FEMA & FDI Ready Reckoner provides complete and accurate information about all provisions of the Foreign Exchange Management Act, 1999 (FEMA). It also includes guidance on all practical issues faced by companies and FEMA professionals. Key features of this book are as follows: • Topic-wise commentary on FEMA • Analysis of all provisions of FEMA with relevant Rules, Judicial Pronouncements, Circulars, Notifications and Master Directions issued by Reserve Bank of India • Law Relating to the following ◦ Prevention of Money Laundering Act ◦ Foreign Contribution (Regulation) Act ◦ COFEPOSA The Present Publication is the 15th Edition, and it is amended up to 30th June 2021. The coverage of this book is as follows: • FEMA – Overview • Authorised Person under FEMA • Account in India by Person Resident out of India • Accounts of Indian Residents in Foreign Currency • Receipt and Payment in Foreign Exchange • Realisation, Repatriation and Surrender of Foreign Exchange • Money Changing Activities • Money Transfer Service Scheme (MTSS) • Possession and Retention of Foreign Currency • 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 • Section 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 Investors • FDI in Investment Vehicle • FDI by FVCI • FDI – Investment in Securities by Funds, Foreign Central Bank, etc. • Investment by Indian Entity in JV/WOS Abroad • Guarantees • Insurance • Borrowing and Lending in Foreign Currency • Borrowing and Lending in Indian Rupees • Foreign Investment in Debt Instruments • External Commerical Borrowings • Trade Credit (TC) and Structured Obligations • Acquisitions and Transfer of Immovable Property in India • Acquisition and Transfer of Immovable Property out of India • Remittance of Assets • Branch/LO/Project Office in India by Foreign Entities • Indian Depository Receipts • Risk Management and Inter-Bank Dealings • VOSTRO Account of Non-Resident Exchange Houses • Industrial Policy of Government of India • Enforcement of FEMA • Penalties under FEMA • Appeals under FEMA • Compounding of Contraventions under FEMA • Prevention of Money Laundering Act • Foreign Contribution (Regulation) Act (FCRA) • COFEPOSA, 1974

3. Ja�Il.Jl
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4. ACRONYMS USED IN FEMA & FDI I-9
CHAPTER 1
FEMA - OVERVIEW 1
CHAPTER 2
AUTHORISED PERSON UNDER FEMA 8
CHAPTER 3
ACCOUNTS IN INDIA BY PERSON RESIDENT OUT OF INDIA 16
CHAPTER 4
ACCOUNTS OF INDIAN RESIDENTS IN FOREIGN CURRENCY 29
CHAPTER 5
RECEIPT AND PAYMENT IN FOREIGN EXCHANGE 40
CHAPTER 6
REALISATION, REPATRIATION AND SURRENDER OF FOREIGN
EXCHANGE 45
CHAPTER 7
MONEY CHANGING ACTIVITIES 48
CHAPTER 8
MONEY TRANSFER SERVICE SCHEME (MTSS) 60
CHAPTER 9
POSSESSION AND RETENTION OF FOREIGN CURRENCY 65
CHAPTER 10
EXPORT AND IMPORT OF CURRENCY OR CURRENCY NOTES 67
CHAPTER 11
REMITTANCES ON CURRENT ACCOUNT 71
0!'%
I-5
Contents

