GCSRO I 3TM. E N R OEUON H F ORI O DTCFT G R L C C O N E A E I HDY R S I I DNC R $ NUN A R ASE E RRT E NC O R I S A H A NUT T ACI N T I N W T A I GD$ I MME % E$ ER T NR OC E F ) PG E" ONEN2 I N H OK OF SA4C O

L MK A S NN NRA

O AO "I CF T!

T I

M

E R ET KC A! E MN D E NOT A:A CCD I SM

L

A

UOO N DO .

I C V R I %A D L LU NA I IC TC R N EI EP# D3S I E S E E I HR T 2R E E3 D2 N) U$

A I 0 D

N! ) ) N" I P2 U TE E M S I ST #O 3T &E ) M OI T T 3M 2O ,R RF E D DE ND UN SE E M CA NS AA T

D E T I B I H O R P E R A S N O I T C A S N A R T G N I W O L L O &

TRN T O OE N)R SL ER I U EU# MD EET HHN CCE 33M R EE E HD G 4NA UN DA ET I E B G I N H OA RH PC X Y% L L A N CG lI I E C ER PO S& F EO S O) P) RE UL PU YD NE AH RC O3 F R E SD E C NN AU T D T E I T MC I ER R T S RE OR F EM L B E T AI L I Y A VN AA

Purposes prohibited under Current Account transaction rules

-

Investment by resident Individuals in IFSC

-

Purchase of objects or art

Para 12.2 89

Facilities available to students for pursuing their studies abroad -

-

12.2-3 Other remittance and expenses permissible under LRS

Remittances by DD for permissible transactions

-

Opening and maintaining foreign currency account for LRS expenses

-

12.2-4 Prohibited transactions under LRS

T RET YGO EL OC N

T I F N R I S C T OB EI E& T O L R EI S B ML D KWN AS L MA I S & I A

A OI R V44O S C D AN!Y KE FN T LO TO&T AA O I N C T K BD NC ES OR

E I S!EI R I H D L L T T EA B S

N IA E O MC

A L T C

ENI CK

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R A E Y E N O S I N A O L E H T F O Y T I R U T A M M U M I N I M E H T D N A T S E R E T N I F O E E R F S I N A O L E H T

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Funds can be retained and invest abroad

90 Para 12.4

Capital account remittances to FATF countries

12.3 Documentation by the remitter for availment of LRS

-

Investor can retain and reinvest income under LRS -

b

12.4 Facility to grant loan in rupees to NRI/OCI close relative under the Scheme

3 . / 3 2 % 0 $ % 3 ) 2 / ( 4 5 ! / 4 3 . / ) 4 # 5 2 4 3 . ) , ! . / ) 4 !

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N3 I 2 R, A ER YE LD A N I U C ND AE NB lR I C NS EE VR I G P T AI GM NL I I R E UH DT LD A E UD DE I E V C I D X NE I T TO N EN E DV I S A E H R R EE HH T T YE BG O ET DN AA MO L SE E CH NT AG T N T I I D MU EC L R R O S T N E M E R I U Q E R L A N O S R E P S

R E W O R R O B E HA T I D GN N) I T N E I ES ME S RO OP F R DU EP Z I S L S IE T U N I ES BU LB L A HN SW NO AI S OH L ER O HF T

NARN R OIOONO SD IWS = T N Y R OE C ) E NU T PEAR G FD T RDPS O I I E MNTR S T HU NB OO T O O#CER RMO IO HTH N S T PD I DSO EI WD .SLA E I E O NS VR OE NE I

R I SDSS T U S E A 2 NR EI I B S O C D $ OO EU M4 SSDTC R L A E N S E T A NRT PUS S P I E F NYT LTLH I A A I G RBH EOII N T C ON CR 2 R LE FNL YEO T L M IAMN G R NTSOH E S M S S I M S E S E S O E P N S VI I RN C E T O E

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A I D N ) E D I S T U O D E T T I M E R E B T O N L L A H S T N U O M A N A O L E H T

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vii

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Para 12.5 91

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N L D DA TU EN I US O V E D S I I ODM D V I R A NI S C I D T F TNFEI 2 I N O G ET H DNYNC O A I E S DW.U E I S R EF S YH E !R BT O 12.4-1 Rupee Gift to NRI/OCI who is relative of remitter

DTST" ENEO2 E C N T T DNE I I A MS

V T RET A I R E H PEMT

SHEN T R

A FEU! 9O O H &YT MTL LA RI % E L PIAT& B F IDI N S N G N O AE I O T A PT IHC T SM l EI GT I $RLI NO 3E3D H .

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TED O HE NT U LFS S L O I I WNR E OD NI OS R I AO T VR C AEO S NRN AOI O R NT T OC I ET E HN R I T ED TV A AN HR O T TI T MNA O IC C H l YT I YN F O S A N I T F A O N S O EI YS T L A OL B APU NRG OUE SPR A EE EH L R U LTR L R I OY WF N SDA A ER NO NG OI !

