Taxmann's FEMA & FDI Ready Reckoner

CONTENTS

% ' !

0

ACRONYMS USED IN FEMA & FDI

I-9

CHAPTER 1 FEMA - OVERVIEW

1

CHAPTER 2 AUTHORISED PERSON

9

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

65

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

98

CHAPTER 14 IMPORT OF GOODS AND SERVICES

137

CHAPTER 15 PROJECT EXPORTS AND SERVICE EXPORTS

160

CHAPTER 16 FOREIGN EXCHANGE RATES

162

CHAPTER 17 OVERVIEW OF CAPITAL ACCOUNT TRANSACTIONS

169

CHAPTER 18 FOREIGN INVESTMENT IN INDIA

174

CHAPTER 19 FDI IN INDIAN COMPANY

183

CHAPTER 20 SECTOR WISE FDI POLICY AT A GLANCE

205

CHAPTER 21 FDI - DOWNSTREAM INVESTMENT i.e. INDIRECT INVESTMENT

214

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

221

CHAPTER 23 FDI - TRANSFER OF SECURITIES

227

CHAPTER 24 FDI IN LLP

242

CHAPTER 25 FDI IN GDR/ADR

245

CHAPTER 26 INVESTMENT BY NRI OR OCI

251

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I-7

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0

CHAPTER 27 FDI IN STARTUP COMPANY

265

CHAPTER 28 INVESTMENT BY FOREIGN PORTFOLIO INVESTOR

268

CHAPTER 29 FDI IN INVESTMENT VEHICLE

275

CHAPTER 30 FDI BY FVCI

278

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

281

CHAPTER 32 OVERSEAS INVESTMENT BY INDIAN ENTITY

283

CHAPTER 33 GUARANTEES

324

CHAPTER 34 INSURANCE

329

CHAPTER 35 BORROWING AND LENDING IN FOREIGN CURRENCY

337

CHAPTER 36 BORROWING AND LENDING IN INDIAN RUPEES

342

CHAPTER 37 FOREIGN INVESTMENT IN DEBT INSTRUMENTS

349

CHAPTER 38 EXTERNAL COMMERCIAL BORROWINGS

360

CHAPTER 39 TRADE CREDIT (TC) AND STRUCTURED OBLIGATIONS

376

CHAPTER 40 ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA

383

3 4 . % 4 . / #

I-8 % ' !

0

CHAPTER 41 ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY OUTSIDE INDIA

389

CHAPTER 42 REMITTANCE OF ASSETS

392

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

396

CHAPTER 44 INDIAN DEPOSITORY RECEIPTS

412

CHAPTER 45 RISK MANAGEMENT AND INTER-BANK DEALINGS

419

CHAPTER 46 VOSTRO ACCOUNT FOR INTERNATIONAL TRADING

423

CHAPTER 47 INDUSTRIAL POLICY OF GOVERNMENT OF INDIA

428

CHAPTER 48 ENFORCEMENT OF FEMA

434

CHAPTER 49 PENALTIES UNDER FEMA

437

CHAPTER 50 APPEALS UNDER FEMA

443

CHAPTER 51 COMPOUNDING OF CONTRAVENTIONS UNDER FEMA

446

CHAPTER 52 PREVENTION OF MONEY LAUNDERING ACT

458

CHAPTER 53 FOREIGN CONTRIBUTION (REGULATION) ACT (FCRA)

496

CHAPTER 54 COFEPOSA, 1974

524

CHAPTER 55 INTERNATIONAL FINANCIAL SERVICES CENTRE (IFSC) SUBJECT INDEX

538 551

12

LIBERALISED REMITTANCE SCHEME (LRS)

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i ii iii

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Consolidation of remittance of family members

-

Scheme available to minors also

Para 12.2 87

See

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

Transactions not permissible under LRS

12.2-1 Capital Account transactions permissible under LRS

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Tour related expenses

88 Para 12.2

Banks should not finance to facilitate capital account remittances

12.2-2 LRS for current account transactions

-

-

Private visits abroad -

Gift/donation to person resident out of India -

Going abroad on employment -

Emigration

-

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-

Purchase of objects or art

bona

fides Medical treatment abroad

Para 12.2 89

Maintenance of close relatives abroad

Business trips abroad -

LRS not permissible if employee deputed out of India

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

-

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-

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

90 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]

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

Para 12.2 91

-

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

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qua

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92 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

