ICAI WIRC Seminar. Dos and Don ts for NRIs. March 1, 2014 C.A. Rahul Manjrekar For Discussion purposes only
|
|
- Sybil Stone
- 5 years ago
- Views:
Transcription
1 ICAI WIRC Seminar Dos and Don ts for NRIs 1
2 Contents Meaning - NRI and PIO? Dos and Don ts - General Emigrating Indians NRIs residing abroad Investment opportunities in India for NRIs Borrowing and Lending by/to NRIs Overview of bank accounts for NRIs Remittance from NRO accounts of NRIs Returning NRI s typical questions 2
3 Meaning NRI & PIO 3
4 Who is a NRI? * Non-resident Indian (NRI) means a person resident outside India who is a citizen of India or is a Person of Indian Origin A PIO# means a citizen of any country other than Bangladesh or Pakistan, if: (a) he at any time held an Indian passport; or (b) he or either of his parents or any of his grand-parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or (c) the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b) *As per FEM (Deposit regulations), 2000 # NRI could mean differently due to difference in PIO definition 4
5 Dos and Don ts for NRIs - General 5
6 Approaching FEMA transactions - Dos Distinguish between PRII and PROI Distinguish between Capital & Current Account transactions Inform change of residential status to relevant parties Plan ahead: keep track of investments from INR & overseas funds remitted to India DOs Identify transactions requiring approvals Clearly understand repatriability of maturity/sale proceeds of Indian investments Comply with statutory timelines for various filings/ reporting 6
7 Approaching FEMA transactions Don ts Undertake capital account transactions without general/ special approval Undertake current account transactions leading to drawal of foreign exchange from India beyond ceilings/ without approvals Instruct residents to make payments on their behalf Donts Make debits/ credits to bank accounts otherwise than as prescribed Net off receivables and payables otherwise than as prescribed 7
8 Approaching FEMA transactions Don ts Investing in prohibited entities (incorporated or not) engaged in Donts 8 the business of chit fund, or Nidhi Company, or agricultural or plantation activities, or real estate business, or construction of farm houses, or trading in TDRs real estate business shall not include development of townships, construction of residential/commercial premises, roads or bridges.
9 Emigrating Indians 9
10 FEMA residential status PROI - conditions Purpose of leaving India For or on taking up employment overseas For carrying on outside India a business or vocation Any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period Students going abroad In either case the individual would qualify as a person resident outside India 10
11 Emigrating Indians An Emigrant s dilema Do I need to inform anyone of change in residential status from R to NRI? How much time do I have to do that? So many things to complete before I leave 11 Will there be any benefits of doing so? Will anybody ever get to know? What if I don t inform? Are there any risks of not informing relevant parties? Is there penal exposure?
12 Emigrating Indians Typical stakes of residents in India Bank accounts, Fixed Deposit receipts, credit cards Continuation of share in partnership firms and their bank accounts Continuation as Director in Pvt/ Public companies, trustee etc Life insurance policies Holding Immovable property and not dealing in them Securities in India (shares, debentures, units etc) 12
13 Emigrating Indians Typical stakes of residents in India Loans taken from a resident while in India Loans given to a resident in rupees Loans taken from while in India from AD bank Housing loan taken from HDFC while resident Jewellery purchased in rupees while resident 13
14 Emigrating Indians Typical loans in India availed as residents 14 Borrower Lender Regulation Resident individual (who turned NRI) AD bank Sub reg 9 of FEMA 4 Resident individual (who turned NRI) Resident individual Sub reg 3 of FEMA 4 NRI Housing finance company Sub reg 8 of FEMA 4 NRI AD bank in India Sub reg 7 of FEMA 4 Resident Indian Resident individual (who turned NRI) Sub reg 10 of FEMA 4
15 Emigrating Indians Safeguards for an Emigrant Banks Inform the bank of the change in residential status Convert the bank accounts to NRO Nominate a resident person as a joint holder who can operate the NRO bank account while he is abroad Execute a PoA in favor of a resident to deal with Government agencies, banks etc 15
16 Emigrating Indians Safeguards for an Emigrant Companies in which security is held Inform the company of the change in residential status Inform the company of the purpose of visit Inform the company of the date of departure from India and tenure of stay abroad Provide the foreign address Provide an undertaking that he will not seek repatriation of capital (unless otherwise allowed by RBI) 16
17 Investment opportunities in India for NRIs 17
18 Investment opportunities in India for NRIs Broadly, NRIs may invest in India on: a repatriation basis a non repatriation basis 18
19 Investment opportunities in India for NRIs Investments on repatriation basis Government dated securities (other than bearer securities)/ treasury 19 bills. Units of domestic mutual funds. Bonds issued by a public sector undertaking in India. Shares in Public Sector Enterprises being disinvested by the Govt of India Shares and convertible debentures of Indian companies under FDI scheme (including automatic route & FIPB). Shares and convertible debentures of Indian companies through stock exchange under Portfolio Investment Scheme ( PIS ) Perpetual debt instruments and debt capital instruments issued by banks in India.