5. CHAPTER 12
LIBERALISED REMITTANCE SCHEME (LRS) 86
CHAPTER 13
EXPORT OF GOODS AND SERVICES 94
CHAPTER 14
IMPORT OF GOODS AND SERVICES 133
CHAPTER 15
PROJECT EXPORTS AND SERVICE EXPORTS 155
CHAPTER 16
FOREIGN EXCHANGE RATES 157
CHAPTER 17
OVERVIEW OF CAPITAL ACCOUNT TRANSACTIONS 164
CHAPTER 18
FOREIGN INVESTMENT IN INDIA 169
CHAPTER 19
FDI IN INDIAN COMPANY 178
CHAPTER 20
SECTOR WISE FDI POLICY AT A GLANCE 199
CHAPTER 21
FDI - DOWNSTREAM INVESTMENT I.E. INDIRECT INVESTMENT 208
CHAPTER 22
FDI THROUGH RIGHTS, BONUS, SWEAT EQUITY OR MERGER/
AMALGAMATION 215
CHAPTER 23
FDI - TRANSFER OF SECURITIES 221
CHAPTER 24
FDI IN LLP 236
CHAPTER 25
FDI IN GDR/ADR 239
CHAPTER 26
INVESTMENT BY NRI OR OCI 245
#/.4%.43 I-6
0!'%

6. CHAPTER 27
FDI IN STARTUP COMPANY 259
CHAPTER 28
INVESTMENT BY FOREIGN PORTFOLIO INVESTOR 262
CHAPTER 29
FDI IN INVESTMENT VEHICLE 269
CHAPTER 30
FDI BY FVCI 272
CHAPTER 31
FDI - INVESTMENT IN SECURITIES BY FUNDS, FOREIGN
CENTRAL BANK ETC. 275
CHAPTER 32
INVESTMENT BY INDIAN ENTITY IN JV/WOS ABROAD 277
CHAPTER 33
GUARANTEES 306
CHAPTER 34
INSURANCE 311
CHAPTER 35
BORROWING AND LENDING IN FOREIGN CURRENCY 319
CHAPTER 36
BORROWING AND LENDING IN INDIAN RUPEES 324
CHAPTER 37
FOREIGN INVESTMENT IN DEBT INSTRUMENTS 331
CHAPTER 38
EXTERNAL COMMERCIAL BORROWINGS 342
CHAPTER 39
TRADE CREDIT (TC) AND STRUCTURED OBLIGATIONS 358
CHAPTER 40
ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN
INDIA 365
I-7 #/.4%.43
0!'%

7. CHAPTER 41
ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY OUT
OF INDIA 371
CHAPTER 42
REMITTANCE OF ASSETS 373
CHAPTER 43
BRANCH/LO/PROJECT OFFICE IN INDIA BY FOREIGN ENTITIES 377
CHAPTER 44
INDIAN DEPOSITORY RECEIPTS 393
CHAPTER 45
RISK MANAGEMENT AND INTER-BANK DEALINGS 400
CHAPTER 46
VOSTRO ACCOUNT OF NON-RESIDENT EXCHANGE HOUSES 403
CHAPTER 47
INDUSTRIAL POLICY OF GOVERNMENT OF INDIA 406
CHAPTER 48
ENFORCEMENT OF FEMA 412
CHAPTER 49
PENALTIES UNDER FEMA 415
CHAPTER 50
APPEALS UNDER FEMA 421
CHAPTER 51
COMPOUNDING OF CONTRAVENTIONS UNDER FEMA 425
CHAPTER 52
PREVENTION OF MONEY LAUNDERING ACT 437
CHAPTER 53
FOREIGN CONTRIBUTION (REGULATION) ACT (FCRA) 470
CHAPTER 54
COFEPOSA, 1974 496
SUBJECT INDEX 511
#/.4%.43 I-8
0!'%

8. 12
LIBERALISED REMITTANCE
SCHEME (LRS)
12.1 Background
)N
VIEW
OF
COMFORTABLE
POSITION
OF
FOREIGN
EXCHANGE
RESERVES
OF
)NDIA

