Taxmann's Foreign Exchange Management Manual with FEMA and FDI Ready Reckoner & FEMA Case Laws Diges

l.4iQ4SSm (a5O\A<:m5 m /3gP3TTm(a5O83^CUT\m ( m"^: m ,3L<\m m$3YI<^CT?m m m&=em*VB_4Jm*V4; m&=em =KBD m m S;D4m (AUT< m m 1<6\E`<m m f _4iQ4SS 9VQm R3EMm m ]4K=] _4hQ4SS 9VQ +<?: m '>8<m m m2=]_m)bSH47Dm 4@B m&=em =KBD m m S;D4m <c<LUW<:m5km .4Sm)ZDS_]m S;D4 m)d_ m#_; m m!Q m%DK=m-_VS= m&4_FVS4Km D@Be4j m*VB_4Jm*V4;m 0DNK4@=m*VB4; m D]__ m B4HH4[m 4[j4S4 m S;D4m R3Gm m ]4K=] _4SXZDS_] 9VQ C\8L3CP<Ym : 2AC 27C" 6C ,C+ C70C :0# C 22026C02C0+#66#0,6C#,C7"#6C19 (# 7#0, C ,C61#7 C0 C7"#6 C 22026C+ AC 2 1C#, C -AC+#67 & C 2202C02C 6 2 1 , AC,07 C+ AC C 209 "7C70C092C,07# C <"# "C6" )(C C7 & ,C 2 C0 C#,C7" C, @7C #7#0, C 7C#6C,07# C7" 7C, #7" 2C7" C19 )#6" 2C,02C7" C 97"02C02C6 )( 2C?((C C2 610,6# ( C 2C ,AC + C02C(066C0 C 7#0,C70C ,AC0, C0 C ,AC'#, C#,C ,AC+ ,, 2 C7" 2 0+ C 7C#6C69 67 C7" 7C70C :0# C ,AC 09 7C7" C2 2C6"09* C 2066 " &C )(C 7" C 76 C ( =C , C 0,7 ,76C 0 C7" C 19 )# 7#0,C ?7"C 03#!. (C 0: 5+ ,7C 19 )# 7#0,C 02C ,07# 7#0,6 C 0C1 27C0 C7"#6C 00&C+ AC C2 120 9 C02C 01# C#,C ,AC 2+C02C AC ,AC + ,6C 2 1"# C ( 720,# C02C+ " ,# ( C$. (9 #, C1"070 01B, C2 02 #, C7 1#, C02C#, 2+ 7#0,C2 74 : (C 6A67 +6 C 02C 2 120 9 C 0,C ,AC #6 C 7 1 C 1 2 2 7 C + # C 02C 07" 2C #, 2+ 7#0,C 6702 C ;# C 7 C>#7"097C8 C=2#77 ,C1 2+#66#0,C0 C7" C19 )#6" 26 C 2 "C0 C7"#6C 0, #7#0,C#6C(# ( C 2C( (C 7#0, C ((C #6197 6C 2 C69 % 7C70C ("#C%92#6 # 7#0,C0/A C

I-7

CONTENTS PAGE

CONTENTS PAGE

Division Heads

I-5-I-6

List of Basic Notifications

I-21-I-28

List of Amending Notifications

I-29-I-48

List of Notifications

I-49-I-90

List of Notifications Issued under Prevention of Money-Laundering Act

I-91-I-99

List of Master Directions

I-101-I-102

List of FDI Circulars and Press Notes

I-103

List of Prescribed Forms

I-105-I-110 DIVISION ONE

FEMA GLOSSARY 1.1

Glossary of Important Definitions

1.3

DIVISION TWO

FOREIGN EXCHANGE MANAGEMENT ACT, 1999 CHAPTER I PRELIMINARY

1.

Short title, extent, application and commencement

2.3

2.

Definitions

2.3 CHAPTER II REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

3.

Dealing in foreign exchange, etc.

2.6

4.

Holding of foreign exchange, etc.

2.7

5.

Current account transactions

2.7

6.

Capital account transactions

2.7

7.

Export of goods and services

2.10

8.

Realisation and repatriation of foreign exchange

2.10

9.

Exemption from realisation and repatriation in certain cases

2.10

I-7

CONTENTS

I-8 PAGE

CHAPTER III AUTHORISED PERSON

10.

11.

12.

Authorised person Reserve Bank s powers to issue directions to authorised person Power of Reserve Bank to inspect authorised person

2.11 2.12 2.12

CHAPTER IV CONTRAVENTION AND PENALTIES

13.

14.

14A. 15.

Penalties Enforcement of the orders of Adjudicating Authority Power to recover arrears of penalty Power to compound contravention

2.13 2.14 2.15 2.15

CHAPTER V ADJUDICATION AND APPEAL

16.

17.

18.

19.

20.

21.

22.

Appointment of Adjudicating Authority Appeal to Special Director (Appeals) Appellate Tribunal Appeal to Appellate Tribunal [Omitted by the Finance Act, 2017, w.e.f. 26-5-2017] Qualifications for appointment of Special Director (Appeals) [Omitted by the Finance Act, 2017, w.e.f. 26-5-2017]

2.15 2.16 2.17 2.17 2.18 2.18 2.19

23.

24.

25.

26.

27.

28.

Terms and conditions of service of Special Director (Appeals) [Omitted by the Finance Act, 2017, w.e.f. 26-5-2017] [Omitted by the Finance Act, 2017, w.e.f. 26-5-2017] [Omitted by the Finance Act, 2017, w.e.f. 26-5-2017] Staff of Special Director (Appeals) Procedure and powers of Appellate Tribunal and Special Director (Appeals) [Omitted by the Finance Act, 2017, w.e.f. 26-5-2017] [Omitted by the Finance Act, 2017, w.e.f. 26-5-2017] [Omitted by the Finance Act, 2017, w.e.f. 26-5-2017] Right of appellant to take assistance of legal practitioner or Chartered Accountant and of Government, to appoint presenting officers Officers and employees, etc., to be public servant Civil court not to have jurisdiction Appeal to High Court

2.19 2.19 2.19 2.19 2.20

29.

30.

31.

32.

33.

34.

35.

2.20 2.21 2.21 2.21

2.21 2.21 2.21 2.22

CHAPTER VI DIRECTORATE OF ENFORCEMENT

36.

37.

Directorate of Enforcement Power of search, seizure, etc.

2.22 2.22

I-9

CONTENTS PAGE

37A. 38.

Special provisions relating to assets held outside India in contravention of section 4 Empowering other officers

2.23 2.23

CHAPTER VII MISCELLANEOUS

39.

40.

41.

42.

43.

44.

44A. 45.

46.

47.

48.

49.

Presumption as to documents in certain cases Suspension of operation of this Act Power of Central Government to give directions Contravention by companies Death or insolvency in certain cases Bar of legal proceedings Powers of Reserve Bank not to apply to International Financial Services Centre Removal of difficulties Power to make rules Power to make regulations Rules and regulations to be laid before Parliament Repeal and saving

2.24 2.24 2.25 2.25 2.25 2.25 2.25 2.26 2.26 2.27 2.28 2.28

DIVISION THREE

RULES & REGULATIONS UNDER FEMA LIST OF RULES AND REGULATIONS

3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12 3.13

Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000 Foreign Exchange (Authentication of Documents) Rules, 2000 Foreign Exchange Management (Current Account Transactions) Rules, 2000 Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000 Foreign Exchange (Compounding Proceedings) Rules, 2000 Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 Foreign Exchange Management (Issue of Security in India by a Branch, Office or Agency of a Person Resident outside India) Regulations, 2000 Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 Foreign Exchange Management (Deposit) Regulations, 2016 Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 Foreign Exchange Management (Guarantees) Regulations, 2000 Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015 Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015

3.3 3.5 3.6 3.15 3.22 3.26 3.30 3.31 3.41 3.59 3.62 3.67 3.70

CONTENTS

I-10 PAGE

3.14 3.15 3.16 3.17 3.18 3.19 3.20 3.21 3.22 3.23 3.24 3.25 3.26 3.27 3.28 3.29 3.30 3.31 3.32 3.33 3.34 3.35 3.36 3.37 3.38

Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015 Foreign Exchange Management (Insurance) Regulations, 2015 Foreign Exchange Management (Remittance of Assets) Regulations, 2016 Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 Foreign Exchange Management (Non-debt Instruments) Rules, 2019 Foreign Exchange Management (Debt Instruments) Regulations, 2019 Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019 Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any other Place of Business) Regulations, 2016 Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 Currency Futures (Reserve Bank) Directions, 2008 Appellate Tribunal for Foreign Exchange (Recruitment, Salary & Allowances & Other Conditions of Service of Chairperson & Members) Rules, 2000 Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002 Foreign Exchange Management [Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)] Regulations, 2003 Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014 Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 Foreign Exchange Management (Regularization of Assets held Abroad by a Person Resident in India) Regulations, 2015 Foreign Exchange Management (Cross Border Merger) Regulations, 2018 Currency Futures in International Financial Services Centre (Reserve Bank) Directions, 2020 Currency Options in International Financial Services Centre (Reserve Bank) Directions, 2020 Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020 Foreign Exchange Management (Overseas Investment) Rules, 2022 Foreign Exchange Management (Overseas Investment) Regulations, 2022 Reserve Bank of India (Unhedged Foreign Currency Exposure) Directions, 2022 Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022

3.81 3.83 3.85 3.89 3.91 3.154 3.160 3.167 3.178 3.185 3.193 3.197 3.200 3.202 3.206 3.208 3.210 3.211 3.215 3.217 3.220 3.222 3.236 3.242 3.249