20 Investment opportunities in India for NRIs Investments on non repatriation basis Government dated securities/ treasury bills Units of domestic mutual funds Units of Money Market Mutual Funds in India The capital of a firm or proprietary concern in India, not engaged in any agricultural or plantation activity or real estate business Specified deposits Commercial Paper issued by an Indian company Shares and convertible debentures of Indian companies other than under PIS.. 20
21 Investment opportunities in India for NRIs Can NRIs sell securities purchased in India 21
22 Investment opportunities in India for NRIs Investment in immovable property other than agricultural land/ plantation property or a farm house out of repatriable and non-repatriable funds. Can NRI invest in commercial property? 22
23 Investment opportunities in India for NRIs Can proceeds from disposal of immovable property be repatriated? What happens to the balance amount? What happens to sale proceeds of a third residential property? What happens to sale proceeds of commercial property? 23
24 Investment opportunities in India for NRIs Can housing loan be availed by NRI from a Housing Finance Company in India? Can the housing loans be repaid by resident Indians: Can the housing loans taken while resident in India be repaid from abroad through inward remittances by NRI? 24
25 Lending to residents by NRIs Can NRI lend to a person resident in India on a repatriation basis? Can NRI lend to a person resident in India on a non repatriation basis? 25
26 Borrowing from residents by NRIs Borrowing of funds from AD in India Borrowing of funds from persons other than ADs in India 26
27 Investment opportunities in India for NRIs Can NRI maintain bank accounts in India. If yes what type of accounts? NRO NRE FCNR-B 27
28 Overview of different bank accounts FCNR-B NRE NRO NRIs NRIs (Individuals/entities of Bangladesh/ Pakistan nationality /ownership require prior approval of RBI) (Individuals/entities of Bangladesh/ Pakistan nationality /ownership require prior approval of RBI) PROI (except Nepal/ Bhutan resident) (Individuals/ entities of Bangladesh/ Pakistan nationality/ ownership require prior approval of RBI) With two or more nonresident Indians. With two or more nonresident Indians May be held jointly with residents Resident close relatives on former or survivor basis Resident close relatives on former or survivor basis Currency in which account is denominated Pound Sterling, US Dollar, Jap. Yen, Euro, Canadian Dollar and Australian Dollar Indian Rupees Type of account Term Deposit only Who can open Joint holding 28 March 1, 2014 C.A. Rahul Manjrekar Savings, Current, Recurring, Fixed For Discussion purposes only Deposit Indian Rupees Savings, Current, Recurring, Fixed Deposit
29 Overview of different bank accounts FCNR-B 29 NRE NRO Foreign currency loans in India to third parties: Permitted without any limit subject to usual margin requirements Permitted without any limit subject to usual margin requirements Not permitted Foreign currency loans in India to account holder: Permitted without any limit subject to usual margin requirements Permitted without any limit subject to usual margin requirements Not permitted Loans outside India to account holder: Permitted Permitted Not permitted Loans outside India to third parties: Permitted Permitted Not permitted
30 Overview of different bank accounts FCNR-B NRE NRO Loans to accountholder in India: Permitted Permitted Permitted to rules as applicable to residents Purpose of loan in India to account holder (i) personal purposes or for carrying on permitted business activities#. (i) personal purposes or for carrying on permitted business activities#. ii) FDI on non-repatriation basis ii) FDI on non-repatriation basis Personal requirement an/ or business purpose# iii) Acquisition of flat/ house in India for own residential use iii) Acquisition of flat/ house in India for own residential use Loans to third parties in India: Permitted Permitted Permitted Purpose of Loan in India to third parties Proceeds to be used for: Personal purposes, business# Loan proceeds to be used for: Personal purposes, business# Provided no consideration is exchanged overseas for this security. Provided no consideration is exchanged overseas for this security. Personal requirement an/ or business purpose# # cannot utilized for the purpose of re-lending or for carrying on agriculture or plantation activities March 1, 2014be C.A. Rahul Manjrekar For Discussion purposes only 30The loans or for investment in real estate business.
31 Remittances from India Can the NRI draw money from his NRO account while staying abroad General Permission to remit current incomes USD 1 million scheme What kind of remittances are permitted for students going abroad for education? 31
32 NRIs returning to India Typical questions 32
33 NRIs returning to India Inform the following of change in residential status: Banker (also where demat accounts are held) Companies in which Shares, debentures etc are held Is there a time limit for the above intimation? 33
34 Returning Indians Can one continue to hold assets abroad? As per Section 6(4) of FEMA returning NRIs are permitted to hold, own, transfer or invest in foreign currency, security or any immovable property situated outside India which was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India To be able to enjoy the above exemption, is there a specified minimum time for which one must stay overseas? Can one reinvest earnings from assets which acquired overseas while one was a person resident outside India? 34
35 Returning Indians Can one continue proprietary/ partnership firm abroad? Can one continue to hold movable assets such as car, jewellery etc outside India? Can one continue to hold bank accounts abroad after returning to India? What is the RFC account scheme and advantages of the same? 35
36 Thank you Please note that discussions in this presentations are purely of academic nature and based on the speaker s interpretation of the law. Any views expressed by the speaker may not necessarily be the view of any regulator(s). While the presentation seeks to capture important aspects of the relevant regulations, they may not be adequate for concluding commercial decisions. Expert advice based on actual facts is imperative prior to executing any transaction. 36
Do s & Don ts under FEMA for NRIs
Do s & Don ts under FEMA for NRIs 29 th January, 2011 WIRC of the Institute of Chartered Accountants of India Presented by CA Natwar G. Thakrar AGENDA Overview of FEMA Dos and don ts - General Meaning
More informationDos & Don ts under FEMA for NRIs
Seminar on Tax Planning for NRI Organized by The Western India Regional Council of The Institute of Chartered Accountants of India Dos & Don ts under FEMA for NRIs Natwar G. Thakrar Saturday, 27 th December,
More informationIn terms of the Foreign Exchange Management Act (FEMA), 1999 a person resident outside India means a person who is not resident in India.