9. ,IBERALISED
2EMITTANCE
3CHEME
,23
WAS
INTRODUCED
ON

10. vide
2)
!0
$)2
3ERIES
#IRCULAR
.O
DATED
EBRUARY

11. READ
WITH
'O)
.OTIlCATION
'32
.O
%
DATED
-ARCH

12. )NTERESTINGLY

13. THIS
SCHEME
IS
NOT
PART
OF
ANY
2ULES
OR
2EGULATIONS
4HE
SCHEME
WAS
INTRODUCED
AS
A
LIBERALIZATION
MEASURE
TO
FACILITATE
RESIDENT
INDIVID-
UALS
TO
REMIT
FUNDS
ABROAD
FOR
PERMITTED
CURRENT
OR
CAPITAL
ACCOUNT
TRANSACTIONS
OR
COMBINATION
OF
BOTH
2)
$%$
-ASTER
$IRECTION
.O
DATED
ON
@,IBERALISED
2EMITTANCE
3CHEME
,23
CONTAINS
CONSOLIDATED
INSTRUCTIONS
ON
THIS
ISSUE
2EPORTING
INSTRUCTIONS
CAN
BE
FOUND
IN
2)
%$
-ASTER
$IRECTION
.O
DATED
ON
@2EPORTING
Limit of USD 2,50,000 per financial year for current account transactions for
individuals and others
4HE
OVERALL
LIMIT
IS
53$

14. PER
lNANCIAL
YEAR
4HIS
LIMIT
APPLIES
TO
INDIVIDUALS
AS
WELL
AS
OTHER
3CHEDULE
)))
ITEM
ix
OF
%-
#URRENT
!CCOUNT
4RANSACTIONS
2ULES

15. 4HUS

16. INDIRECTLY

17. ,23
APPLIES
TO
ALL
CURRENT
ACCOUNT
TRANSACTIONS
12.2 Liberalised Remittance Scheme (LRS) of USD 2,50,000 for resident
individuals
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
GIVES
DETAILS
OF
THE
,23
SCHEME
AS
FOLLOWS
5NDER
THE
,IBERALISED
2EMITTANCE
3CHEME

18. !UTHORISED
$EALERS
MAY
FREELY
ALLOW
REMITTANCES
BY
RESIDENT
INDIVIDUALS
UP
TO
53$

19. PER
INANCIAL
9EAR
!PRIL
-ARCH
FOR
ANY
PERMITTED
CURRENT
OR
CAPITAL
ACCOUNT
TRANSACTION
OR
A
COMBINATION
OF
BOTH
4HE
3CHEME
IS
NOT
AVAILABLE
TO
CORPORATES

20. PARTNERSHIP
lRMS

21. (5

22. 4RUSTS

23. ETC
4HE
,23
LIMIT
HAS
BEEN
REVISED
IN
STAGES
CONSISTENT
WITH
PREVAILING
MACRO
AND
MICRO
ECONOMIC
CONDITIONS
4HE
SCHEME
STARTED
WITH
,23
LIMIT
OF
53$

24. ON
4HE
,23
LIMIT
HAS
BEEN
REVISED
FROM
TIME
TO
TIME

25. AND
PRESENT
LIMIT
WEF
IS
53$

26. PER
lNANCIAL
YEAR
PER
RESIDENT
INDIVIDUAL
86

27. Scheme available to minors also
4HE
3CHEME
IS
AVAILABLE
TO
ALL
RESIDENT
INDIVIDUALS
INCLUDING
MINORS
)N
CASE
OF
REMITTER
BEING
A
MINOR

28. THE
ORM
!
MUST
BE
COUNTER-
SIGNED
BY
THE
MINORS
NATURAL
GUARDIAN
Consolidation of remittance of family members
2EMITTANCES
UNDER
THE
3CHEME
CAN
BE
CONSOLIDATED
IN
RESPECT
OF
FAMILY
MEMBERS
SUBJECT
TO
INDIVIDUAL
FAMILY
MEM-
BERS
COMPLYING
WITH
ITS
TERMS
AND
CONDITIONS
(OWEVER

29. CLUBBING
IS
NOT
PERMITTED
BY
OTHER
FAMILY
MEMBERS
FOR
CAPITAL
ACCOUNT
TRANSACTIONS
SUCH
AS
OPENING
A
BANK
ACCOUNTINVESTMENTPURCHASE
OF
PROPERTY