-

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ii

iii

-

i

-

Scope of remittance under LRS for medical treatment purposes -

Para 12.2 93

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

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EEDPAWRN E G HGNXN UI E A O A W O N D I 4K T I S CARTE D N AIEARS R A! PDHNEAS N R E T V G O n E S R)OT OR NB UE N CE O I Y T ODN I TVW E I T D O O SAYO@ R YT L N L OE L NURN SO OT H SA AOOOI FF ii

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T F WEA D E A A L ML T E ! DTE LTG HR L YD0 E E A G N E N T T

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A NA N OPLU U 2C HI ER D E FS HEP D N I S H CK M S E E L D E A N I E D EC T NWB ED ECS O H A R E A I EX N @ CI N RI PELT T WS M D E A

R T L LN E OA OE I TGU LN E R M E T HA !ED VTDM S RO GUGO 0 E MINEIA EE .

I U S V V UDE

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T E NE HMIII N H T A F R R S O T $IOC I ONOHM !T E S T E R H HE S R T E !N

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RNNSPIVO NO I AI HRN V E OIUEMMNI U R S E I D E T CT .

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N E S GD AT E T I CHP-R N O E , S O E E V M ) N4R I T R E C

H R E E O 2 T D E A F $ $ E T L A S A H WH V T R EI R E %R A R N T I BD OY N ROS E UE $ T N T

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A I U E EMM" T T I U TT EEU S T ER ER2- D S A M IYC

W Q E E EA B N O $I NL C MT VEEAB3O N TN GI OOH L&I N E DN I I % C I .

A S WHX NT NDCHDEGN N$ $ T E 3 E I E B T N SE I E % DEI I R DI N) ) E R O O& I N R E I N I M EC I HT S U OMR HQ N" E E T T DSOT D) T EUA2 R R RNIE&C E" E N E E T EHF S R Y R2 R VC SF EE SRE TP O M NI A D D E A U K TN HA A3L F TO VO SA$ EO T HEU N NN US NF R E E M R 3 I LHOE O O E L V O E E V !

O M H S I T I ET O T

S W SI FO RIDN I 7 R G I T A U

L A A E CA T DS NA E RY LD I NR A C A R UMC NS- I UNN!0 O. AD E6OI T T !

S R * R C $ EA I A A DUT T E I 0 R V ADO% H0 I D N D STM= I V T R F E R I N E D N S I $ E TE O CMO AR N A D N A M E F A S

F ) I E S S M NNE; E B C

T M S S E I N" V A TS R

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E IC R U 2 2 HI VH F E H, 4O E NO DI T. ,I 4MT ) R3 ST

-

Funds can be retained and invest abroad

94 Para 12.4

TCS provision for purpose of education would apply when remittance is under code S0305 or under S1107.

Mere international travel ticket or booking of hotel accommodation abroad is not OTPP

12.3 Documentation by the remitter for availment of LRS

-

Investor can retain and reinvest income under LRS -

b

SE A H ET S F R O E V /

) 2 N .O I T NC AE I 3 D NN ) I TD N EE DN I l S E E D R NS OA .

E AI V T OA T L E DR N@ E; L E V OI T T A DL E ER T T I E MS O RL E PC S) I # L/ A U DA I I V D I N D N) I F TO N EN E DZ I S I T E I 2#

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 !

2 % 0 /

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E 2 U ME T T 2 T I W T S E S = T A I

R N Y D S R T S RRFV LA Y DI , N O D ) L E NCOE NA O O T SE E ER E

E EE PEAUTG NN O R R F T O T Y E N SR D P D T DL RI C O # ON H.NM D M L T I O I E E SMS R A O U A E A G

M T N N J T H ) S R B I R LAC

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OO U OI B I U I U T #C ERA C E / O # T C R O UN R O N N BOUI / D U R CO SO 2 A A IFDM A HTIRMO A E Q H

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R 2ES N I T NVR N I E E U # E R A A$ O A O E V I , F A O R D R E T I H R C I N S VN & SDS T T O T R T T G P I S R D N E U

S A E E T A R E D E E T S I F 2 A N CT I Y NRD S T TR HAI OBEI I RN P I O C D T M S O U T D

$ E I A N I OS GM S A UM4 EO R CE I E/D S DTL TEE OA SR NNL

I R U I R E R D T S NAC Y I S RI E T I C T R R N A E M E R T H D A N U S N S P S A L P C R $ REE IA E ) ETUE W FEI T H

I L N A E% L Y M L D I R D D HW T TLTLH /B O E AI I L C HE A A B I 2 T L O G W E R S L I D I NS R D H N A E I T M R A $ G N T I E S C F .I NR O E O N R C R A S I O N E) O UD I L T U E LR2 .EA NL YEFI B U" VNYMDE L AET EE U FN HR O M T H l I Q2 M E G O T R E I HMN TN O OOYFG V I