RBI Guide lines Note: The below stated information has been taken from the FAQ s Selection of the RBI, Which was last update on the Septmeber 19 2014. We aim to keep updated this selection with relevant
More informationRBI FACILITIES FOR NON RESIDENT INDIAN (NRI)
RBI FACILITIES FOR NON RESIDENT INDIAN (NRI) FACILITIES FOR NON RESIDENT INDIANS (NRIS) AND PERSONS OF INDIAN ORIGIN (PIOS) (updated as on January 17, 2012) In terms of the Foreign Exchange Management
More informationOther facilities to NRIs/PIO and other Foreign Currency Accounts
PUNJAB NATIONAL BANK RESOURCE MOBALISATION DIVISION HO: NEW DELHI Other facilities to NRIs/PIO and other Foreign Currency Accounts 1. Investment facilities for NRIs 1.1 NRI may, without limit, purchase
More informationInvestment by NRIs & PIOs. By CA G. Murali Krishna M. Com., ACS, ACA Mobile No
Investment by NRIs & PIOs By CA G. Murali Krishna M. Com., ACS, ACA Mobile No. 09849992493 Email What is FEMA FEMA stands for FOREIGN EXCHANGE MANAGEMENT ACT The act has been enacted by the Government
More informationDo s and Don ts for NRIs under FEMA (other than FDI and ODI)
Do s and Don ts for NRIs under FEMA (other than FDI and ODI) Harshal Bhuta M.Com., F.C.A., A.D.I.T., LL.M. (Hons.) in Intl. Tax Law [Wirtschaftsuniversität Wien] 22/07/2017 ICAI WIRC 1 Important definitions
More informationInvestment in India by NRI Regulatory Framework. Rajesh P Shah Partner M/s. Jayantilal Thakkar Associates
Investment in India by NRI Regulatory Framework Rajesh P Shah Partner M/s. Jayantilal Thakkar Associates 1 2 Avenues available for NRIs Investment in Shares / Securities Repatriable investment Foreign
More informationRESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai Notification No. FEMA 5(R)/2016-RB April 01, 2016
RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai 400 001 Notification No. FEMA 5(R)/2016-RB April 01, 2016 Foreign Exchange Management (Deposit) Regulations, 2016 In exercise of
More informationBIRD S EYE VIEW OF FEMA
BIRD S EYE VIEW OF FEMA By CA D S Vivek & CA Chandra Shekar B D Introduction The Indian government has formulated the Foreign Exchange Management Act (FEMA), which relates to the management of exchange
More informationOverview of Foreign Exchange Management Act and Regulations
Overview of Foreign Exchange Management Act and Regulations The Beginners Study Course on Foreign Exchange Management Act WIRC May 09, 2013 CA Manoj Shah Transition from Foreign Exchange Regulation Act,
More informationVARIOUS DEPOSIT SCHEMES AVAILABLE TO NON-RESIDENT INDIANS (NRIs)
VARIOUS DEPOSIT SCHEMES AVAILABLE TO NON-RESIDENT INDIANS (NRIs) Particulars Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR (B) Account] Non-Resident (External) Rupee Account Scheme [NRE
More informationShah & Modi CHARTERED ACCOUNTANTS
INTRODUCTION TO FEMA May, 2011 Preamble to FEMA Post liberalization (i.e. New Industrial policy of 1991) there was need to remove shackles of regulatory and legal provisions Need to consolidate and amend
More informationRBI/ /23 Master Circular No.03 / July 1, To, All Authorised Dealer Category I banks and Authorised banks
RBI/2009-10/23 Master Circular No.03 /2009-10 July 1, 2009 To, All Authorised Dealer Category I banks and Authorised banks Madam / Sir, Master Circular on Non-Resident Ordinary Rupee (NRO) Account The
More informationFOREIGN DIRECT INVESTMENT
FOREIGN DIRECT INVESTMENT INDEX FOREIGN DIRECT INVESTMENT... 2 FDI CAP... 3 PROHIBITION ON INVESTMENT IN INDIA... 3 ELIGIBLE ENTITIES... 4 TYPE OF INVESTMENTS... 5 INVESTMENT IN SMALL SCALE INDUSTRIAL
More informationForeign Direct Investment in Construction Industry
Foreign Direct Investment in Construction Industry CA Hetan Patel 6 Feb 2011 1 Types of Foreign Investments Foreign Investments Foreign Direct Investments Foreign Portfolio Investments Foreign Venture
More informationReserve Bank of India Foreign Exchange Department Central Office Mumbai Notification No.FEMA.361/2016-RB February 15, 2016
Reserve Bank of India Foreign Exchange Department Central Office Mumbai 400 001 Notification No.FEMA.361/2016-RB February 15, 2016 Foreign Exchange Management (Transfer or Issue of Security by a Person
More informationForeign Exchange Management ( Borroweing and lending in rupees) Regulations, Notification No.FEMA 4 /2000-RB dated 3rd May 2000
Foreign Exchange Management ( Borroweing and lending in rupees) Regulations, 2000 Notification No.FEMA 4 /2000-RB dated 3rd May 2000 RESERVE BANK OF INDIA ( EXCHANGE CONTROL DEPARTMENT ) CENTRAL OFFICE
More informationRBI/ /242 Master Circular No. 03 / February 21, 2008
RBI/2007-2008/242 Master Circular No. 03 /2007-08 February 21, 2008 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Circular on Non-Resident Ordinary Rupee (NRO) Account The acceptance
More informationDo s and Dont s for NRIs under FEMA Harshal Bhuta M.Com., F.C.A., A.D.I.T., LL.M. (Hons.) in Intl. Tax Law [Wirtschaftsuniversität Wien]
Do s and Dont s for NRIs under FEMA Harshal Bhuta M.Com., F.C.A., A.D.I.T., LL.M. (Hons.) in Intl. Tax Law [Wirtschaftsuniversität Wien] 12/01/2018 The Chamber of Tax Consultants - Webinar 1 Important
More informationNRI Fact Sheet. Who is a non-resident Indian (NRI)?