ALPHABETICAL LIST OF RULES & REGULATIONS

Appellate Tribunal for Foreign Exchange (Recruitment, Salary & Allowances & Other Conditions of Service of Chairperson & Members) Rules, 2000 u Currency Futures (Reserve Bank) Directions, 2008 u Currency Futures in International Financial Services Centre (Reserve Bank) Directions, 2020 u Currency Options in International Financial Services Centre (Reserve Bank) Directions, 2020 u Foreign Exchange (Authentication of Documents) Rules, 2000 u Foreign Exchange (Compounding Proceedings) Rules, 2000 u

3.197 3.193 3.215 3.217 3.5 3.22

I-11

CONTENTS PAGE

Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000 u Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 u Foreign Exchange Management (Cross Border Merger) Regulations, 2018 u Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014 u Foreign Exchange Management (Current Account Transactions) Rules, 2000 u Foreign Exchange Management (Debt Instruments) Regulations, 2019 u Foreign Exchange Management (Deposit) Regulations, 2016 u Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000 u Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any other Place of Business) Regulations, 2016 u Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 u Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 u Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015 u Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 u Foreign Exchange Management (Guarantees) Regulations, 2000 u Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022 u Foreign Exchange Management (Insurance) Regulations, 2015 u Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 u Foreign Exchange Management (Issue of Security in India by a Branch, Office or Agency of a Person Resident outside India) Regulations, 2000 u Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 u Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020 u Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019 u Foreign Exchange Management (Non-debt Instruments) Rules, 2019 u Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002 u Foreign Exchange Management (Overseas Investment) Rules, 2022 u Foreign Exchange Management (Overseas Investment) Regulations, 2022 u Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 u Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015 u Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015 u Foreign Exchange Management (Regularization of Assets held Abroad by a Person Resident in India) Regulations, 2015 u Foreign Exchange Management (Remittance of Assets) Regulations, 2016 u

3.15 3.31 3.211 3.206 3.6 3.154 3.41 3.3 3.167 3.59 3.178 3.70 3.185 3.62 3.249 3.83 3.208 3.30 3.89 3.220 3.160 3.91 3.200 3.222 3.236 3.26 3.81 3.67 3.210 3.85

CONTENTS

I-12 PAGE

Foreign Exchange Management [Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)] Regulations, 2003 u Reserve Bank of India (Unhedged Foreign Currency Exposure) Directions, 2022 u

3.202 3.242

CHRONOLOGICAL LIST OF RULES & REGULATIONS CENTRAL GOVERNMENT

GSR 379(E), dated 3-5-2000 - Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000 u GSR 380(E), dated 3-5-2000 - Foreign Exchange (Authentication of Documents) Rules, 2000 u GSR 381(E), dated 3-5-2000 - Foreign Exchange Management (Current Account Transactions) Rules, 2000 u GSR 382(E), dated 3-5-2000 - Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000 u GSR 383(E), dated 3-5-2000 - Foreign Exchange (Compounding Proceedings) Rules, 2000 u GSR 677(E), dated 28-8-2000 - Appellate Tribunal for Foreign Exchange (Recruitment, Salary and Allowances and other Conditions of Service of Chairperson and Members) Rules, 2000 u S.O. No. 3732(E), dated 17-10-2019 - Foreign Exchange Management (Non-debt Instruments) Rules, 2019 u GSR 646(E), dated 22-8-2022 - Foreign Exchange Management (Overseas Investment) Rules, 2022 RBI u FEMA 1/2000-RB, dated 3-5-2000 - Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 u FEMA 2/2000-RB, dated 3-5-2000 - Foreign Exchange Management (Issue of Security in India by a Branch, Office or Agency of a Person Resident outside India) Regulations, 2000 u FEMA 3(R)/2018-RB, dated 17-12-2018 - Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 u FEMA 5(R)/2016-RB, dated 1-4-2016 - Foreign Exchange Management (Deposit) Regulations, 2016 u FEMA 6(R)/2015-RB, dated 29-12-2015 - Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 u FEMA 8/2000-RB, dated 3-5-2000 - Foreign Exchange Management (Guarantees) Regulations, 2000 u FEMA 9(R)/2015-RB, dated 29-12-2015 - Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015 u FEMA 10(R)/2015-RB, dated 21-1-2016 - Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015 u FEMA 10A/2014-RB, dated 21-3-2014 - Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014 u

3.3 3.5 3.6 3.15 3.22 3.197 3.91 3.222

3.26 3.30 3.31 3.41 3.59 3.62 3.67 3.70 3.206

u

FEMA 11(R)/2015-RB, dated 29-12-2015 - Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015

3.81

u

FEMA 12(R)/2015-RB, dated 29-12-2015 - Foreign Exchange Management (Insurance) Regulations, 2015

3.83

I-13

CONTENTS PAGE

FEMA 13(R)/2016-RB, dated 1-4-2016 - Foreign Exchange Management (Remittance of Assets) Regulations, 2016 u FEMA 14(R)/2023-RB, dated 20-12-2023 - Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 u FEMA 22(R)/2016-RB, dated 31-3-2016 - Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any other Place of Business) Regulations, 2016 u FEMA 23(R)/2015-RB, dated 12-1-2016 - Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 u FEMA 25/2000-RB, dated 3-5-2000 - Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 u FEMA 71/2002-RB, dated 7-9-2002 - Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002 u FEMA 101/2003-RB, dated 3-10-2003 - Foreign Exchange Management [Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)] Regulations, 2003 u FEMA 339/2015-RB, dated 2-3-2015 - Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 u FEMA 348/2015-RB, dated 25-9-2015 - Foreign Exchange Management (Regularization of Assets held Abroad by a Person Resident in India) Regulations, 2015 u FEMA 389/2018-RB, dated 20-3-2018 - Foreign Exchange Management (Cross Border Merger) Regulations, 2018 u FEMA 395/2019-RB, dated 17-10-2019 - Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019 u FEMA 396/2019-RB, dated 17-10-2019 - Foreign Exchange Management (Debt Instruments) Regulations, 2019 u FEMA 399/2020-RB, dated 23-10-2020 - Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020 u FED 1/DG(SG)-2008, dated 6-8-2008 - Currency Futures (Reserve Bank) Directions, 2008 u FMRD.FMD.01/ED(TRS)-2020, dated 20-1-2020 - Currency Futures in International Financial Services Centre (Reserve Bank) Directions, 2020 u FMRD.FMD.02/ED(TRS)-2020, dated 20-1-2020 - Currency Options in International Financial Services Centre (Reserve Bank) Directions, 2020 u FEMA 400/2022-RB, dated 22-8-2022 - Foreign Exchange Management (Overseas Investment) Regulations, 2022 u DOR. MRG.77/00-00-007/2022-23, dated 11-10-2022 - Reserve Bank of India (Unhedged Foreign Currency Exposure) Directions, 2022 u A.P. (DIR Series) (2022-23) Circular No. 21, dated 12-12-2022 - Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022 u

3.85 3.89

3.167 3.178 3.185 3.200 3.202 3.208 3.210 3.211 3.160 3.154 3.220 3.193 3.215 3.217 3.236 3.242 3.249

DIVISION FOUR

NOTIFICATIONS UNDER FEMA 4.1 4.2

Notification under section 1(4) of FEMA/Enforcement of Amendments to provisions of FEMA Notification under section 2(h) of FEMA

4.3 4.4

CONTENTS

I-14 PAGE

4.3 4.4 4.5

Notification under section 2(za) of FEMA Notifications under section 3 of FEMA Notification under section 6 of FEMA

4.5 4.6 4.9

4.6

Orders under section 16 of FEMA

4.10

4.7

Notification under section 17 of FEMA

4.12

4.8

Notification under section 18 of FEMA

4.14

4.9

Notification under section 19 of FEMA

4.15

4.10

Notifications under section 36 of FEMA

4.16

4.11

Notifications under section 37A of FEMA

4.18

4.12

Notification under section 38 of FEMA

4.19

4.13

Notification under section 40 of RBI Act

4.20

4.14

Notification under section 47 of FEMA

4.21

4.15

Notification under section 50 of FEMA

4.22

4.16

Removal of Difficulties Order

4.24

DIVISION FIVE

MASTER DIRECTIONS 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 5.10 5.11 5.12 5.13 5.14 5.15

5.16 5.17 5.18

Master Direction on Risk Management and Inter-Bank Dealings Master Direction on Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses Master Direction on Money Changing Activities Master Direction on Compounding of Contraventions under FEMA, 1999 Master Direction on External Commercial Borrowings, Trade Credits and Structured Obligations Master Direction on Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/Persons of Indian Origin Master Direction on Liberalised Remittance Scheme (LRS) Master Direction on other Remittance Facilities Master Direction on Insurance Master Direction on Establishment of Branch Office (BO)/Liaison Office (LO)/Project Office (PO) or any other place of business in India by foreign entities Master Direction on Foreign Investment in India Master Direction on Acquisition or Transfer of Immovable Property under Foreign Exchange Management Act, 1999 Master Direction on Remittance of Assets Master Direction on Deposits and Accounts Master Direction on Direct Investment by Residents in Joint Venture (JV)/Wholly Owned Subsidiary (WOS) Abroad [Superseded by AP (DIR Series) (2022-23) Circular No. 12, dated 22-8-2022] Master Direction on Export of Goods and Services Master Direction on Import of Goods and Services Master Direction on Reporting under Foreign Exchange Management Act, 1999

5.3 5.35 5.45 5.63 5.73 5.93 5.100 5.115 5.139 5.146 5.160 5.193 5.202 5.206

5.225 5.226 5.259 5.284

I-15

CONTENTS PAGE

5.19 5.20

Master Direction on Miscellaneous Master Direction on Money Transfer Service Scheme (MTSS)

5.384 5.390

5.21

Master Direction on Foreign Exchange Management (Overseas Investment) Directions, 2022