I SO EF H TS C HA NS I L N SME OA D Y.CO S ERI HO I I HEBYDX TI S EESS M TS E A NSA D C P O E N W E E G M T E I T S DW N RVNI CP DA T R H I E T D O SBIT N) Y N I E E E R

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A U Z L HI YE L I T WE Y F L O I OFBF A R S A H T O E M T L L S H A G T N L I S DOBO I HOL H SO%F E BV I P ENN H YP E W S S T S 2 E S I N R U S T A F U E M O BS R T N T N L.OT TDN TM T AE I O R TU O I ON C ES AO;T =A N S N A O TN U

N B E A W U NANLSC4 NO L E U A U L OI U E UE UM S O L N N E F L S H R O B O A O L M O T L A L R RI N F O AN RG HDU UT MC)MSE AN AT O MA M OA E H G T T E O S H 3

I R H

L S T L T H N A A F C N A C N S W E A H R I S I N A U TI

T O I E E T Y B N E O D C C U GX N NC E T AG NO NYII MCD NA N MN WR O !N A AN H A D A H A A A S R T N L N O O I%OE I R I T T OA O O YK OH O O G I SR L SC V I H A A L L L L L 4 A TRP R T D

T E I P MU T A I GD ER ERP!FI E EI EC E PNNRO D N H HM HU H EAEOR NE NHEL HO HOS FH AI T T T ITRC TF TFI OS TS T RBDBP PWA OD ML

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P I R A T T SHEN SC A ) T R

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N I S H#S N E G

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IGT /OOCT I R L $ NO I M E3I D ) A A 3 H D.

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I B T OI L R T I

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I O I TE L = E3 L N S H F L WT 3N I Y2 UE L G NAON ATIL, W ) R A EIRC E SC I E TCA EL H PDC!S VAI T

UEI A OUTNR RNNED EDNAE l N O E I U H E D D RP V AET T T OlN I E A U N C D T EDE MEUA E I 2R NA KSL H D HI D T AAE T T

T T I E Y

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V I R A U2S NI S

C I D T O,NHH E F TNF2 I M ETT E I N O D A G YE OB HT TYNH EN TT

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C U RD T S E T NA I ED H 4

12.5 Operational instructions to Authorised Persons

-

vii

b

a

-

c

Para 12.5 95

i

-

iii

iv

d

v

vi

12.4-1 Rupee Gift to NRI/OCI who is relative of remitter

3 2 ,

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LF TED RS SECEDO ETL EKE

OO DNES T O WR N T S C G R HE UCA E VEGA NR O N N R K N R S SEHT NEINNTU OUAO T I SO E W I P I E S S A T L O N S A3UALFS T N B R N S L I Q I S L S F I N N E MH S N O I I A OO MR O OE T E I TETE I F ) V E O E N W T A C I C W H V R M U R O O I R E N

2 T O I L R T X T S L M C L E N O N A E N Y U O R I O N A L A S T T N U T OEW T E R H A EP N G LIN C I E R OID

S I T !

L N D R H N R H L ) D H E I E I A EU DP A N AS 7E I H T ET U EA" T L WED EGR 2 IU VO Q T E C T C I S M S 2 I I Y H R W A 2 D E N E T Q EAER 7E ) S I E W R T R UBMUH O S O O F E

U " G R S O C E O L R SDNRN CNEETT R E Q I N L E R 2 A ! BFIR R N AOO O E O

I S H E R C O I N E R I GN I R LV U F DI T HRNT R R E N L E P O E E C N T E D Q

A CTOC D O E T A H I A D HT S I I E E T I E E EHE SDUH I NC L BNI S T T T R S L C EA N T R R R ESTN S A Ol A NP I R E N OEW U B S I F! P M E H E H D R I E T T O M PI L TV O T SEA R T E R A C K O E Y C A E R E E L , M A O O O N YR L T D U R SN L E MV A H T P YC HAHRO E S E L T S NE L U Y E T T R L S A AE R EN M E T OM ALZTM NI D Y P I $ O T I E U E R M O I R MU OR N R H OI OA E E EC F O N S S F $MO O N CC CN G N I C ADA WOATH I SS I l V N E H P N O A E E A Y R I D O E N S H ON S T R A E Y E NG T T Y G E T I R E T N U E RA T R P ET I R L TNFNO NKI S S A S PO A S A T EN A A N I AI WOA EIR O AT SFH O R ET B! H N HTF HME E R R A O O H E O N Y T L $ D T S E HE NEOTCS S R L HEE A U L O R S X G G T 0NE L V T DE YEI I GE ODP ER H N U A O EH CNM!HE N$ DELST YN WDI T A I O C P B H E N U !