NRI Fact Sheet Who is a non-resident Indian (NRI)? An Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention
More informationBACKGROUND MATERIAL In Frequently Asked Questions (Q&A) Format updated as on
BACKGROUND MATERIAL In Frequently Asked Questions (Q&A) Format updated as on 15.04.2014 On FEMA covering INVESTMENT OPPORTUNITIES, BANKING/ DEPOSITS ACCOUNTS, REAL ESTATE / IMMOVABLE PROPERTY, NON-REPATRIATION
More informationREGULATIONS GOVERNING FOREIGN CURRENCY ACCOUNTS IN INDIA
Open Access Journal available at jlsr.thelawbrigade.com 399 REGULATIONS GOVERNING FOREIGN CURRENCY ACCOUNTS IN INDIA Written by Shubham Grover 1 st Year M.A. Business Laws, WBNUJS, Kolkata Introduction
More informationestments by NRIs, PIOs & Foreign Nationals (including posits); Permitted Remittances for various purposes
estments by NRIs, PIOs & Foreign Nationals (including posits); Permitted Remittances for various purposes A Presentation by R.V.Seckar, M.COM M, FCS,ICSA (UK), LLB in the BEYOND THE BOUNDARY - Two Day
More informationDeposit and Remittances Foreign Exchange Management Act, 1999
Deposit and Remittances Foreign Exchange Management Act, 1999 Ghaziabad Branch CIRC Institute of Chartered Accountants of India 03 rd June 2016 Presentation by: CA. Sudha G. Bhushan Associate Director
More informationShah & Modi CHARTERED ACCOUNTANTS
FEMA The Chamber of Tax Consultants November 12 th, 2014 CA Manoj Shah Transition from Foreign Exchange Regulation Act, 1973 to Foreign Exchange Management Act, 1999 Post liberalization (i.e. New Industrial
More informationInvestments by NRIs under Schedule 4 of TISPRO Regulations
Kishore Joshi and Prashant Prakhar 1 Investments by NRIs under Schedule 4 of TISPRO Regulations Introduction Non-resident Indians ( NRI ) are a group of people who, despite being settled overseas, have
More informationVOL NO. 6 - DECEMBER 2018
INVESTMENT OPPORTUNITIES IN INDIA FOR NRI'S CA Jini Jain ABBREVIATIONS INTRODUCTION India, with its fast developing economy and huge potential for growth, is a great nation that provides host of opportunities
More informationNRI Investments in India & Overseas Investments by Indians
NRI Investments in India & Overseas Investments by Indians -Anup P. Shah 25th December, 2011 JB Nagar CPESC of WIRC PROI & NRI PRAVIN P. SHAH & CO. 2 Person Resident Outside India PRII S.2 Any person who
More informationRBI/ /20 Master Circular No. / 02 / July 1, 2006
RBI/2006-07/20 Master Circular No. / 02 /2006-07 July 1, 2006 To, All Banks Authorised to Deal in Foreign Exchange Madam/Sir, Master Circular on Foreign Investments in India Foreign investments in India
More informationDemystifying FEMA Investment in India. Dhinal Shah Chartered Accountant
Demystifying FEMA Investment in India Dhinal Shah Chartered Accountant Table of contents 1 2 3 4 5 6 7 8 9 10 Introduction Capital Account Transactions Current Account Transactions Foreign Investments
More informationSCHEDULE 1 [See Regulation 5(1) (i)]
SCHEDULE 1 [See Regulation 5(1) (i)] Non-Resident (External) Rupee Account Scheme NRE Account 1. Eligibility: Non-resident Indians (NRIs) and Person of Indian Origin (PIOs) are permitted to open and maintain
More informationNRI Trading Accounts in BSE and NSE Capital Market Segment
NRI Trading Accounts in BSE and NSE Capital Market Segment NRI & PIO can invest in the Stock Markets in India MSPL offers Online and Offline Trading facility in NSE Equities for Non-Resident Indians (NRIs)
More informationEconomic and Commercial Laws Chapter 1: Foreign Exchange Management
Economic and Commercial Laws Chapter 1: Foreign Exchange Management Discuss the provisions of the. Foreign Exchange Management Act, 1999 relating to the export of goods and services without declaration.