5.399

5.22

Master Direction on Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022

5.418

DIVISION SIX

MEMORANDUM OF INSTRUCTIONS PEM : Memorandum of Instructions on Project Exports and Service Exports ACM : Memorandum of procedure for channelling transactions through Asian Clearing Union (ACU)

6.68

u

GIM : Revised Instructions under GIM

6.89

u

LIM

6.94

u u

: Revised Instructions under LIM

6.3

DIVISION SEVEN

FOREIGN CONTRIBUTIONS 7.1

Foreign Contribution (Regulation) Act, 2010

7.3

7.2

Foreign Contribution (Regulation) Rules, 2011

7.26

7.3

Foreign Contribution (Acceptance or Retention of Gifts or Presentations) Rules, 2012

7.67

7.4

Notifications issued under Foreign Contribution (Regulation) Act, 2010

7.69

7.5

Guidelines issued under section 36(1)(a) of the Banking Regulation Act, 1949 Implementation of the Provisions of Foreign Contribution (Regulation) Act, 2010

7.78

7.6

Guidelines for consideration of proposals for acceptance of foreign hospitality under the Foreign Contribution (Regulation) Act, 2010

7.84

7.7

Standard Operating Procedure (SOP) to open and operate the FCRA Account as provided under section 17(1) of the amended Foreign Contribution (Regulation) Act, 2010 with SBI, New Delhi Main Branch in terms of FCRA (Amendment) Act, 2020

7.93

7.8

Advisory for Compliance by FCRA NGOs/Associations with the Amended Provisions in FCRA, 2010 and FCRR, 2011

7.96

7.9

FAQs on FCRA, 2010

7.98

7.10

Advisory to NGOs on Foreign Funding

7.119

7.11

FCRA Account

7.120

7.12

Unique ID of NGOs Receiving Foreign Contribution

7.126

7.13

Charters

7.127

7.14

Submission of applications for revision of orders under section 32 of the Foreign Contribution (Regulation) Act, 2010, read with rule 20 of the Foreign Contribution (Regulation) Rules, 2011

7.135

7.15

Introduction of Foreign Contribution (Regulation) Act (FCRA) related transaction code in NEFT and RTGS Systems

7.137

7.16

Extension of the validity of FCRA registration certificates

7.139

7.17

Case Laws Digest

7.140

CONTENTS

I-16 PAGE

DIVISION EIGHT

PREVENTION OF MONEY LAUNDERING 8.1 8.2 8.3

8.4 8.5 8.6

8.7

8.8

8.9 8.10 8.11 8.12 8.13 8.14 8.15

Prevention of Money Laundering Act, 2002 Notifications Prevention of Money-Laundering (the Manner of Forwarding a Copy of the Order of Provisional Attachment of Property along with the Material, and Copy of the Reasons along with the Material in Respect of Survey, to the Adjudicating Authority and its Period of Retention) Rules, 2005 Prevention of Money-Laundering (Receipt and Management of Confiscated Properties) Rules, 2005 Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 Prevention of Money-Laundering (Forms, Search and Seizure or Freezing and the Manner of Forwarding the Reasons and Material to the Adjudicating Authority, Impounding and Custody of Records and the Period of Retention) Rules, 2005 Prevention of Money-Laundering (the Forms and the Manner of Forwarding a Copy of Order of Arrest of a Person along with the Material to the Adjudicating Authority and its Period of Retention) Rules, 2005 Prevention of Money-Laundering (the Manner of Forwarding a Copy of the Order of Retention of Seized Property along with the Material to the Adjudicating Authority and the Period of its Retention) Rules, 2005 Prevention of Money-Laundering (Manner of Receiving the Records Authenticated outside India) Rules, 2005 Prevention of Money-Laundering (Appeal) Rules, 2005 Adjudicating Authority (Procedure) Regulations, 2013 Prevention of Money-Laundering (Appointment and Conditions of Service of Chairperson and Members of Appellate Tribunal) Rules, 2007 Prevention of Money-Laundering (Appointment and Conditions of Service of Chairperson and Members of Adjudicating Authorities) Rules, 2007 Prevention of Money-Laundering (Issuance of Provisional Attachment Order) Rules, 2013

8.3 8.56

8.177 8.180

Prevention of Money-Laundering (Taking Possession of Attached or Frozen Properties Confirmed by the Adjudicating Authority) Rules, 2013

8.182

8.94 8.99 8.102

8.134

8.145

8.149 8.153 8.154 8.157 8.171

8.16

Prevention of Money-Laundering (Restoration of Property) Rules, 2016

8.188

8.17

Know Your Customer (KYC) Directions, 2016

8.190

DIVISION NINE

EURO ISSUE AND ISSUE OF FOREIGN CURRENCY CONVERTIBLE BONDS/ORDINARY SHARES THROUGH DEPOSITORY RECEIPT MECHANISM/ISSUE OF FOREIGN CURRENCY EXCHANGE BONDS 9.1 9.2 9.3

Euro Issue Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993 Issue of Foreign Currency Exchangeable Bonds Scheme, 2008

9.3 9.33 9.49

I-17

CONTENTS PAGE

9.4 9.5

Depository Receipts Scheme, 2014 Companies (Issue of Global Depository Receipts) Rules, 2014

9.52 9.56

DIVISION TEN

ALLIED ACTS/RULES AND GUIDELINES 10.1 10.2 10.3 10.4 10.5 10.6 10.7 10.8 10.9 10.10

Foreign Trade (Development and Regulation) Act, 1992 Foreign Trade (Regulation) Rules, 1993 Foreign Trade (Exemption from Application of Rules in certain Cases) Order, 1993 Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 Smugglers and Foreign Exchange Manipulators (Appellate Tribunal for Forfeited Property) Rules, 1977 Appellate Tribunal for Forfeited Property (Procedure) Rules, 1986 Appellate Tribunal for Forfeited Property (Fees) Rules, 1987 Smugglers and Foreign Exchange Manipulators (Receipt, Management and Disposal of Forfeited Property) Rules, 2006 Safeguard Measures (Quantitative Restrictions) Rules, 2012

10.3 10.20 10.28 10.33 10.40 10.51 10.60 10.68 10.69 10.75

DIVISION ELEVEN

FOREIGN DIRECT INVESTMENT POLICY 11.1 11.2

Consolidated Foreign Direct Investment Policy Circulars issued in 2017-23

11.3 11.73

DIVISION TWELVE

TRIBUNAL, APPELLATE TRIBUNAL AND OTHER AUTHORITIES 12.1 12.2 12.3

Tribunals Reforms Act, 2021 Relevant sections of Finance Act, 2017 Tribunal (Conditions of Service) Rules, 2021

12.3 12.20 12.24

DIVISION THIRTEEN

FEMA & FDI READY RECKONER Acronyms used in FEMA & FDI CHAPTER 1 : FEMA - Overview CHAPTER 2 : Authorised Person CHAPTER 3 : Accounts in India by person resident out of India CHAPTER 4 : Accounts of Indian residents in Foreign Currency CHAPTER 5 : Receipt and payment in foreign exchange CHAPTER 6 : Realisation, repatriation and surrender of foreign exchange CHAPTER 7 : Money Changing Activities CHAPTER 8 : Money Transfer Service Scheme (MTSS) CHAPTER 9 : Possession and Retention of Foreign Currency *See Volume 2.

13.v* 13.3* 13.11* 13.18* 13.31* 13.42* 13.47* 13.50* 13.62* 13.67*

CONTENTS

I-18 PAGE

CHAPTER 10 : CHAPTER 11 : CHAPTER 12 : CHAPTER 13 : CHAPTER 14 : CHAPTER 15 : CHAPTER 16 : CHAPTER 17 : CHAPTER 18 : CHAPTER 19 : CHAPTER 20 : CHAPTER 21 : CHAPTER 22 : CHAPTER 23 : CHAPTER 24 : CHAPTER 25 : CHAPTER 26 : CHAPTER 27 : CHAPTER 28 : CHAPTER 29 : CHAPTER 30 : CHAPTER 31 : CHAPTER 32 : CHAPTER 33 : CHAPTER 34 : CHAPTER 35 : CHAPTER 36 : CHAPTER 37 : CHAPTER 38 : CHAPTER 39 : CHAPTER 40 : CHAPTER 41 : CHAPTER 42 : CHAPTER 43 : CHAPTER 44 : CHAPTER 45 : CHAPTER 46 : CHAPTER 47 : CHAPTER 48 :

*See Volume 2.

Export and Import of Currency or Currency Notes Remittances on current account Liberalised Remittance Scheme (LRS) Export of Goods and Services Import of Goods and Services Project exports and service exports Foreign exchange rates Overview of capital account transactions Foreign Investment in India FDI in Indian company Sector-wise FDI Policy at a glance FDI - Downstream investment i.e. indirect investment FDI through rights, bonus, sweat equity or merger/amalgamation FDI - Transfer of securities FDI in LLP FDI in GDR/ADR Investment by NRI or OCI FDI in startup company Investment by Foreign Portfolio Investor FDI in investment vehicle FDI by FVCI FDI - Investment in securities by Funds, Foreign Central Bank etc.