F I I Z E L D DA )ET O P N I H I A H V D H G U S R W E R N R S UC R SCT "R A T I I NU LH G SE A I EOE OE OR T A L X N L R S O 2 O T E T S L G W A O N R H I B A H L W P T % O T E R I OSPR T HY H! A ET T UE L YN H R R Y O SI U HFAE SB P L N E I E E D L E W

LG H C L DP !E NR I EOS 4US D !LH U I D I T T U I E I V I !

H I E NH LR H UR NE FE U M T U I R L -W TI ST KC E OWC FE EI D R AT GO !

OY E R E A Y W % A O H N T H F A O C C L R N A N v F E T S B I

C & I S T R C& SDA T CO NTTOP

O A Y

N T E

E

I D R C E R N M E A T D S T T N BS AAER Y C YE A L L E M H U R C A R C E T E E A B N AD R T I T DN RNNO A N C O !

R A T G T A O L O D P !

A I A I I I ER P I R S S N MN T D I E !OT I L A I C S U C E E S S lT L N L U P T O H T E I A M I Q H E U U D A L T-TAEPPAC T S B R F H D G T D R % P E OE R N R M N # NE A M % E O T X S R H N P F O T& HH UA OU VU&I RO ORS OTI CEC NA F EO SS RO T OI I STO EO I H EN U T NE B E R H F H S N C F S H N S T B Y OYG E

L YTO O CHSN T I YA U E I E S W O T O A

9 I E 0S R I N D I ATD ES F I T HI

NR L S L O A T S F G R O I F K E

T 4 O S A U T C W O C DN W V NHDOE T O N W C R A T O N I S N C C A U O A

ET E I D N T O O A T O I U N S ANN S AR F N RC Z DA

HE S L O L N S N T I E R F L I O T I A

E S R S I U S N N ) N E R S R A E U S A I + T R M A OC IDO T HU EEVS NDAX UE H C T A E h

V l I P E I K L N B N I E U T L HI C C A T E I OL V M T O R T I A N I T U N T G D S S C Y Y N CI O A E E E A R GH V H O E U A N ONON OF NFEH CH E RH OT H" OV NT I MD WF $T !.

UT O AW ATIPT AOBT I

ET EDOTE DGY E L HN UETOH NB R U U I T S TNT R OK O EDIN R Y S HC O T E H HU OAI T B ET S T I C C T H S N I R WA D N EOTL E U N L KYUPEE L TA L O O A AR!PMl N T R C S E UI MA EAEN R C $E OP CHET A R O 4HAU CA DPK D T T T CC E S T L

E N AR S E GUT O H M I N A K 2 NOU R T KF B N O I O H NS K R ORAO O S HT AE ESCF B T T BC ESC R U GN R R N S A AA E E !

A N ET A EHD L TA I EY C HT EG N I R H T C L I H E NP A 4O DM C$TSU/ F P U S I LA EE O L O T E D N NR F P BE I EEI) E P V E C A S

E A M SH H I T S N R R T DT N DS S AP EO I NN O N N H A HE T UO EUE T T S MR F N FUTHFS N T O ) F F! !I EI W O R O A VR A TR KMO X AP U N FEA HR D C 4 T OE A ADN R DE E BNE U L DU Y U EQ EA OM M S N OE VE HO O EEC I T HN H T E IA SO HN FT CC T ) O A T EA SF S R O T T R G RE S N Y E SB

PKNE AD I I N D T M O CO D I A E A T I R OGB RL S L N N T E A E P I E E S N C PP UINGHA MN T E I AM N T CE B A R A YT T FO E A S P W B O T HU PI E E O O E 4M S V M N I E E DLEB N E I E HL H Y AT I R T

USPA MS O S E NOMC TH M I A O H E AN O S T H ESHET E RI T N T E L C C S OT C A K EA R N N F YBC A A R E F E A I L KS L U L S I T G A I NN P T A SM I T I A E L AR NO VP I A MD $S BT AA ET

Remittances should be out of own funds of applicant

-

Due diligence in case of new customer

-

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

96 Para 12.5

No document specified by RBI

-

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

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

S O E DS RS EN SSE I R S HDN LE EECCI N I L I A E L U C C T NA HL E R A A N T TAR ON E YAT TA B R N A T Y ASE HA $ R O EET T E T H S U A A HI I $ T T D S DOS I TD KI MO N M TI T E M M C Y T

N E E E UDE S R F N E G A RE E N E I C I 2 S E R T R I E E R R B V E I DR L A O D I R E OT L ND F A EET $ H O T A L O l A E N EO CB T R A H !