More informationAPPLICATION FOR DESIGNATING BANK ACCOUNT FOR PORTFOLIO INVESTMENT SCHEME (PIS)
APPLICATION FOR DESIGNATING BANK ACCOUNT FOR PORTFOLIO INVESTMENT SCHEME (PIS) Application for designating an exclusive account for routing all his/her transactions made under Portfolio Investment Scheme
More informationœïš ˆÅ Ä Head Office í¾ Hyderabad
Issue No.58 October, 2014 šï ÿˆå ANDHRA BANK (ž ˆÅ ˆÅ œ ÇÅŸ (A Govt. of India Undertaking) œïš ˆÅ Ä Head Office í¾ Hyderabad AB Connect N R I A news bulletin from Andhra Bank INDEX 1. Interest Rates 2.
More informationFEMA Study Circle. Foreign Exchange Management Act Capital & Current Account Transactions & Deposits under Notification -5
FEMA Study Circle Foreign Exchange Management Act Capital & Current Account Transactions & Deposits under Notification -5 Natwar G. Thakrar Tuesday, March 21, 2017 1 Agenda Section 1 : Capital & Current
More informationBANK DEPOSITS & DEPOSIT MANAGEMENT
BANK DEPOSITS & DEPOSIT MANAGEMENT Samir K Mahajan Bank Deposits Banks accepts deposits from the public. Banks deposits are classified by type of customers, the tenure and its cost to the bank. Based on
More information15 CA &15 CB. Presented by: CA Sheetal Mankani Partner R. C. Jain & Associates LLP. In association with: Rajeev Tahalramani
15 CA &15 CB Presented by: CA Sheetal Mankani Partner R. C. Jain & Associates LLP In association with: Rajeev Tahalramani What is Form 15CA? Form 15CA is a Declaration by Remitter and is used as a tool
More informationinfo Persons of Indian Origin An opportunity for foreigners to buy? Preparation is everything International Tax, Audit, Accounting and Legal News
info International Tax, Audit, Accounting and Legal News ECOVIS info March 2013 Issue II Volume 2 Persons of Indian Origin An opportunity for foreigners to buy? Preparation is everything Page 1 Persons
More informationEXECUTIVE SUMMARY FEMA Regulations
Doha Chapter of ICAI 5 th January 2014 Relevant Changes in FEMA regulations and Direct & Indirect Taxation affecting Real Estate Transactions, with reference to NRI by CA R.BUPATHY PAST PRESIDENT - ICAI
More informationScheme of Presentation
FEMA ODI, LRS, FC A/CS S. Sathiyanarayanan Partner 23 DEC 2014 ICAI Beyond the boundary Scheme of Presentation Current Vs. Capital Acct Transactions ODI Statutory Basis ODI by Company, Firms, LLPs & Residents
More informationPaterson s PMS Operations
Paterson s PMS Operations Introduction Paterson Securities (P) Ltd. is a Chennai-based, SEBI registered Stock Broking firm that carries the legacy of Trust and Integrity for over 75 years. As the first
More informationCHAPTER 42 INVESTMENT BY NON-RESIDENTS OF INDIAN NATIONALITY / ORIGIN AND FOREIGN INSTITUTIONAL INVESTORS
CHAPTER 42 INVESTMENT BY NON-RESIDENTS OF INDIAN NATIONALITY / ORIGIN AND FOREIGN INSTITUTIONAL INVESTORS 1 CHAPTER 42 INVESTMENT BY NON-RESIDENTS OF INDIAN NATIONALITY / ORIGIN AND FOREIGN INSTITUTIONAL
More informationFEMA-External Commercial Borrowings (ECB) Regulations. CA Murali Krishna G Date: 24 h January 2019
FEMA-External Commercial Borrowings (ECB) Regulations By CA Murali Krishna G gmk@sbsandco.com Date: 24 h January 2019 Schematic flow of the Law Act Rules Press Notes Regulations Master Directions AP (DIR)
More informationForeign Exchange Procedure
Tel Paper: 07, Module: 36, Principal Investigator Co-Principal Investigator Paper Coordinator Content Writer Prof. S. P. Bansal Vice chancellor Indira Gandhi University, Meerpur, Rewari, Haryana Dr. Prashant
More informationRESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai RBI/ /15 Master Circular No. 15/ July 1, 2011
RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai - 400 001 RBI/2011-12/15 Master Circular No. 15/2011-12 July 1, 2011 To, All Category - I Authorised Dealer banks Madam / Sir, Master
More informationForms of business enterprise
G Forms of business enterprise http://www.nasscom.in/indian-itbpo-industry Doing business in India 115 Did you know! Available international comparisons show that India has the second-largest number of
More informationNRE (Non-Resident External) account And NRO (Non-Resident Ordinary) account INDIAN PROPERTY SHOW AT LONDON APRIL 2016
NRE (Non-Resident External) account And NRO (Non-Resident Ordinary) account INDIAN PROPERTY SHOW AT LONDON BRIEF INTRODUCTION NRIs (Non-Resident Indians) managing income earned in India and abroad may
More informationPROFESSIONAL PROGRAMME
1 PROFESSIONAL PROGRAMME UPDATES FOR STRATEGIC MANAGEMENT, ALLIANCES AND INTERNATIONAL TRADE MODULE 3 (Relevant for Students Appearing in June, 2016 Examination) Disclaimer- This document has been prepared
More informationAPPLICATION FOR PORTFOLIO INVESTMENT SCHEME
APPLICATION FOR PORTFOLIO INVESTMENT SCHEME Date: The Manager NRI and PIS Services HDFC Bank branch. Dear Sir, Ref: Application for permission to deal in shares in secondary market under the Portfolio
More informationNRE & NRO Savings account
NRE & NRO Savings account Who are eligible to open NRE & NRO account? Individual NRI s and PIO s are eligible to open NRE and NRO account. NRI (Non-Resident Indian) - An Indian Citizen residing outside