30. IF
THEY
ARE
NOT
THE
CO
OWNERSCO
PARTNERS
OF
THE
OVERSEAS
BANK
ACCOUNTINVESTMENTPROPERTY
URTHER

31. A
RESIDENT
CANNOT
GIFT
TO
ANOTHER
RESIDENT

32. IN
FOREIGN
CURRENCY

33. FOR
THE
CREDIT
OF
THE
LATTERS
FOREIGN
CURRENCY
ACCOUNT
HELD
ABROAD
UNDER
,23
TransactionsnotpermissibleunderLRS
!LL
OTHER
TRANSACTIONS
WHICH
ARE
OTHERWISE
NOT
PERMISSIBLE
UNDER
%-!
AND
THOSE
IN
THE
NATURE
OF
REMITTANCE
FOR
MARGINS
OR
MARGIN
CALLS
TO
OVERSEAS
EXCHANGESOVERSEAS
COUNTERPARTY
ARE
NOT
ALLOWED
UNDER
THE
3CHEME
12.2-1 Capital Account transactions permissible under LRS
4HE
PERMISSIBLE
CAPITAL
ACCOUNT
TRANSACTIONS
BY
AN
INDIVIDUAL
UNDER
,23

34. AS
ENU-
MERATED
IN
PARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
ARE
AS
FOLLOWS
i
OPENING
OF
FOREIGN
CURRENCY
ACCOUNT
ABROAD
WITH
A
BANK

35. ii
PURCHASE
OF
PROPERTY
ABROAD

36. iii
MAKING
INVESTMENTS
ABROAD
ACQUISITION
AND
HOLDING
SHARES
OF
BOTH
LISTED
AND
UNLISTED
OVERSEAS
COMPANY
OR
DEBT
INSTRUMENTS
ACQUISITION
OF
QUALIlCATION
SHARES
OF
AN
OVERSEAS
COMPANY
FOR
HOLDING
THE
POST
OF
$IRECTOR
ACQUISITION
OF
SHARES
OF
A
FOREIGN
COMPANY
TOWARDS
PROFESSIONAL
SERVICES
RENDERED
OR
IN
LIEU
OF
$IRECTORS
REMUNERATION
INVESTMENT
IN
UNITS
OF
-UTUAL
UNDS

37. 6ENTURE
#APITAL
UNDS

38. UNRATED
DEBT
SECURITIES

39. PROMISSORY
NOTES

40. iv
SETTING
UP
7HOLLY
/WNED
3UBSIDIARIES
AND
*OINT
6ENTURES
WITH
EFFECT
FROM
!UGUST

41. OUTSIDE
)NDIA
FOR bona fide
BUSINESS

42. v
EXTENDING
LOANS
INCLUDING
LOANS
IN
)NDIAN
2UPEES
TO
.ON
RESIDENT
)NDIANS
.2)S
WHO
ARE
RELATIVES
AS
DElNED
IN
#OMPANIES
!CT

43. Banks should not finance to facilitate capital account remittances
ANKS
SHOULD
NOT
EXTEND
ANY
KIND
OF
CREDIT
FACILITIES
TO
RESIDENT
INDIVIDUALS
TO
FACILITATE
CAPITAL
ACCOUNT
REMITTANCES
UNDER
THE
3CHEME
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
12.2-2 LRS for current account transactions
4HE
,23
LIMIT
OF
53$

44. PER
INANCIAL
9EAR
9
UNDER
THE
3CHEME
ALSO
IN-
CLUDESSUBSUMES
REMITTANCES
FOR
CURRENT
ACCOUNT
TRANSACTIONS
VIZ
PRIVATE
VISIT
GIFTDONATION
GOING
ABROAD
ON
EMPLOYMENT
EMIGRATION
MAINTENANCE
OF
CLOSE
REL-
ATIVES
ABROAD
BUSINESS
TRIP
MEDICAL
TREATMENT
ABROAD
STUDIES
ABROAD
AVAILABLE
TO
87 ,23
/
53$