S R A M O U $H DG T O T I I T I C DL C L !EFLG U P A S I I DR E U LS C OERF E!P T EA OE N A E C A MB S S C HNO OI F I NEE F I R H

I C T E SIT O A R OH

O 4 T R T C NO,W& T T HT N E S

OTEW4 IE L I T RU L R F H M A A U !

N E W T S OS

U R !O E SMT & EU R E $ !

R D A YN D IE R T YE OM T R I BI I V D D & B E A S E I HCR EYH 4MNB DC S D LO E LT N R I !OUED 4A D T E R M H I W /A R I & C l M& S OE T F TE Y I I NET R HI N YP T RW H BTO O OY E S H EU AR C I D I N NM T T D3 0P DL C !NE I C S M

S E E E S I A E l S T N E E HU ERA HS TH F I IT RH T I T A NER D O C B R 4 D OT N EACT ND N I $E YR TR ETRA E L O D U T A R S D T 3 D C E O DEYO 2 I D C I T N C A C C EA T NI HM I U SPT E R E D U AE L E %R I I N I S R D C G V 4N MR Y I N T L NYI %O T EC EE AO N E G F I A & L H I U $H DD T ND R T I P I O E N C NTP YG AA DA D E CR I AEO E BU MM ES S E O D R RR GE CN HOHO EK C R A T T OH NA FR D CSPO R

I T O N T FAERC O TT E S D N B T O HUN PA E UN C NN DDCPO EE OE TN IU RNNSN RR A I CM OA KO OAR F EA H C Y T S CY NT O C E P BT BE $ E AA I SI NC T L RS I RO LR 3 M AA RR I SP E I I I E E DL AOE&L WP5 H C T A H T H O

N NR NT PIT S R E E E I E S OT A E E A ERYM L P T T T T MA H T H KEB X A P T A T TE T I EC I YT EL EYS T N D H H B M T C A E A AS R O C O C EC NI EH N O MA H 3 E ML DA R F T3T T

NMR WF DRY S S S I I A D N AO E I N E E E EOR AO I T D A I R A H H E D R E I I T P PK RET NFTEVD

F T ROBL A L ) R NO A STA O A OSYU A T I SI T)G NMFD R A G S N O S AG PNNI I L GTNME LONOIIV I T I O P G E C R A ANSUD2 WEAPPNH RIOFR G L D I L E P E E P A A N T T B E P SYPAHE I UGK O

A CRNTKN OSDT E N NO R U R E AE Y N FIMA A I A S C M M A S R O I D T " RN I RME GENSH NRO A I F E F T U H T ) O A O NC B R I =C SRT NT I EI NCS SRS M NEN V N U N I D H SR R AEC S H GN EU Y GI ETES E NM HNV UACRNN NE O U T T I R F GR O WN& T RGOITT T I R O I E L O L A R A NOE F A EC A R A R O F R S CP O UTCL E I ON E RFL S ) O O A T O PT O S F F S PE& ONUNTU C O"G T P$R Y E N D AEO S SEMYI

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-

i.e.

Para 12.6 97

No remittance to ineligible entities

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

FEMA & FDI READY RECKONER AUTHOR PUBLISHER DATE OF PUBLICATION

: TAXMANN'S EDITORIAL BOARD : TAXMANN : JANUARY 2024

EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : :

20th Edition 9789357785211 580 PAPERBACK

Rs. 1450 | USD 19

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.

The key features of this book are as follows: • [Topic-wise Commentary] on 50+ topics • [Comprehensive Analysis] with relevant Rules, Judicial Pronouncements, Circulars, Notifications and Master Directions issued by the Reserve Bank of India • [Focused Guides] are given in the book on the following topics: o Liberalised Remittance Scheme (LRS) o Overseas Investment • [Legal Context] This book covers laws relating to the following o Prevention of Money Laundering Act (PMLA) o Foreign Contribution (Regulation) Act (FCRA) o Conservation of Foreign Exchange and Prevention of Smuggling Activities Act (COFEPOSA) The Present Publication is the 20th Edition & amended up to 5th January 2024. This book is authored by Taxmann's Editorial Board.

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