More informationForeign Direct Investments and Indirect Foreign Investments. Seminar on FEMA WIRC MUMBAI 29 December 2018
Foreign Direct Investments and Indirect Foreign Investments Seminar on FEMA WIRC MUMBAI 29 December 2018 Road Map Overview of FEMA Regulations Important Definitions Capital Instruments by an Indian Company
More informationRESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai Master Circular on Foreign Investment in India
RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai - 400 001 RBI/2012-13/15 Master Circular No.15 /2012-13 July 02, 2012 (Updated as on April 01, 2013) To, All Category - I Authorised
More informationTHE FORE I GN E XCHAN GE MAN AGE ME N T (RE MI T TAN CE OF AS S E T S) REGU L ATI ON S, 2000
THE FORE I GN E XCHAN GE MAN AGE ME N T (RE MI T TAN CE OF AS S E T S) REGU L ATI ON S, 2000 Notification No. FEMA 13/2000-RB, dated 3rd May, 2000 as amended by FEMA Notification No. FEMA. 62/2002/RB dated
More informationBOMBAY CHARTERED ACCOUNTANTS SOCIETY FEMA STUDY CIRCLE
BOMBAY CHARTERED ACCOUNTANTS SOCIETY FEMA STUDY CIRCLE PRESENTATION ON INVESTMENT IN IMMOVABLE PROPERTY IN INDIA & OUTSIDE INDIA ON 13 TH APRIL, 2004 1 GENERAL The term immovable property not defined.
More informationFEMA. Inbound & Outbound Investments. CA Chintan Gandhi. Partner
FEMA Inbound & Outbound Investments CA Chintan Gandhi Partner Viren Gandhi & Co Tel -+ 91 22 25903597 / +91 9920818466 Website: www.cavirengandhiandco.com Email: chintan@cavirengandhiandco.com Agenda I
More informationForeign Direct Investment Consolidated Policy FDI
Foreign Direct Investment Consolidated Policy 2010 - FDI D S Vivek ICAI Bangalore Branch 14 th April 2010 21 April 2010 Suresh & Co., 2010 1 FDI background Controlled economy to Open economy Industrial
More informationNRI Table of Contents Contents Page
NRI CORNER Table of Contents Tap on specific section to read or simply scroll down Contents Page 1.0 Legal Information 01 2.0 Loan for NRIs 02 2.1 Home Loans 02 2.2 Eligibility 04 2.3 RBI Directive Loans
More informationCTC S BASIC COURSE ON FEMA & TAXATION OF FOREIGN REMITTANCE (JOINTLY WITH THE MALAD CHAMBER OF TAX CONSULTANTS) Overview of FEMA
CTC S BASIC COURSE ON FEMA & TAXATION OF FOREIGN REMITTANCE (JOINTLY WITH THE MALAD CHAMBER OF TAX CONSULTANTS) Overview of FEMA Presented by: Mr. Paresh P. Shah P.P. Shah & Associates Chartered Accountants
More informationDIVISION ONE GUIDE TO FDI POLICY
CONTENTS u Chapter-heads I-5 u FDI Policy at a Glance Issued on 17-4-2014 I-15 DIVISION ONE GUIDE TO FDI POLICY 1 BACKGROUND OF FOREIGN INVESTMENT IN INDIA 1.1 Introduction 1.3 1.1-1 Consolidated Circular
More informationVaish Associates. Vaish Associates
Vaish Associates As per section 2 (m) of the Regulations, Joint Venture means a foreign entity formed, registered or incorporated in accordance with the regulations of the host country in which the
More informationInbound FDI and FEMA Policy
Inbound FDI and FEMA Policy WIRC ICAI 27 th Regional Conference 31 August 2012, Mumbai CA. Shabbir Motorwala Agenda An Overview - FDI Policy and FEMA 20 FDI Structural Framework FDI Key reporting / compliance
More information1 Foreign Exchange Management
1 Foreign Exchange Management! Objective of FEMA, 1999! Foreign Exchange! FDI Policy! Current Account Transactions! Capital Account Transactions! Direct Investment outside India! Establishment of Branch
More informationIssue or Transfer of Shares under Exchange Control Regulation
Issue or Transfer of Shares under Exchange Control Regulation - Varatharaj Kumar April 21, 2017 Content Overview Issue of Shares / Compulsory Convertible Preference Shares / Compulsory Convertible Debentures/
More informationOVERVIEW OF FEMA. INTENSIVE STUDY COUSRE ON FEMA THE CHAMBER OF TAX CONSULTANTS 15 th December, By: CA Manoj Shah
OVERVIEW OF FEMA INTENSIVE STUDY COUSRE ON FEMA THE CHAMBER OF TAX CONSULTANTS 15 th December, 2017 By: CA Manoj Shah e-mail :manoj@shahmodi.com Transition from Foreign Exchange Regulation Act, 1973 to
More informationUpdate on FEMA and FDI Provisions 12 th August 2018 J.B Nagar Study Circle ICAI CA. Sudha G. Bhushan
Equity and Assets Treatment under FEMA Governing Regulation under FEMA Update (1) SHAREHOLDERS FUND (a) Share capital Equity Share Capital (a) Issued and subscribed Fully paid up capital Equity Foreign
More informationForeign Direct Investments and Indirect Foreign Investments. Seminar on FEMA WIRC MUMBAI 5 August Isha Sekhri Ajay Sekhri and Company
Foreign Direct Investments and Indirect Foreign Investments Seminar on FEMA WIRC MUMBAI 5 August 2017 Isha Sekhri Ajay Sekhri and Company Road Map Role of RBI in FDI Regulations - Consolidated Circular
More informationSECTION 9. Notification No. F.E.R.A.6/74-RB dated 1st January 1974
SECTION 9 Notification No. F.E.R.A.6/74-RB dated 1st January 1974 Making Payments in Rupees on Behalf of Non-residents G.S.R.88 In pursuance of clause (d) of sub-section (1) of Section 9 of the Foreign
More informationReserve Bank of India Exchange Control Department Central Office Mumbai. Derecognition of Overseas Corporate Bodies (OCBs)