45. /2
2%3)$%.4
).$)6)$5!,3
Para 12.2

46. RESIDENT
INDIVIDUALS
UNDER
0ARA
OF
3CHEDULE
)))
TO
OREIGN
%XCHANGE
-ANAGEMENT
#URRENT
!CCOUNT
4RANSACTIONS
2ULES

47. 2ELEASE
OF
FOREIGN
EXCHANGE
EXCEEDING
53$

48. REQUIRES
PRIOR
PERMISSION
FROM
THE
2)
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
0ROVISIONS
IN
RESPECT
OF
EACH
TYPE
OF
CURRENT
ACCOUNT
TRANSACTIONS
ARE
AS
FOLLOWS
Private visits abroad - OR
PRIVATE
VISITS
ABROAD

49. OTHER
THAN
TO
.EPAL
AND
HUTAN

50. ANY
RESIDENT
INDIVIDUAL
CAN
OBTAIN
FOREIGN
EXCHANGE
UP
TO
AN
AGGREGATE
AMOUNT
OF
53$

51. FROM
AN
!UTHORISED
$EALER
OR
-#

52. IN
ANY
ONE
lNANCIAL
YEAR

53. IRRESPECTIVE
OF
THE
NUMBER
OF
VISITS
UNDERTAKEN
DURING
THE
YEAR
Tour related expenses
!LL
TOUR
RELATED
EXPENSES
INCLUDING
COST
OF
RAILROADWATER
TRANSPORTATION
COST
OF
%URO
2AIL
PASSESTICKETS

54. ETC
OUTSIDE
)NDIA
AND
OVERSEAS
HO-
TELLODGING
EXPENSES
SHALL
BE
SUBSUMED
UNDER
THE
,23
LIMIT
4HE
TOUR
OPERATOR
CAN
COLLECT
THIS
AMOUNT
EITHER
IN
)NDIAN
RUPEES
OR
IN
FOREIGN
CURRENCY
FROM
THE
RESIDENT
TRAVELLER
Gift/donation to person resident out of India - !NY
RESIDENT
INDIVIDUAL
MAY
REMIT
UP
TO
53$

55. IN
ONE
9
AS
GIFT
TO
A
PERSON
RESIDING
OUTSIDE
)NDIA
OR
AS
DONATION
TO
AN
ORGANIZATION
OUTSIDE
)NDIA
Going abroad on employment - !
PERSON
GOING
ABROAD
FOR
EMPLOYMENT
CAN
DRAW
FOREIGN
EXCHANGE
UP
TO
53$

56. PER
9
FROM
ANY
!UTHORISED
$EALER
IN
)NDIA
Emigration
!
PERSON
WANTING
TO
EMIGRATE
CAN
DRAW
FOREIGN
EXCHANGE
FROM
!$
#ATEGORY
)
BANK
AND
!$
#ATEGORY
))
UP
TO
THE
AMOUNT
PRESCRIBED
BY
THE
COUNTRY
OF
EMIGRATION
OR
53$

57. 2EMITTANCE
OF
ANY
AMOUNT
OF
FOREIGN
EXCHANGE
OUTSIDE
)NDIA
IN
EXCESS
OF
THIS
LIMIT
MAY
BE
ALLOWED
ONLY
TOWARDS
MEETING
INCIDENTAL
EXPENS-
ES
IN
THE
COUNTRY
OF
IMMIGRATION
AND
NOT
FOR
EARNING
POINTS
OR
CREDITS
TO
BECOME
ELIGIBLE
FOR
IMMIGRATION
BY
WAY
OF
OVERSEAS
INVESTMENTS
IN
GOVERNMENT
BONDS
LAND
COMMERCIAL
ENTERPRISE
ETC
Maintenance of close relatives abroad
!
RESIDENT
INDIVIDUAL
CAN
REMIT
UP
TO
53$