Overseas Investment by Indian entity Guarantees Insurance Borrowing and Lending in foreign currency Borrowing and lending in Indian Rupees Foreign Investment in Debt Instruments External Commercial Borrowings Trade Credit (TC) and Structured Obligations Acquisition and transfer of immovable property in India Acquisition and transfer of immovable property outside India Remittance of Assets Branch/LO/Project Office in India by foreign entities Indian Depository Receipts Risk Management and Inter-Bank Dealings Vostro Account for International Trading Industrial Policy of Government of India Enforcement of FEMA

13.69* 13.73* 13.88* 13.100* 13.139* 13.162* 13.164* 13.171* 13.176* 13.185* 13.207* 13.216* 13.223* 13.229* 13.244* 13.247* 13.253* 13.267* 13.270* 13.277* 13.280* 13.283* 13.285* 13.326* 13.331* 13.339* 13.344* 13.351* 13.362* 13.378* 13.385* 13.391* 13.394* 13.398* 13.414* 13.421* 13.425* 13.430* 13.436*

I-19

CONTENTS PAGE

CHAPTER 49 : Penalties under FEMA CHAPTER 50 : Appeals under FEMA CHAPTER 51 : Compounding of Contraventions under FEMA CHAPTER 52 : Prevention of Money Laundering Act CHAPTER 53 : Foreign Contribution (Regulation) Act (FCRA) CHAPTER 54 : COFEPOSA, 1974 CHAPTER 55 : International Financial Services Centre (IFSC) SUBJECT INDEX

13.439* 13.445* 13.448* 13.460* 13.498* 13.526* 13.540* 13.553*

DIVISION FOURTEEN

FEMA CASE LAWS DIGEST 14.1 14.2

FEMA 1999 Foreign Exchange Regulation Act, 1973

14.3* 14.31*

DIVISION FIFTEEN

RBI s CIRCULARS & CLARIFICATIONS (2000-2023) 15.1 List of RBI s Circulars & Clarifications (2000-2023) 15.2 Text of Relevant Circulars & Clarifications (2000-2023) APPENDIX I u Relevant Provisions of Exchange Control Manual

15.3* 15.164* A1-A101*

APPENDIX II u Foreign Exchange Regulation Act, 1973 APPENDIX III

A103-A135*

u FEDAI Rules APPENDIX IV

A137-A155*

u Asian Clearing Union (Procedure) Rules

SUBJECT INDEX

*See Volume 2.

A157-A161* i-xlvii

12

LIBERALISED REMITTANCE SCHEME (LRS)

rn. 1 d)). esEs dooe n u e i ( s i 1 s s o v i 6 i s lr7i n 0 e t d i 1 d a o a 2 s S e 0 r ni l i t t . e i 2 h a c ta bRou n t g 1 d i I Ne L D.R es-n 8 (R dn1o 1 ,. a .r iads . s n P i r o S e e t . d o o . t s r i ta N nAG t e n I e c I l d n t u fBnu a u o 6 o o o r R i t Ri i t t lc1s s t y c i c a e 5 n e n c a1 ca i v fi al d r r i 0 f f i a e e D t 2t o t oi s o / , t t r e p 4 7a e Nr r e d a 0 t i Ia rc.o l s e0o p o u a 2Gt gsrNs n2 o o a n M an e tno D h h4 s mn o t i c i eic E s t xnwe nr c n F r eodm o i ea ur I ic da e ne t it B h a ec gc zdDn R i i e urs e o n r l c r t e d4s a ’ t i 0 oo ) i t r i h f S 0t s e d r2 ma R b ft n , r i o n , y M L u l e 4 i l ( o apDe g ns yn f oa r i srEm e i a o t a t w i s ue dfDe b s h d n e o)rr I S c a b c a pR e BS et c oR eLF n ur e d s l I ( b.c n oa b . d4 hn r aee . o ’ t t0 tsta ig m o t t n r n o a0 idbt ci e i 2 n s f t hd, m ur f a u r m 43 c o t e o s oS62 wfnR n p t . h i ceo e od iR c em fcNr i m o n ete g‘ a s e n a i arM i n hr l n a t wt a o i o c l t r r ei b t d s u o6 i e e mc p1 v esmb t l r ei i e0 h a a oL nR Cd Tuc I ‘ R2

12.1 Background

vide

-

t sn i h e Tr r .u r a C e( yM lE a i F c nf ao n fi) . s r( n 1 e o pm i t 0e c 0t a s 0i I , n I 0 a 5I r , e t 2 l t u n Dd u Se o Uh c c c sS i a tr t i n me e h it r l r lo l u a s c . l r a 0 e l l0 vl 0 a oe2 o ew, t s s hse e Tal i l su -a l p R p u) a s S dn i v o R i i d t L c na , i y os l t n t c a sr e e r T d i i l p t n pn i au , s o u tc i mc h iA T l Limit of USD 2,50,000 per financial year for current account transactions for individuals and others ix

. d3eefd mo a2h or e0tmla . uN s n r 2hma C r e na gawt 16 s l au ur i 6a o 90ogrb p rc 13rode r e r r h D i u pc ,dt pel t p eer ha c t l sT t h Aa c us a n kD no c a o xda i B tei a3t l t d d su t ta 2i a e 7C 0 n e l d m s ec .n 2ms r mf erne r a t r i oo e o R3 n c0 tI nv o2 I n n1 g o I i .f o t0 p . s f e i eo 2 ut o no r a hNo e os 6 ei t c srflt u n8 u fa a n o d o2 losa i x t e )u)el ad d c Gce h n r e at e a r c t o s 1i r r f ( na Ccunen s ad i 6Too o re s 0DSdmr e t s o e c 2Btns a n Se nCaa p R a l h ) n odo d t Le t S i t ie R n t i i Rw s t os c m t eacL i r s 3 e 3 e ( S2 o ye l r 2h l e0 l r -0 o t S pP 2Cm2 R p e-u 6 x .

L a–3 h0a a e 1 t n c 8 f s T o 2 a i 2( S 1 o 0 e np d e.

2 m t l f eSc lr6 .

C a i t e u o n. r Ta wp a r 0 w f drt S t C Se3 eei ]e h C h d s P g T T t a gmP e n f i e r t eh Ta. e l foa R d h e d O r e r cr w ov 3 sod[xa o si f e l C n s s 2 e t0 s si e e s i oc e lg nM i r e2 a d s pi agT e i pf r r v s hveki o e A e e c o o t ba r h i r rr 0 r T i rL oo wp Pi pf 1 TCS @ 20% on remittances under LRS and OTPP w.e.f. 1-10-2023 if amount exceeds Rs. 7 lakhs per annum

t o n e r a s d r a C t i d e r C l a n o i t a n r e t n I h g u o r h t e d a m s t n e m y a P –

Payments through International Credit Cards are not included in LRS limit and TCS will not apply

13.88

S L A U D I V I D N I T N E D I S E R R O F 0 0 0 , 0 5 , 2 D S U F O S R L

e Th l Dc b u a Bs c Cn i l p no p i y a l 1p s Qp a a . P ot] t P o o s T rnl e O la l wi 3 d sw2 n nS0 a AC 2 S dT0 n 1 R at- L a h1 n 3t r o 2s e 0i t s f 2t n a c o 6 i e e s f u 8 i f v 2e n o i det r ehn p o t Tc S a . d3 C y T 2a e0 s g m 2 a n ei n 6 l d o r e 0 i r t a s3a g d s x e e ea r r l t s e pa l r i rds a e 3i e t p2h 0t d s2 s r a o f m f So .

R e 53 0 e L1s -2 2 .t .

0 2 I no 2 [ i 1N 7 d g ar n r ea 1 i a dl d . p uun f . l c e e c r . p i nc w s i

. o4 .5 -fc f sr re r eo e dkst wl fy l r o o s i m r c e n i t m a e 01 i or e d c g t e 0 n a n t s e l sn u po w t e l l n , i02 i bnte nu i 2 t d a A m r h m s r i o i a u m r i t e 5 c r g a t 2 v a n o y(ts y a d r h r S e i d r l l p u 6 nu c e t nr n4 d a d e a e 2 o i eipg-ac n a n eeb e o w n s hm i . emo i r Y T ccn b t f o n a e g t , r f t . m o rl F f roe e/ti v l t a n l n r s e o n i o l y a pr U c0. es e a er h 0 f g a w a c u ai o s e d d o d c 0 c H u t i eo i 6 m5 a, , i t m i mn f nd sns s i cn h 1 g s r a u s w i e e g n m 2 ’ 0 2 sao n w v r r n r m o n a i s r i 2 i h e i e lA Dl i st t nr l b e d e l at co r F t l i 1 n a S o c t b i n fi a u m , a n a c i a o i r n o m u s 1 ert l r i p vUe e e y e t a l o c t e sh t Dp c t he t d c ai efs eo h e r r r t o n .

F h t t t a e , i a r t 0ss p rl l t r o d b f t c t a s n r p m e p i u i o e o f 0 a e a e h n h r mdu l vtnFo ej s 0ae t d c n r a i d t e e i i , b e i t t R a n t a r e i . r t 0 r , wl i 6 uws t v y tr r v r a n o u 5 1 i a s r n natd tS, , ao h2 t u d e soa re up nRe a n t y 5 r s e o n H h r i r i u o, eLmi nc ep c 1 t e t m e . h ADcs t 0 i o e t o s e b e s h s t S t c t i t 2 r n m l h t h s a ,U a l aa mnnfp i / o e t e i t e n e o A u r l t w 7 / , d g e r i s h o m o a y o n o t t i o r . t mi cn i p cdes t ctn e o i f i e d r e m S r c e e . e s e hpp , v N y n ae y bn s ao etir c e l o m t p r o i c r o h Succ ga n l / o ra t i c e m n a a h m t sro t s o rs p Ted t l t e s e t i e e t a o r p d i o s a t r t c f g a d i npfvr c . ute nerr n l f a f n n a u n S o e n m a u m i d b i o a a r ea a i dede eg t i sce/cR y r h t v s e t t l r l r e L D h n r c i i i A c l s s ci d fa ua emoang a r x i r h f r r.