Reserve Bank of India Exchange Control Department Central Office Mumbai A.P (DIR Series) Circular No. 44 December 8, 2003 (Updated as on September 25, 2014) To All Authorised Dealers in Foreign Exchange
More informationCTC s INTENSIVE STUDY COURSE ON FEMA
CTC s INTENSIVE STUDY COURSE ON FEMA Case Studies, Practical Issues & FAQs on FEMA Presented by: Mr. Paresh P. Shah P.P. Shah & Associates Chartered Accountants Email: ppshahandassociates@gmail.com 22
More informationRESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai RBI/ /22 Master Circular No.2/ July 01, 2009
RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai - 400 001 RBI/2009-10/22 Master Circular No.2/2009-10 July 01, 2009 To, All Category - I Authorised Dealer banks Madam / Sir, Master
More informationPart I. Foreign Investments. Foreign Venture Capital Investments
Part I Foreign Investments in India Schematic Representation: Foreign Investments Foreign Direct Investments Foreign Portfolio Investments Foreign Venture Capital Investments Other investments (G-Sec,
More informationFEMA Key aspect under FEMA Outbound investment. CA. M. Jagannathan WIRC presentation 22 nd September, 2018
FEMA Key aspect under FEMA Outbound investment CA. M. Jagannathan WIRC presentation 22 nd September, 2018 Why Outbound Investment? Promoting Global Business by Indian entrepreneurs Joint Ventures are medium
More informationForeign Exchange Management Act, 1999
Foreign Exchange Management Act, 1999 By: CA Kamal Garg 1 Structure of FEMA: FEMA is administered by means of Notifications/ Circulars/ Clarifications/ Rules issued by RBI/ Government Chapter 1: Preliminary
More informationArticle. RBI replaces Master Directions for Master Circulars. Team Vinod Kothari & Company 21 st January, 2015
Article RBI replaces Master Directions for Master Circulars Team Vinod Kothari & Company corplaw@vinodkothari.com 21 st January, 2015 Check at: http://india-financing.com/staff-publications.html for more
More informationRESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai
RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai - 400 001 RBI/2014-15/6 Master Circular No. 15 /2014-15 July 01, 2014 (Updated as on July 15, 2014) To, All Category - I Authorised
More informationGuest lecture on Foreign Direct Investment
Guest lecture on Foreign Direct Investment Topic : Guest lecture on Foreign Direct Investment-Current retail case-a boon or bane by Mr. V.K. Chattwal, Chief Manager Punjab National Bank for the students
More informationPortfolio Investment Scheme (PIS) Account Opening Form
Portfolio Investment Scheme (PIS) Account Opening Form Documents verified and attached to account opening form Copy of Passport of each applicant showing Valid Passport Details, Details of Identity, Valid
More informationICAI NIRC. ODI, LRS, ECB & FEMA Updates. CA. Amithraj AN. April 25,
ICAI NIRC ODI, LRS, ECB & FEMA Updates April 25, 2015 + 91 98861 20086 amithraj123@gmail.com Contents ODI Regulations LRS Updates ECB & NCD Round Tripping Issues Overview of Indian Tax Concepts Options
More informationRBI/FED/ /60 FED Master Direction No. 11/ January 4, 2018 (Updated as on January 12, 2018)
RBI/FED/2017-18/60 FED Master Direction No. 11/2017-18 January 4, 2018 (Updated as on January 12, 2018) To, All Authorised Dealer Category I banks and Authorised banks Madam / Sir, Master Direction Foreign
More informationFunding of Indian businesses
E Funding of Indian businesses Doing business in India 105 Did you know! India is the largest producer in the world in terms of ticket sales and second-largest in terms of revenue, with 3.3 billion tickets
More informationFDI Recent changes in Policy, Sectoral and other developments. CA Shabbir Motorwala 22 December 2018 CTC - Intensive study course on FEMA Mumbai
FDI Recent changes in Policy, Sectoral and other developments CA Shabbir Motorwala 22 December 2018 CTC - Intensive study course on FEMA Mumbai 1 Contents Overview of FEMA Inbound Investment Recent Developments
More informationFOREIGN DIRECT INVESTMENT IN INDIA. Amit Aggarwal, Partner Sumit Phatela, Senior Associate SNG & PARTNERS, INDIA
FOREIGN DIRECT INVESTMENT IN INDIA Amit Aggarwal, Partner Sumit Phatela, Senior Associate SNG & PARTNERS, INDIA WHAT IS FOREIGN DIRECT INVESTMENT? Investment by non-resident entity/person resident outside
More informationCHAMBER OF TAX CONSULTANTS INTENSIVE STUDY COURSE ON FEMA PURCHASE OF IMMOVABLE PROPERTY OUTSIDE INDIA CA RAJESH L. SHAH
CHAMBER OF TAX CONSULTANTS INTENSIVE STUDY COURSE ON FEMA PURCHASE OF IMMOVABLE PROPERTY OUTSIDE INDIA CA RAJESH L. SHAH Contents 1 Notification 7 (R) Acquisition and Transfer of Immovable Property Outside
More informationRESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI
RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI 400 001 Notification No.FEMA 10 (R) /2015-RB January 21, 2016 (Amended upto June 01, 2016) Foreign Exchange Management (Foreign currency
More informationFEMA UPDATES. Earlier this was subject to condition of maximum remittance of 75% of the total salary.
