Lanterna Rally

Author: Taxmann

Publisher: Taxmann Publications Private Limited

Published: 2024-08-09

Total Pages: 20

ISBN-13: 9357783628

This book provides complete and accurate information about all provisions of the Foreign Exchange Management Act 1999 (FEMA). It also includes guidance on practical issues faced by companies and FEMA professionals. This book will be helpful for Companies dealing with foreign exchange, FEMA professionals, Legal and financial advisors, and Students and academicians in financial law. The Present Publication is the 21st Edition & amended up to 30th June 2024. This book is authored by Taxmann's Editorial Board with the following noteworthy features: • [Topic-wise Commentary] The book provides a detailed commentary on over 50 topics, providing in-depth insights and explanations to enhance the reader's understanding • [Comprehensive Analysis] It includes the analysis along with relevant rules, judicial pronouncements, circulars, notifications, and master directions issued by the Reserve Bank of India, ensuring a well-rounded perspective on the subject • [Focused Guides] Special guides on topics such as Liberalised Remittance Scheme (LRS) and Overseas Investment are provided, providing targeted information • [Legal Context] The book also covers laws related 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 coverage of this book is as follows: • FEMA – Overview o An introductory chapter that sets the stage by explaining the fundamental principles and objectives of FEMA, offering a bird's eye view of the act • Authorised Person o Discusses the roles and responsibilities of authorised persons under FEMA, including their regulatory obligations and operational guidelines • Accounts in India by Person Resident Out of India o Provides detailed procedures and regulations for maintaining accounts in India by non-residents, encompassing various account types and compliance requirements • Accounts of Indian Residents in Foreign Currency o Explains the norms and guidelines for Indian residents holding foreign currency accounts, including the conditions and permissible transactions • Receipt and Payment in Foreign Exchange o Covers the rules and regulations governing the receipt and payment in foreign exchange, detailing the procedural and compliance aspects • Realisation, Repatriation and Surrender of Foreign Exchange o Elaborates on the obligations related to the realisation, repatriation, and surrender of foreign exchange earnings • Money Changing Activities o Provides an overview of money-changing activities, including licensing requirements, operational guidelines, and compliance issues • Money Transfer Service Scheme (MTSS) o Discusses the MTSS, including its regulatory framework, permissible transactions, and operational guidelines. • Possession and Retention of Foreign Currency o Explains the regulations related to the possession and retention of foreign currency by residents and non-residents • Export and Import of Currency or Currency Notes o Details the rules governing the export and import of currency and currency notes, including limits and reporting requirements • Remittances on Current Account o Discusses the permissible current account transactions and the procedural requirements for making remittances • Liberalised Remittance Scheme (LRS) o Provides an in-depth guide on LRS, including eligibility, permissible transactions, limits, and reporting requirements • Export of Goods and Services o Covers the procedural and regulatory aspects of exporting goods and services from India, including documentation and compliance • Import of Goods and Services o Details the regulations governing the import of goods and services, including the procedural requirements and compliance issues • Project Exports and Service Exports o Discusses the regulatory framework for project and service exports, including guidelines and compliance requirements • Foreign Exchange Rates o Provides an overview of the determination and regulation of foreign exchange rates, including the role of the RBI • Overview of Capital Account Transactions o Explains the principles governing capital account transactions under FEMA, including permissible transactions and compliance requirements • Foreign Investment in India o Offers detailed guidelines on foreign investment in India, including regulatory approvals and compliance • FDI in Indian Company o Discusses the procedures and regulations for Foreign Direct Investment (FDI) in Indian companies, including sector-specific guidelines • Sector-wise FDI Policy at a Glance o Provides a summary of FDI policies across various sectors, highlighting key regulations and compliance requirements • FDI – Downstream Investment, i.e. Indirect Investment o Explains the norms for downstream or indirect investment by foreign entities in India • FDI through Rights, Bonus, Sweat Equity or Merger/Amalgamation o Discusses the regulatory framework for FDI through rights issues, bonus issues, sweat equity, and mergers/amalgamations • FDI – Transfer of Securities o Details the procedures and regulations for the transfer of securities involving FDI • FDI in LLP o Provides guidelines for Foreign Direct Investment in Limited Liability Partnerships (LLPs) in India • FDI in GDR/ADR o Discusses the norms for FDI through Global Depository Receipts (GDR) and American Depository Receipts (ADR) • Investment by NRI or OCI o Offers guidelines for investments in India by Non-Resident Indians (NRI) or Overseas Citizens of India (OCI) • FDI in a Startup Company o Discusses the regulatory framework for FDI in Indian startup companies • Investment by Foreign Portfolio Investor o Provides an overview of the regulations governing investments by Foreign Portfolio Investors (FPI) • FDI in Investment Vehicle o Explains the norms for FDI in investment vehicles such as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) • FDI by FVCI o Discusses the regulatory framework for FDI by Foreign Venture Capital Investors (FVCI) • FDI – Investment in Securities by Funds, Foreign Central Bank, etc. o Provides guidelines for FDI through investments in securities by foreign funds, central banks, and other entities • Overseas Investment by an Indian Entity o Offers a detailed guide on overseas investments by Indian entities, including regulatory approvals and compliance • Guarantees o Discusses the regulatory framework for providing and receiving guarantees under FEMA • Insurance o Explains the norms for foreign investment in the insurance sector in India • Borrowing and Lending in Foreign Currency o Provides guidelines for borrowing and lending in foreign currency under FEMA • Borrowing and Lending in Indian Rupees o Discusses the regulations governing borrowing and lending in Indian Rupees involving foreign entities • Foreign Investment in Debt Instruments o Provides an overview of the norms for foreign investment in debt instruments in India • External Commercial Borrowings o Discusses the regulatory framework for External Commercial Borrowings (ECB), including eligibility and compliance requirements • Trade Credit (TC) and Structured Obligations o Explains the regulations for trade credit and structured obligations under FEMA • Acquisition and Transfer of Immovable Property in India o Provides guidelines for the acquisition and transfer of immovable property in India by non-residents • Acquisition and Transfer of Immovable Property Outside India o Discusses the norms for Indian residents acquiring and transferring immovable property outside India • Remittance of Assets o Explains the procedures for the remittance of assets under FEMA • Branch/LO/Project Office in India by Foreign Entities o Discusses the regulatory framework for setting up and operating branch, liaison, or project offices in India by foreign entities • Indian Depository Receipts o Provides guidelines for the issuance and regulation of Indian Depository Receipts (IDR) • Risk Management and Inter-Bank Dealings o Explains the norms for risk management and inter-bank dealings under FEMA • Vostro Account for International Trading o Discusses the regulatory framework for Vostro accounts used in international trading • Industrial Policy of Government of India o Provides an overview of the industrial policies of the Government of India impacting foreign exchange management • Enforcement of FEMA o Discusses the enforcement mechanisms for ensuring compliance with FEMA • Penalties under FEMA o Provides guidelines on the penalties for contraventions under FEMA • Appeals under FEMA o Explains the procedures for appealing against orders under FEMA • Compounding of Contraventions under FEMA o Discusses the process for compounding contraventions under FEMA • Prevention of Money Laundering Act o Provides an overview of the PMLA and its relevance to FEMA • Foreign Contribution (Regulation) Act (FCRA) o Discusses the regulatory framework for foreign contributions under the FCRA • COFEPOSA, 1974 o Provides guidelines on the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 • International Financial Services Centre (IFSC) o Discusses the regulations governing the IFSC and its role in foreign exchange management