M s mn v i s o pe cv v u e cuie e e c e o e s i w a s e e t E t t d r e r d n r r c s e a r s t h o Rn t s u o F n e eo s c a r a l n na a f t t T n p l b u a e n d i r t e e n c n Mo e / n s . i s e e i m d ’ k f d h t i r m s e s e fi n r s de i b n , d t n n i e a r b Ds i s I t o i l r nv e e o e a o e e sp n .i st Ea a n wmm e t i uo r s be a a De rrpm ai r b y d g m e t s d o o m ey e hdh0 y a l i l b s Ie i n 0 a i t t b s ne l b i nh t e i ini Bh 0 e d i m e o i .

L s h sac mom, s e l sy vsrl Rc m l 0 c a l n t r s i5 np eerS i re m a f i i l l e h c c o fs h y e , e g o / c v m e r o t cme S tnfh SiS2 nb oht h ) r a o n n i n t T RmRD AR rt ec h hu d e c d i eou t e t g b c. LoL p e S S i u n n h aL d o o h s o r n l eo eU mrt r nr ta ctac e e a c n g h h a o o aeycfoc cT eMb h U h ns i s Te Pt nmt a cbbaot r i i

e dnn ur o noi na ai ti t e6 dai s c s1 e 0 a fiu t i 2 s q ,l i c S la 1 hua Rt qr ; L1 o d o bft re o e t f c da o n e nd r oi si u e 6 t , D i r k 1 ls a f a n i h o u5 a sut q b d1 0 i c g s a v 2 o a n i / i p h d ; d 7 s t n. l e t i i o n o h w he t n d aN dmg a n n yn u o o i a rd bi r t t l b ns c se o a on nr i ih t t oi i i n tr s D t b i o u c u ef r o ae qdy c s c n c nt s r a , ao aa a d r p y a M t d ym c a o tD n n r n oa o e b r uE c r a bps o r cD u y ama o cI c r s t e cs t aB n n e r lR g p ese a a f i o me t v e o i r o r s p t 6 r s o p e a. n e f f cA va v o f ea nof o e i l r o s b g a gds i a n e p s n h i t e s i s n c k in . r i s e r l a miw p u anh d re o o p mus e l tl pa ) ) ) o erf ( ( hes ( Tma

i ii iii

Para 12.2 13.89

See

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

Scheme available to minors also

-

Consolidation of remittance of family members

-

Transactions not permissible under LRS

12.2-1 Capital Account transactions permissible under LRS

-

) S R L ( E M E H C S E C N A T T I M E R D E S I L A R E B I L

13.90 Para 12.2

ln ) e d nr m s a l i o I t u o i i ru R t r op ot c f n N a h e de ( t scr c s eV i s D e e r n k , t f e a s f a n i dd r e t al d e i nn t Bi n h eu s I c t r i t aa sF n w f M l e e a ( oD cu d s i t i t v e s , r u sE r e s l e D r Me u a s t t uI fo n, n lo d .

B a es o3 i n n Vs N R v s e 1 y i t oi n o0 r ti d i f n 2 o s t n o s n s s us i , i u e t s o e 1 i c t f n Jb e 1 n i o . pA rtm d e A o u s pn n d r Re a i sep a i s r nn dm, s e a rts r aa e P e i s a i p i r d owet m a t i n i e ovr r I o n s d t u o n i m e i C c f ; s i i yn e t e s b n i no a h s l ni i ud i ai c t S ad c pt S b n a o a e mr l f I e d n e g oed ee n th . fi i 6 cnd nd i e dt1 i d d er0 nue ws t r u e gmt O s 2 a u l c i der a c e o r n1 y f n r n s l ) i o u1 osu l e ’ 3 o s f r v sd , d h1 ni e aos t 0 n t a e d a ct W2 i fcn ol k na e o l , e u p5 ad r gr y si t e DF u0 ne nt 6 i i l t r r am 1 d gs fa a a n n u 5 hot i i de1 g eo t r sup n t h 0 e fea tu x t e i 2 C A t o n ew s l x / u eo 7 ) ) . tco ( ( o c naN iv

bona fide

v

Banks should not finance to facilitate capital account remittances

; ;lotgr tn r nt yDe Dfesed t w i o ni n n . o e e t v d n n e a o m a i s n S a m A . n t t i h e e i i i r c a i s e i y t s r a s e t a d o U d e ov l d m c s , r t a w a d l e r p i w m e c b r ses t a n u ; os n ee l xe M o nfe n a s / a I e n p o y e o a o o t l g t o e l c b t d s l d r l i a a a a n ruel ax ts d D o r u c f a ev e n r o a c i e n o a n m f e e g r va hu e s E ifa o ov mr t t h tr ecn r a s p e o r B l b n e i g n e ep o o a a a ot / l )MgD r , est n e t h h.ed d l a r I h u i n ma o drm i e n dd n cz caea me atc B a i d r nu e o i a h a n Sv e a r i D a y oghR i aor cyxcem y v r b e n l e f d o f t e(arnc i s ; x c i d t l l o n a n d hsnbaxf n aa ey a p e edn g i I r r t g n t c neaheo e o p i g t s h e d c n e m 7 i o s i i e i ronsx n. i nTn t Nec r nbe v o n g t i i i t d e r e e c s r t o i r o EgA a i cI.e e n i a g r t o i dc t o a e s c r d h e g e i e r e a n t n g f s r namu n s o t r i r dt a fi g d m u m u n n o n s e n f f g u un i o t i oa ;s i ic i f i r s o o a a s n n l f e A ps s P d e d t )a p r e h n ;r td od an g ft ay wt Yr t uuSg r t i gn n o o r n l o o t R Ftt i a I roo yi c rn anuane e n t ( r . e y. n i taoFeB a L u nd o r c b r w r n m u i h r pna rng os i t As o am domor o tu a t uibtaR a seef e e n e a o m s t h c eomaI e Il a g r o a ee ,eny e,tn s c Yc e y h a s n r etI y c t v n l ri a dgie n i f rn , e lc;neRt e a nn e r o n o h e a C eh e t a t l k i . m o s aoos do aM gY t t i pc n r rh tnmu0o c F atf fa n s x i e d 0 g t d e b n nnete cFn r etue 0r r rooeoe p m a a / o e g f t ar r x e . i e F e s h2n i wnr s sp ec dp de r se a nr yr pc r , 6 u t m e r 1 i e o u c o s d e u i o u t e o n s ul n t F l 0 f s e i t nv p0 eIal lSl cp i god asmr s 2 0 a f a a r o l o t t rr v a i s u u n n e o f mc e e A0 oIt p i e enf 1 i t s i , e y a e l e r r poei1Rmg ;b 0 o i t a r . mbo d k l p o g r d a a i )r1 y 5 oe ea si un f as 0fner yiy , ng ua vn a t o Dr 2 0so d i m ned t i Rata RsI a e p t e a e r 0c i n h p Y de t en D nt.mrw. , ;Po t d a i r I o c g l 0 p F n t c S aa0ti oa a yt rbi rted l i r e 0 c l 5aar C n s d b i r i A w e l o o u b , e m i U e d a 0 r t e e u t o a m r 2 r n t , F 6 i d E s D p f n ; i h h o 0 s n s i m o o s 1 n n e n l o t t A f D bs o s s m 5 t h t a o i i s a i s u i n o t i s ,i Se euae5 t se t s p r 2 f c d i r r o n c u r 1 i t s e a h t i o T Urgi u n p l 0 v l e n s e 0 r t D A u s a a i r 0n osn so tq p g 2 s e paSfyi fe uu e unf n 0o cnu r e o o g i t b g , o dao due/ e t ;p n AkU tmn 0 n s r i tm;;i n n a m or7 r x i 5 r a e s . v v e a m z m o u , e i o e mundic0o n a h i b s b l a i o 2 0 i i d o c d o c t n N a c i ibt g on 0 s r Inx l co a nrm s i A, Da x i r u n o c f a t i i n n .

0 eef h y g u e Ss i t5 bt Sr r i r r na t0n t o r o i t g od nhee R/o nn, n Uo n i oa 0 te l e s i t t 2 s p l l e r g Le dser g 0e i c o soce a bm i n g e d d , v e h n r e l / i t i e n v i 0 m i i edt l a v i / t t g uDe o r d l s s r u a a i 5 l f mn a hl i p o o f se t e e i CSi r o l , o e r r CeI Tc ut o g a 2 ct e c r r f t t (UD P 12.2-2 LRS for current account transactions