FEMA UPDATES 1. A citizen of a foreign state, resident in India, being an employee of a foreign company or a citizen of India, employed by a foreign company outside India A citizen of a foreign state resident
More informationPRESENTATION ON UPDATES INBOUND & OUTBOUND INVESTMENTS AND EXTERNAL COMMERCIAL BORROWINGS FOR HYDERABAD CHAPTER - ICSI (03.03.
PRESENTATION ON UPDATES INBOUND & OUTBOUND INVESTMENTS AND EXTERNAL COMMERCIAL BORROWINGS FOR HYDERABAD CHAPTER - ICSI (03.03.2018) BY CS A SEKAR PCS & REGD. IP B.COM, FCMA, ACS,LLB STRUCTURE OF PRESENTATION
More informationForeign Direct Investment
Foreign Direct Investment Presented by: Team, ABN Amro Bank Business Banking, Commercial Banking New Delhi FDI,Investing in India Entry Routes Investing in India Automatic Route Prior Permission (FIPB)
More informationPORTFOLIO INVESTMENT SCHEME (PIS) For Investment in Secondary Market by Non-Resident Indians
PIS Account Opening Application for Non-Resident Individuals PORTFOLIO INVESTMENT SCHEME (PIS) For Investment in Secondary Market by Non-Resident Indians The Portfolio Investment Scheme (PIS) allows NRIs
More informationCTC New Delhi. Outbound Investments. FEMA Overview. CA. Amithraj AN. June 7,
Outbound Investments FEMA Overview + 91 98861 20086 amithraj123@gmail.com June 7, 2014 Contents FEMA Regulations Round Tripping Overview of Indian Tax Concepts Options for Investing 2 Section 1 FEMA Regulations
More informationFOREIGN DIRECT INVESTMENT
FOREIGN DIRECT INVESTMENT Agenda Background Entry Policy & Procedures Investment in LLP Investment by NRIs Pledge of Shares Escrow Arrangement Transfer of Capital Reporting and Remittance Contraventions
More informationFEMA Recent developments K. RAMESH ADVOCATE
K. RAMESH ADVOCATE 1 1. FDI 40 of February 01, 2016 Reporting under FDI Scheme, Mandatory filing of form ARF, FCGPR and FCTRS on e-biz platform and discontinuation of physical filing from February 8, 2016
More informationHDFC BANK LTD. ACCOUNT OPENING BOOKLET SAVING BANK ACCOUNT KIT (NRE)
HDFC BANK LTD. ACCOUNT OPENING BOOKLET SAVING BANK ACCOUNT KIT (NRE) NRE CHECK LIST HDFC Bank SB A/c - NRE Application Form For Third Party Funds Transfer through Net Banking Application Form For Third
More informationCHAPTER 4 BALANCE OF PAYMENTS
CHAPTER 4 BALANCE OF PAYMENTS 4.1. Balance of Payments (BoP) statistics systematically summaries the economic transactions of an economy with the rest of the World for a specific period. The Reserve Bank
More informationPolicy on Bank Deposits
Policy on Bank Deposits - 2017 1. Preamble One of the important functions of the Bank is to accept deposits from the public for the purpose of lending. In fact, depositors are the major stakeholders of
More informationOVERSEAS DIRECT INVESTMENT
OVERSEAS DIRECT INVESTMENT CA. Deepender Kumar DEEPENDER ANIL & ASSOCIATES (Chartered Accountants) Head Office: 101, E-36, Jawahar park, Laxmi Nagar, Delhi-110092 Branch Office: Plot-5A, IInd Floor, Sector-3A,
More informationForeign Investment in India
Foreign Investment in India Foreign Investment means any investment made by a person resident outside India on a repatriable basis in capital instruments of an Indian company or to the capital of an LLP;
More informationForeign Source Funding Options
Foreign Source Funding Options 28 October, 2017 Index Inbound Investments FDI Policy Legal Framework & Regulators Typical Foreign Investment Windows FDI Policy at a glance Eligible Investors Foreign Funding
More informationDOING BUSINESS & WORKING IN INDIA
DOING BUSINESS & WORKING IN INDIA CHENNAI BANGALORE COIMBATORE HYDERABAD INTELLECTUAL PROPERTY CORPORATE LEGAL 2 CONTENTS 1. Introduction... 5 2. Available Structures For Testing the Waters... 7 3. Business
More information