I STE A MD% RT& OOE N F H N ST I I F

R H O E CDSD UNN N SAO EIU EV S VL I E I V O R G OE VR H ONP T I T RS OO N T O SI WT S EN I I V EO V MR AE P HR I H T U I T I 7QW E R E RC E N DA I I L S NP OM CO YC AE R MU SS R N E E L A O ET $S E DH EC Z N I R A OR HB T R U I !E H ST E Y CB I T

DT C AEC R N! PA I E MTH RBT OOF F EO I B N

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NT I N NO N EI I A T MC T N UE I CS A OF MD O DNESGA EOVEN R K R S T I I E AI T N R N S OO MR O E I2 WC HT R T A ONY U T E N

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S N Y L T EMA I O L DT I DC I S S L A E UU F R #OE HH ORS T U T YOYG E T 9H N I L I I 4 W C W AOS O F L NTL E NA + UE Hh T OI L TC A GH CH NT AW I

T EN HU T O HC T I C WA L TA N T I UP OA CC CR AO KF S NE AC BN ET A HT T I DM EE NR I E A H T T N I O A T MR O EI VR AP HA R DE L Y U OE HN SO F SO T N D AO CI I R L E P PP AM E HU 4M I N I

MS N AO I RT OC F A S KN NA AR BT

EDT OTE EU H E OT R N S T D I ET N R SY HU I A O B T C T H I D N EOTL E KYUPEL AR!PMl R MA EAEN T CHEA R OD4HT U T T L TSE GUT M K NONO U N2 I HO K R RAO ESCF S ER C BR S ARAE A E E L TA EY D HR N C/ AEH U C$TSS F U I T O L OFN DE P I )E PEC V S M AI NES R S ARDS EO NPNE HH T TEEUS FUTHFS N T ) F! !

I RO A X O KMF EA N T C4 ADN R BNE UE EA OM HNMSO E O T EC T I H) N FA T A T O T S R T GS RE E

PKNE I N D T MO D A E A OGB R L N T A I E S N A UINGHT E I T CNA B R E T F O SO WPB E EOOE B S V NEDL E I EP H S Y L AT U A SNO MOM I O HECT SE SHEN E CC TLA S B NNRYA C AEEFI I LL L S T G A I T AP I T I EA L VP I MD $S AA

DGYO L S NBL U I RA OK HEOY SETA RSNM E NU R

L O O A RE CE SC ER D LL $E AAO E DPK$ H EEN S D H I A D R R EA OTBS C HOSI T

T TRE U GNOH H !I T NAT C F EG U I O L! HN P 4O D PR R LA E A B EC E D SHRD DT/A I NN P UOYE F AR FN0P W

O

T AF T TR I A U B R OD$ E E D DU D EQN T I VE D I HAE E CCMR EAEC R H Y$G SB I YU T BO S N E R RH EC OT MN TT YAN T N AT UE PI OM MC EE CY HR AA T ESP TH A IE HTHH T EOT KT EA T R P TE U I SMBC NOEC DA ET

EDN H I N T E AR TS E A HEH I T T D I YT E F N N I E T I R A E E T L N CB O IC DG L IS U L OEN HNI O SIT ROC T E U L R R A T O E S N $Y I DBE E H Y S T L I T R H C OE T I HI R W T D U E NC !I N E A HRD O 4 R Y L O T C C C EA R I N D I EE DD AA MM E GR NA I E S BE C TN O A NT T SI I M EE CR NE AH T T T I T MA EH R T

No remittance to ineligible entities

-

Due diligence in case of new customer

-

AD Bank to follow KYC norms and Anti-Money Laundering Rules

92 Para 12.5

AD Bank can prescribe documents to be obtained by branches

AD Bank to keep records and report suspicious transactions to RBI

AD Bank to ensure compliance of income tax TDS provisions

Applicant should be customer of AD Bank for remittance of capital account transactions

Remittances should be out of own funds of applicant

) " 2 / 4 ' . ) 4 2 / 0 % 2

S DE L U C ON A HT ST KI NM AE BR E $T A !T I L I C A F O T S L A U D I V I

D E NM I TE N H EC D3 I S E E H R T OR T E SD E I N T I U L I S C N AO F I TT I C D A ES R N C A FR O T DT NN I U K O YC NC AA L DA NT I EP T X A EC TR O O NF

RS EN C E E I CA L I AN R A T ETYAB $NRTO T U A D SIO O M S T EC E E S G EC I 2R R OVE O I HTNDl A E T RS R A U O I E L G F !P A F R OEE T A MB OI F I CT

NO,W& OTEW4 NEHW! S T & M R E A IE T Y I &TDS B 4MNBD !OUEE RSWl &F I N YT T OEO BI S H I N T T DL S EECSE A S lHS E I I TNC R T T N EACN ETRAU T A DD YO I EA C SPH E UTME I R V YG I Y T L N T N EA G I L H UN R D T OI E N CDA P EO R S EO HO HC S O T P CE RC FA HU O N DDCPO RNNSN OAAI F R H CSB O T EE T R R I R S R I O I AO E L PTH&S T I