-

-

Private visits abroad -

Tour related expenses

-

Gift/donation to person resident out of India -

Going abroad on employment -

Emigration

-

S L A U D I V I D N I T N E D I S E R R O F 0 0 0 , 0 5 , 2 D S U F O S R L

,S Isiyfn t re sme rn er gr ot nesr dl Dn t ne ea arle yt itroo a R So c l t e a s o e a b o i i i t r p i f a w l e t r L f,um Ut oregkt d a uma em c o . u f a d n o o b e . g c e e i y e l e t t i l oS a 6 et t i l e0n s de DekDa t gtvu m s t e t a 1 g a e B t n c i i h 0 i e d s a e a n h i a 0 C s d n n p t , 0 r s d n i e e r t t g 2 i mss t C, aye ne ui n ei d o e g u h 0 D v i n d n l y r i i h n s f ni yb 1 te en t 5oA oi r tt D, a i cai era s en o r f h e o c n l e d g 2 x 1 A mn t e i l l no o t s esy hi y d n a n f e p d e oh at e fi t a e e n i d a d i D e r n o o l e r t r ngt mr Rme i hfue t a i v r a S s e s t s he t g i o m i A i eoc nd b nuta e v t i c a s U t e s r A i n aa cr i c e na t nkhf hnr d nba i n o c’ r o , e w , s s e o i o t t a a t a s g t i d o 6 p t r i n le n tafe s do f nn e f a b y s v a 1 n t f a ) e m i h u n p e i o fi I v5 e c ei ui ba r orr i o t I s s o i u w t r i l t s e i p r l dl a t e a e g t n h e r d j 1 a y a tb e i pu s i ei c t e 0 v r euebngn n vc2 pt v a n o g e e i l r ‘ euu e d nwoor/ hononI n,oY 0n s s [ a f g e r F c o o g r t p b a ns 0 r n i o e e 7 h p i , t nna i xct e yias hdt t s 0a e oi ck pa . , eci tv gn px awei caaa cn o 0 a i o m n n i x i i e mYhm e 5p rC mN et Aea ti na e r , a r a l h i b n i dl r 2 Dot sFtr.nB o0 t n 0 i n a s g y i r e e e r g d stf0 s o e Do dr e g Arei r i e p n t l n d a e , s o e i l v a i pd nra ,pec t St e lo r e e a r r r uet0 s a i au s 5 t n g r h U r e e o e s t e i c e Ao , d r n dl . i ou bf ntr s vi u el De ee ld ap2 oa f -c i e i d a e v v c o i d l n t r D da n R et knD fa ic oa x s w t h u o e e e o r p e s o e v e t b g d r r desS os e o r e s i n u a t i d p a s . i a eb U t e s i t t o i h u r w r H e s se e r c t et ta ca n f l e a e t e q s l s o o , n n y n] e r e a hrD s.ua eudoef t s i y h r b u d a3 l r o a s t y o s bM t t son/ a oa n1 i y l t faA e h u snup mul s e u u i e0 i g 0 t a b m o t Ar i h de t aeaba dri v n 0D m 2 t e e s m a n i yeh i -orgi oo 0E vw, , i rgt e t i o v p t y n t ( s n g r V i n , a 0 i o s n a s 0D l F n c I n a p y a n d a 0 s, a I a , F o e 5I mA a . i p b h e nUe 0 r , r s h r . yi p e , ct chya ss c2B ot . r cu n r i 0 d a v n x de r f m e o r s x otnnDR o 5t ei oo ri eomo . ei , ed ybt gnga f n v p i c a S r t i t b 2 e n t t l n e c e r t a c i e i l sne a d wa Uo i t r t cu Dogidp f a a s g i d a a k 7 i d o n m op a e n k s i e hms S/e . gA g o f m t C e n e h c onea e srn l r r n e r t n U I r r t e a i Yo r e cs a r o i i n s o p oe D a h r h d ftf FC e nbk. of l o i a a a f u r t w t o A t c a ea e i d p t eig re fn n/ yse ed no ss nbo oeP to e r s dtml h t bnbe c n n n s e h a o n o pt l o n lu s n i i a tI i pyt uhet i eoaxt d r d 0f e t l a s a c e a u r l x f e o i a d d e e e t 0o a e f y a o v o m o e d i m d s ) t n e p a e m rd 0) veaa as hi d k t t u r , i h o i s i 7 t amy ct a 0 md e aaa d nu pc t r nv o i e a 7 o t e e 5( u a eu n n b qaIn rw af hp nt , ot rmt n r r ds bemI 2 2 a af co t Ia (o I i

reet6 rer l e o 1 h i m ut b t f m s i ps 5 a s a d e 1 n s raM en r i . o 0 s s h 2 e f e uwmh / cD r s t 7 e o duE eop fo . p es b’ s o r s D nle N u usI a n h au p ewB t on a c i dht g blR o i f a g e i n neo v t l r i u i m c a b a w c 8 o e l a. edr n o e r cA hi i l hcD e i l c t l t a d o m p n S r f g r p e e f a ne l e r h ed aP i t o c hi t ss r s f t Te e ta a d Sh rus i M p e et d n es h s i o n D hd a u tf I t ngE e rof a n e o e b d i s ,D t rtd n I n n n no e i aB e a he im oR c us t r h s i i bf S e v e n . o m a R cor6 D t oi 9 L nre1 p v D a .

0 h s t , t A i eo2 e awv v ihG1 a fher o mteo tta b eoh1 i a m a Rtt vP tfd rwi s -c e r o y o t a d p eya r f j e a s f c e d b i b e o i h c i ul s 6 t r fi e n so1 c nems e tPi n 5 r p e ir e eet a x d1 cb ep e fa0 n 2 h r o f l t a t a T/ o a . s t n 6 t t etm1 n7 i a c . o g m r o m e s so 0 i j r e N n a 2 e b e r r nof1 oo p n e i d t e o h s gFi c 1 rh t e tc t nn a a t d d i ne wnsi s i ae n s a t i t r t ra a e i u hx rr e B d oot ceD t -

Purchase of objects or art

Para 12.2 13.91

Maintenance of close relatives abroad

Business trips abroad -

LRS not permissible if employee deputed out of India

fides Medical treatment abroad

bona

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

-

) S R L ( E M E H C S E C N A T T I M E R D E S I L A R E B I L

si a aecr l vaa a d r un s e nP dI s i eeav dRre i t i d m s l e nt l e a h I u h t -o hc kfgS nous aloi a r h bv . ht 6 aot 1 hr r0 e g p t d2 n i pi n1 wa t s tur u t 1 e o p n l i d b ur r i e opo g t c f i t a l cu d de ao e s 6 yhs e 1 ct niuc5 ewen1 a b r t 0 e r t 2 umyi / ceam7 nhme. gcsro i StmN e n r oeuon h f ori o dtcft g r l c c o e ane i hdy r s i i dnc r D nun a r ase re ro ner t c i s a ha nut t aci M n t i n w t a i g D i d mme E e er ,r t D n oc e f I pg eB onenR i n h okTof sa. c o l m k a s 0 nn n a 1 r o. ao i Bt A cf

. rgt seP om on t h. i f i So ftA t r , a s o yI Rf i Cr ebB Ld t S t dR re Faae d p e I ednS dn nr er ne i )fheR um t v o a A oL ss . C nmg 1 e n o ca2 Fi oeo n,0 (t r i b f t a52 n n 0 d t o 0 t 2 unswt i i 2ooyoc a 6 mt ,1 ccd ne ec c e5li r r Ad Ah lD 1 a e e t s y t h ke a c,os r s an t d nu e mo1 t hs ehpc r Tuia nZ1 r ac. u.dhM w cio CSo m e i s N nRr ,h o t l r e gLp t na a c i r e uol e n e f u r dcc i f i odae E v r Fnr d3 . l i i o e e a d C auft n 2 s ni a i c ) t 0 t n i i a s n 2 n d e t tee p u e n e i p n 4 Sr om oee e omc c6 dh t S o c i m 2 s s s s a t e ia R l e d a v r e I e h Re n et t dD yihi a md n( aetwe . n m l uP i b .

3 nh0 si aA e s l wc. i l a s I u d d i aso i e nB d r m I R gdhN i r n v nhta r e – i i i t f i y l pe dpl o w u n e um I c hs sr tt s i t n d t i e i n o n g s C t o e i nup s st ) d i f i i Ce s v i R k e yc oI Sm e a ne rD Ft i Rma rp( I . 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 F

t t t r r e y e g . o l t oc one no6 t i f n em n r i s I c 1 i t eobet sert 0 o r i i l F r l e so 2 ut i b ml eu wd k C a 1 md( e l s nmai e s F i a 1 eh m a i t o r T T hc n i s d t . v Aock cS e a e n 6 y f Sr na t mm1 l t o oFt i ee eo0 ot nckad hd e gr2 nc o sb6 r T afn e i A s 1 i e r i d1 h-une d ll t 1 t e b a s 5 dad miaeno1 d eMn c a l t c t i 0 e e n ck i eet 2 h a a n fi b a g m n / i c vai n t a n h a7 n t ad Si i oas g Bo . sm 6 eFa i rha 1h s y e eN pc, 5 Tbs gvn yx0 R e l lE01 -di.nro e i 0 r k a 0 e s s i on cn22 e t fii t c i fig / ao e , R i t 7 r i 3 e Bp r n r c . i eeeseD eryo h poa dtvat i r d sF N r fMn sdeeye eo n s b do e fi s t ae i i s i e oIt y r t t a sRn l pI t c a e e n red e M et e i ul ur hd r a ,i pu0 otti r D cnysaE yd0D u b p e r ne0e ood i eD t ah2t t cei s I t rc,s s dB e fin oSsa e e i e v e f R rl c t i s o e uM sd nt i f e aandv o n r c RD t d3 sa t e nn)E a a i n p auo 1 rss. mo t d D ol i t A I e et i gaaa o r B u t c mc a tcr mr d R o i er s s i n . a i r v f n t u n fii r P rs ao oooad oer cng rd n r f T2 r s i c 1 f e emtA . t e aaa et l t n b s ) l t eu f . a ofi F a at o t l w m h T i iior s a c y a p r A t wtc e vncP aF oap wt aaAc(

sem r se ne s ha t e uf dt r i r r pv g Sa oeo hr C d d t Tn i p r a w nP u f 3 o d2 r e a0eu r e2do. sf o e T a 3 r t 6 e , ms2 a 3 0 r b a 20 e 2 e , 03ss 0 hS 2 er c d 1 ,e TR net v t a L c 1 AatO. t f e edif. h e c3mo. t n2e w e r a0rl e d n2 a n d i f e gsd F o n i e u y e n 0 h r e b1 t s d.o m e eofn c dNnoa n nrodn a e t ea t l]ne S a i mu C b m ) acT e r Se si v [ r R a tce a s T c cLh u ADr(s o i xBuen m r o o aCs i a es t v i hv dtc e ro mnaS os oan r f w c3oep i ) c e n2t o G n 0 c l I l ah 2e 1o fT t l ( o f l t 6 .

Cs i o ) )6a cmP G8 0 12xeP 2e ( RT d a r Ce t O na 6t o3 , rd( 0a e i s e 2d t s 2 e hl i c neg 0 g e2 a os a i Sr i h a k t e 0 e c c r1 ba ri l ee e oL Sr P d1 f

-

Rate of TCS under Section 206C(1G) of Income-tax Act -

13.92 Para 12.2

Opening and maintaining foreign currency account for LRS expenses

-

Remittances to International Financial Services Centres (IFSCs) under LRS and opening FCA in IFSC -

12.2-4 Prohibited transactions under LRS

Purposes prohibited under Current Account transaction rules

Capital account remittances to FATF countries

12.2-5 Tax Collection at Source (TCS) on remittances under LRS and Overseas Tour Programme Packages [OTPP]

S L A U D I V I D N I T N E D I S E R R O F 0 0 0 , 0 5 , 2 D S U F O S R L

se n s h ih v ko tk a b a l nl u7 7a o. f .i s ms s e e e aR R%h g g g f o0 k n n n fo t a a a a 2l os p h h h s ud7 c c c e %c . o o o %ns 0x N N N 2e 5aR s s ns ns y nh nh i i ih ih t k tk tk tk n n n a a na na a ul ul ul ul o7 o7 o7 o7 tt i m. . ms . ms . um ms i as o a a a R R R l eR h d ef ef ef t hf l o o o o h h h t i o t t t fs s f s f s wh o s s s fs s e e e o o o e %e c c %c %c %r 5x %x x x h .

0 5e 5e 5e 5t e ] tyE n et t n s ] n0 o a on P ua e 8 i t pe P om r n a rm T t c mo ut O o u l i a ar pa [ t d c f c re e i r e ede e d t g he S f ha l e t a t n o m n o i c k i fa yi c i t d e) f e o nd a ,be sv ae p o o n e n p o s rm e o n fi b o i od m ae ra t f u p n a d o r p Sa m o cl u t a Rn r uas sa ed p o g di L h n i e e et t r o o tr r h a e r t t rui r c o d e p u r od of u r nd t f f e o i u e f u r t e o t s et en n en e ci c t c c nmi na n na s h a l ah a a a a e t t t t t t i e r t t t t c r r s i g n ie it ie e r mna m n m m h h i t t v ee ee eo n eo Rb Rm R[ O fiR (

l f i a o v no 0 or 1 i t p. a nSo rCN e r Ta t n l du I c hnr gai uSc oRT rLD hr t B de adC onn rui b 1 e ac n dni o i at a t s pt i e tmu n Q e ur os o t ma r Ade ew r s e n dA i s nn oi cd ee bm r tf i o nn o lc l . i 3 w–2 y0 )l 2 Cp Cp6 Ia ( 0 st3 dod rne a lt l Ci a twd i s3 d n2 eo r 0 i2 Cs

. . , s s s s rernri3 y h S s 3 i i e e oc n c c eel e R 2 2 s o n nndvdp0 hs cu0 S L p i n n n n a C e e s t ot 2 2 k a r ert usuac rT et a r e A .

6 t 6 p a o t s l s dids s M ue 0 t nxdif0 ameRea0 c n n m g e e e c t S 0 e 3 3 e E l s a a t mr n f n 0s i C vlueb a r F o k d , g d r a e semt a at e 0 c T i c t e es cn tc e ee i t 5rr t t a, ia ra cheii h rp .dne l s 2oo o a e o t ntrmmf p d dR t up es anyi l ff e m t m o D d f t q o n a3 gre3 f i mo t l o S a 2 a r d e 2 i t n ) b r ot 0 oomss0 i s U meeina e e t g f t r c b 2 s e 2 ( e t i r c l i a ea fn oo th cr 2 ua a ul f l f mi a r is r n s o e o i mk, na ptfn obtuqb l S s c n e i o i 0 r t a oa 0 t iu l r e l s i C1 l t e msr a yh d1 h t ui i bl e7 vT. oc l c . t et o m k T l u p . u e e cd t pamrs o as eo o e d s w r N – r N o h l R s l a r a7 a e e ut r otr a ,flw r a r o p b y. e d ob s i h e d a , Ht a t i l ;l ep f p os su si l e r l ed n s .i i u s fr c d oRhreau o r u S h w e c f s e s c a t h e e fTd , lo o C r v i e ns s r l ei l s t . r i . i r a o d a i T u c u c a s e i C wtrs p o pt e i n a a l n s i h d r n n T c d tm e e u a e o n T aes e i ohoT r y D c d x o f h h d I i r i . ml rt lceeD es t r r d a e B e n id o a e s l l n f ra i nsB heloC i f s i s l T b b c e C i c do o o r eh to n v .nacn o nh l f noe n r t h i e n a o t i o o l al sbti e h i i e u sn er he t d ts w o hpen2 i a n x r d 3 p y sr i i u i t n dls e ebS f e ap ldi e e e r a n h a l n t r p e o i a r a e g b b m C u o i o htr r n e weoo o t i a e e t i T f c d n a t s r d d h t n t l i h s l dhtrl a o o oo l u Stlre g v l t e u o t u o ntnaah t i e a s n , e r o o ne t ar sh eystu RdhfQ i d r n a h sd e Q e y e n L w s n sv s h l h l i o ea s s in p r e rarb on a o e i t eti t df l mp e e eu a s t a a g l a l c wn a er deeir o yr c c cy o r l e n n e n n i ahhe nsyew f s b ao a al wor n at i t l p St n tt t eHuns w ueabs e r to e d h n l s i s s i . i n p d R e ii l n3 l r f t e xca A tyu m m md hin n l n r e2ent A h l e u o kL e e ee el e as h0dis – a b h ar r h r rw – r 2ae n m Te a i e f S t i h i e s md e e eo n e m -0 c y f i e l h e en h h hl 1 ltht ao Rn d T a r t a f i L H Hu T T Ta p e a a I t n r w gr 1 t r e. la u t i l n s e , ))) ))) e ro i ci a u l Sh S e d r u m b q((( ((( rd kRa t mRa une e f oe Lc f dur a aLl r

d e f

v

a b c

New TCS Rate (effective from 1-10-2023) [If remitter has PAN and files Income Tax Returns] TCS Rate Upto 1-10-2023 Type of remittance

Para 12.2 13.93

-

Amount paid abroad through International Credit Cards will not be considered as remittance under LRS and no TCS-

Limit of Rs. seven lakhs is for entire financial year and for all transactions together

-

No separate LRS limit for each type of transaction

When should tax be collected under Section 206C(1G) of Income-tax Act –

) S R L ( E M E H C S E C N A T T I M E R D E S I L A R E B I L

. S% .to% . rey A t s l C ua i 5 T 0 e -v fr 2 v f s o t i .f o e e t r o n o t c he pt e r nt a um stprna t i s a g a dr eu e h r r n e m e i h ei rd, d wi t x oet t ma c o t v rc l A om oA c e l ol r o l x t f p) nd o c ae s( in ect l d a ] h l se t t ea o i %c h f % cxmo 0A s o 2 i5 eac t x n f htn g s a ro t e ent I u hi- f hf ot m t ogde t u N, iem om h e d A o c AoCex c ni i Pr s n n Che a i I se6tt h m t i f p 0a o h o r n h d2xt ot ) he n 1 a i sf i u Nw ( ot i bA n ii At rctf[ ueco C Pu fpenCC sb 6 S i 6 o tsr 0 , h e o t 0 e a i 2 o 2 t c nr a dr Cenn i so l o l o e i vl C f o t i oe oa 6c t c rm c dm 0e ee pr 2 ro hSS to e n t nd on t co i t e ni i dn ne r miti ea sh c efeui f) et o o q i r 1 Se e c dl ( nrr ar eC b ru esp eu C e r tdns6 to n t e e e o 0 i d t i hrus 2 m a e i Wedv r e n b he r e o o l t br l i ht fi i i t p dr c w e echc s e , hst e u S i e t sr o ha wo T i n pBt r t nee ehd eta bom t sn s a i oe hi ts c i c n Ava . o t y xrt l api p t emp ea e hr l mte l a ofh h– cot s e np es w I S r o o fc e l o l hC o s T )e wf f (h s ,o ) s a Gtu se 1dhe r n t ( CaTa a 6p.r l e 0xa i w b 2ed ea nn oI nt l i o” a ev nh i t a i i c h ta t edi ,t ) Snw Co I -f Sn onF i s teI e v u ne oei , t ( “ c sSy e l dRt l i rLc o orT c weF f edI o hnG N u t eA teh i P mdt f a o oi m t S oeS t C dcR T en f daL o t r nt e e eid t m me na uR ar % 5

t7 t7 y yt n n t . . n n i i us u s am am oR oR i i t t mf mf l l u u s s o d d aoh a o o h l l h h esk esk t o o t hsa hsa i h i h e e l l t t s w s we c c e fx fx o o %r %r e e 0h 0h %n %n 2t 2t 5i 5i

% 0 1

% 0 1

% 0 1

% 0 1

% 0 2

% 0 2

% 0 2

% 0 2

% 5

s s e s ch ex k he a t l fn7 o i . ts %n 5u R .