T ER E E R EE YM T KT BE A L YD NHE AN OCH I MA 3T T SSS I R E H E C T L N A RE A E T T D$I N M UDE E S EI R DR F AOO HT MT C U S! E E P C S NEE H A4 R T T N I I

E MS

ER R U! EO HCM R LO 4A M& R OY NM EM HU T D ND I R 3O 2C %E 4R %N &O P NE I DE EK T D R

ON PA EE R R EA P BE $ LR 3 L I WP5 ON EL SA MA H E T HYS S CAE 3ML

FA RSWO NMI AO EI E R I E D RHDIAP NFTEVIO D

F T T ) N SA O A ) T I SI G T R A G S N N N P I I I LONO V L I O P G E C RP A N WEAPE H D I L P T T SYPAHE A T O C K R N NO RN AE I M A F I A S R O D T RN E R RMI NU OO F T ) I = C CSRT E S NN N N I HE

GDSRT Y N GI E S UACRNN NE I R F R WNUGE T & I O L O L A E F R A C A CS R N U L E TOA OO ST PT O F T UY C ONUNE Y SEM SD R B Y I I V KM A R S S O I NEA T MGD S I ASE I I NS N V BR TR S SV I I OR T TPE NEE N I N EP GVVEG ED I D U O S M E D AFE R R I YS O S OHO S C S T E F E I I N G R T S S EI FUF LR O A OAEOERR P R H H V RRE E U T H D E O C F T BADO S B L L N EA A MGNS T G I N; OE S T I UI A NT I HNEED R I R E C E ON 34T !L I T O F P ) N O2S I G S,E N NI N HEEI D H T E ERCI I T C EENU C I N BDA GL G N N E OS E R I SE VUBOT ASSTCSR S T E A E HN P E T E R SES O M L U A KD R E N NIRSPH E S O O AE VL FC I BR O OC ST DRY S SE I D NA N E E T R O HAE E I PK T R T ROBL A LR A OSYU NAFD AG OMSN M E T I GI T UD2

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O R I RG L E E P A A N PBEU GI OSDT EK NEYURN AMCMSAI I " N H S GEE A F T A O NHR B C NT I E R S M I V S A UR SNU HECENEH M V N O TTG OI T R O T R I T R A NOE A R OI CP O EFRF O ) L E& S SP $R O"FT P G N H2N AEO T IE G O GMT IGERL H A & NOC A I R I S4H H L F D T # ULOAY S A G L NN C VRNA IE O I NOF T PRC I R C E PRA M l NP GF E O GA A HRC / I O N T E I L R F S AA R OER E OI R -T S C O R F T I LN DPNSVA E NKEERR# E H E D E AE CSN I A NSSNLEI A EAA D I ' R D R I C L N F D O B N ) E NUT A I O S F ) H HAAN# I E HS l O D S T NR NEK O A) EGHN I BD NVITA SNIOEO" K) RTE NNMNODV F E R AIEGRS E BEHIE S E T S C E HR R LN E YO L T !

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R S I O E AEY. H3LHSR E T 2 T R E3A & H,TR L S I E 2U I EHH C N R RMC /I U I7E# FEH H H = T OCW3 S T E 3 NI D O&IR T E 2 SE EC H E R 3 / NT I R

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E F A RI N NDI A #EF

D I LEG E $N N R RO H/ !UT A

TT NX R I EO ENP S E E I R H WT

L I NF. OO@ I SD T S C A AEO N S L I NS P AU U R BD T L EFU HOO T E H S S HO SL S I CK N N REA UHB FT Y$ OB T !

D E D R E I S H I U S S QA I N EB R R U E F

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Y A NUD N OO I G T I I T N D A I DM K R AR O OW NF )

-

i.e.

Para 12.6 93

No credit facilities to applicant for capital account transactions

No remittance of capital account transactions to FATF countries

-

Reporting by AD Bank of transactions in LRS

Foreign Banks and Indian Banks should not advertise LRS scheme without approval of RBI

-

-

-

12.6 Reporting to RBI

O .

N O I T C E R I $ R E T S A $ % & ) " 2 F O ) ) T R A 0 N

I G NN ET I VR I O G P EE R 2 A S@ NN OO I

T

C U R T S

N I SD L I E A T T A E DD D N A

S M R O &

FEMA & FDI Ready Reckoner AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

Taxmann TAXMANN July 2022 17th Edition 9789356222373 542 PAPERBACK

Rs. : 1395 | USD : 52

Description This book provides complete and accurate information about all provisions of the Foreign Exchange Management Act, 1999 (FEMA). It also includes guidance on all practical issues faced by companies and FEMA professionals.

Key features of this book are as follows:

· [Topic-wise Commentary] on FEMA · [Analysis] with relevant Rules, Judicial Pronouncements, Circulars, Notifications and Master Directions issued by the Reserve Bank of India

· Law Relating to the following o Prevention of Money Laundering Act o Foreign Contribution (Regulation) Act o COFEPOSA

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