0 of mo a

If collectee has not furnished return of income

y n a r o f S R L r e d n ue s o ep cr nu ap t t i r me h et Ro

PAN/ Aadhaar furnished

e g a k c a p r u o t s a e s r e v O

Nature of remittance

l f f eaa o E o h i 0 ot s t c 8 d i e e n e ft s i an sr o o o ,uni p t pr e o n fic r r f o y u i d e ue r t S p p enn a t ai en ct e a ui d h ht h dmme tt t e o e n n r re fir r e rrf o o m og e f h f d d f t t n o a e eies e( n a e c c cei r n t nban nn aa l atto ao i i b t t t t t n ) t t t c a e uou i i t c v ii mu mo i n t o md as ed emo b ee n R Ral ea Rm i

. l trt r y d S l o l i e . t c e t Rl r neA t s c a d e L a l e l e s l nx d a r i i rd a r e r wue t 3 o d e d dc ee 2 eh tn er 0 d t ht m s 2 e iui e , m r s no g l so f i c a ee nin r o o rcheinI 0 h yntdkoe u a 1 i t baa t dt h t u . a r e t t o a Si esemr i N d Rmh e r rd no Lr etou r n a h f y r l t erbtsnu u i u i e o d r c h i a e n l e n n r t s r t een i l u t a d c kh i a n eea tifm T n a c ft fe ye D no I r n e r v . asb B e ae e i l t t i C t h t a i i ycgrt n m mtannos t f a e o i t e m , e i d n t r t 4 r r i i e a erm a fh n vg o o taemea e r i e, wn t yro e t s f s f o a c e l e o i n a H k u i S dni e e p a c .

Q n R u t ” m Hni t ol e L e.a o t u b t I d n r mB ee ay i r o i f a e f tRfhse t a w– l etb dm ss h aeha k h n t n e nw a t gei o r o c l g Al l nr ei t 7 eyni ec -o u b i d -f . s i rkosa t a s u s s R vn e t e o r t d a t e s a r e f a s s o i pmrd a r e x e n p t d opt a“o a o t s u l t t i l t o a r ye s mned h p t ve h at i 3 s p l er ea 2 e i 0 r cd hst, 2 h aregtag e c u f t h e n r et 6 i e edtol l k r h hnyh 0 oea 3 T Tubt cbt qua

qua

13.94 Para 12.2

TCS rate if the remitter does not furnish his PAN or is a non-filer of income-tax return -

b

TCS applies even when LRS remittance is made to Bank or FI in International Financial Services Centre (IFSC) a

New provision PAN/ Aadhaar not furnished

Threshold of Rs. 7 lakhs applies to all remittances made through different authorised dealers or different OTPP together and hence declaration from remitter required

-

S L A U D I V I D N I T N E D I S E R R O F 0 0 0 , 0 5 , 2 D S U F O S R L

. m edms3 a l a ho a 2 T e r hrt 0 g sga 2 o e o r r 6 r rS hp p t rC0 r e uT3 u hoed o t e tlt t ,sb s a S a a ad e Rec s 3 Lsi2 l r r p e e r 0 . p va ve oo 2 og f fa Ffeo . o o h k y c t let0 ra 1 e nse. a n yp e hio uh d m c N bc nr rr eu eu e a hs pp t l e t e f d u rd o c o mr nF r oi i oe t c rl l y. T e f s l e l e p gs b i D pa l ne a p i B cp h k i l P aC at P p t y n r b Tphi e a k 5 dd O a S l ne dC n uw n o T7t i . o a gl s eR s no l Sk e i k f Rafu ae LmoQ t do fb rol o y etot r ya dshe e sw gm ni e l o) up r l s P sph o tn dP da oT l eA o h hO h h– kt t ( % s a e ,0 l e e me r 7g 2 g h. a t ar ek sk mc R o co aa a% wo fp Sp t 5

tdsr rm erd3 –n n)eln &o ao gu 2 s osrao e c o i aon0 es eeef lyr tiaii t r a kta2 uw mmsd d l c a f r e r o e h csSf Ql e e t e t S u s dv ced aa Ro r la r o m o o i t i e i o e eL0 ps e l t ou d Rh m c t f mi r u r I w v mrr1 rs taeq er C e r e e m o e l D a h r e r a f ave. r w d ( o e , s o t l r ds on ss ctts s . n N c i a e g d e d P er n a e d c i oa nr . ofur A ns f i eba mA i roea oee t oa n r o v c pec s l d , m r , e a t I r a u a 6 no bd l p i rsnc f e B c s n o c e . a M o uaar P n c odx o h r t R s e i 3 n “ t t oc f s P s a i g s I e 2e t r r h y ric , B e n n e 0 t e s , e n a T i sumT i c s 2 o p l r m r i e d a peD l e , e . a v p e ) e ) errB a c 6 h ” r reeo pt d vc s i rC l Ne oo uhwt v r e 0 er ah t t s f s t e v f r y 3 pf ve e l st phl n vns aAr a oba e o s d u oo t r ni .ese l vr e hs d t o i T g v h t t o6 t t fs ranl a “no nr i n e i e a r o n i e e r s i G v i c k e h o d i t e o h e s eov c f m i u t ri mm dh t e r i 3 s i e os t i o t s pr a 2 etmo s aadst c o e f e n f ) o 0 h p e o N d e s p r 2 nom cS u cr, i s a n S t C n r Q r eo( p e t f y p a u o s c i uTC lsb t o c d u i i c a a i P l i p To t , r n t e h o a m c v 0 h c S o r i a tr t d r fR r c ea 1 ecf o i o e Gd ee hs d rr ; e . e e 6 ) s r t n o ,ut ce i s eLnw 1 I m i e l a s d N . s r rr v Bpnn 0ua m s s n a e n a q e e r r t 2 c o r n r R a d cdaA c e o p d i o a p s o r s l nr efnx rf2adi a nny– t e u e e e e l u h u u y l 1 I p c t s p y c c t v m l b Pe1e a (o l dp , r nta v a y s g i s c 8 ea l c c s a a c e e b i n n i d e i s 0 t r f s li ht )v i d evea 1 l i T nt ” r d r d h i t s t a r e a 1s e u r Do ut s a m o r h e i r m d n a t t dslt Sc so Bt e e c l n c a r i , r s c s d o n h ec s o ev . C c)ai i n,t ga n r i 0 d n ( r sa h p 3 l f i ni i o e 5a (s) ua hs os st y2 i r .( c e hkl n t c a 0 e ) c . a r lio hia ccp ee(s 2 I o l t 4 , a h e i a s r c p d t o a n 0 n d N n h p t r 6 p r w o h o o , l w a- a eueop 3 t i , t l r i s l i 0 h 0 a , v t r m ( p c S t l l t u s i t i 3 )a c S a ( o a a a d n d n R e p P l w r t o i n e e 7 t d i dr u ol y e e L Pr e i i l t h p l t sd s ac c n pl a l TgSt s s c drr a o a l a o s e ie u oo hc OrCa i en neno As (pTd t ids CfCrra IRoh

. l tnd fdi rn 7 a Da a o t oaoc ns Ae n ui i ean o syosotd s i s r i a e lmi a t de l i –h a s s a mbe d . m a i i a e y s cnnd r c r u r on o w I eerwr o i u Q ha cpol o o unt t t p l a nnltlf e c s l a u o c o reu faao d t ai r h t f o o d w t a e ri c r so du s fte /l Se nl e a ar ee s Rpmea w b Ltegt ss c og isb r t a e n i r n p n i n agdi f e n eed srg Ar it t i i l k h oa t a n a i t a n a e h i u pt vf l mm o i r c ee Iuayg u e l e 3r .g qr mbd ra t 2 )o eo on noin c 0 staane 2 (ctu i c s t i re r ohiat d a 6 c n o o e e rdx p ni f f f o/ d 0 f I e s l r 3 d u a 0a r a n e l n e 0i t c d eh r gieo p 0p i n s e t i t r , u i r t o seo 0 0t a e r q l t 5oo l 0n vde da , hfc0 a nr o 2 o h 3 , d as ed 0 s y 2 Das e 5n dns 0 n e Smaa2 o 2 u t e n o i Uol t y t i t f e D a s e t i rr b o p of a u S gt t n x c 0 ydUa ne ea e 1 ui pt e k d hy ua . d os mi o ata et t a em v )d N f D r i gt opg e (o r od ns Arun t a ae,pfy e i l nny s h t o u eo oui n cyit a m c . t p a xni a t d p r na r n p i eal r c uone emu u i gv s i nn t t omk r T pe h s gi os oc t e r i D r e bemce opdo i Bf r a ach u e ) e a s oq c C eh eh n a f / t r eh cte ( t nn er t aon fsd i n s f , tsor e ) aorn a e I t u d e n s eo I m t a v t edho i l t t o e ; e t e e sa hc mk r e r r s r t et a e e i c xauer u ht ow pR i ebFpt t t t (

iii

-

i

iii

ii

-

ii

-

Scope of remittance under LRS for medical treatment purposes -

Para 12.2 13.95

Provisions of TCS on LRS and TCS on OTPP are separate and independent –

Remittance for purchase of package tour will be considered as OTPP even if amount is remitted under LRS -

TCS provision for purpose of medical treatment would apply when remittance is under code S0304 or under code S1108.

Remittance for medical-related expenses on estimate basis -

Scope of remittance under LRS for education purposes -

i

Foreign Exchange Management Manual with FEMA and FDI Ready Reckoner & FEMA Case Laws Digest | Set of 2 Volumes AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

TAXMANN’S EDITORIAL BOARD TAXMANN FEBRUARY 2024 43RD EDITION 9789357783811 3220 PAPERBACK

Rs. 6695 | USD 89

Description This unique book presents all aspects of the foreign exchange laws in India, including: 

Foreign Exchange Management Act, 1999 (FEMA)



Rules & Regulations under FEMA



Notifications issued under FEMA



Master Directions updated till date



Memorandum of Instructions



Law Relating to Foreign Contributions



Law Relating to Prevention of Money Laundering



Foreign Direct Investments



Allied Acts/Rules & Guidelines



FEMA & FDI Ready Reckoner on 55+ Topics



FEMA Case Law Digest covering Section-wise digest of judgements of Supreme Court/High Courts & ATFE



RBI’s Circulars & Clarifications

The Present Publication is the 43rd Edition & amended up to 1st February 2024.

This book is edited/authored by Taxmann’s Editorial Board.

ORDER NOW