58. PER
9
TOWARDS
MAINTENANCE
OF
CLOSE
RELATIVES
;@RELATIVE
AS
DElNED
IN
3ECTION
OF
THE
#OMPANIES
!CT

59. =
ABROAD
Business trips abroad - 6ISITS
BY
INDIVIDUALS
IN
CONNECTION
WITH
ATTENDING
OF
AN
INTERNATIONAL
CONFERENCE

60. SEMINAR

61. SPECIALISED
TRAINING

62. APPRENTICE
TRAINING

63. ETC

64. ARE
TREATED
AS
BUSINESS
VISITS
OR
BUSINESS
TRIPS
TO
FOREIGN
COUNTRIES

65. RESIDENT
INDIVIDUALS
CAN
AVAIL
OF
FOREIGN
EXCHANGE
UP
TO
53$

66. IN
A
9
IRRESPECTIVE
OF
THE
NUMBER
OF
VISITS
UNDERTAKEN
DURING
THE
YEAR
LRS not permissible if employee deputed out of India
)F
AN
EMPLOYEE
IS
BEING
DEPUTED
BY
AN
ENTITY
FOR
ANY
OF
THE
ABOVE
AND
THE
EXPENSES
ARE
BORNE
BY
THE
LATTER

67. SUCH
EXPENSES
SHALL
BE
TREATED
AS
RESIDUAL
CURRENT
ACCOUNT
TRANSACTIONS
OUTSIDE
,23
AND
MAY
BE
PERMITTED
BY
THE
!$
WITHOUT
ANY
LIMIT

68. SUBJECT
TO
VERIFYING
THE bona
fides
OF
THE
TRANSACTION
Medical treatment abroad
!UTHORISED
$EALERS
MAY
RELEASE
FOREIGN
EXCHANGE
UP
TO
AN
AMOUNT
OF
53$

69. OR
ITS
EQUIVALENT
PER
9
WITHOUT
INSISTING
ON
ANY
ESTIMATE
FROM
A
HOSPITALDOCTOR
OR
AMOUNT
EXCEEDING
THE
ABOVE
LIMIT

70. !UTHORISED
$EALERS
Para 12.2 ,)%2!,)3%$
2%-)44!.#%
3#(%-%
,23 88

71. MAY
RELEASE
FOREIGN
EXCHANGE
UNDER
GENERAL
PERMISSION
BASED
ON
THE
ESTIMATE
FROM
THE
DOCTOR
IN
)NDIA
OR
HOSPITALDOCTOR
ABROAD
!
PERSON
WHO
HAS
FALLEN
SICK
AFTER
PROCEEDING
ABROAD
MAY
ALSO
BE
RELEASED
FOREIGN
EXCHANGE
BY
AN
!UTHORISED
$EALER
WITHOUT
SEEKING
PRIOR
APPROVAL
OF
THE
2ESERVE
ANK
OF
)NDIA
FOR
MEDICAL
TREATMENT
OUTSIDE
)NDIA
)N
ADDITION
TO
THE
ABOVE

72. AN
AMOUNT
UP
TO
53$

73. PER
lNANCIAL
YEAR
IS
ALLOWED
TO
A
PERSON
FOR
ACCOMPANYING
AS
ATTENDANT
TO
A
PATIENT
GOING
ABROAD
FOR
MEDICAL
TREATMENTCHECK
UP
Facilities available to students for pursuing their studies abroad - !$
#ATEGORY
)
BANKS
AND
!$
#ATEGORY
))

74. MAY
RELEASE
FOREIGN
EXCHANGE
UP
TO
53$

75. OR
ITS
EQUIVALENT
TO
RESIDENT
INDIVIDUALS
FOR
STUDIES
ABROAD
WITHOUT
INSISTING
ON
ANY
ESTI-
MATE
FROM
THE
FOREIGN
5NIVERSITY
(OWEVER

76. !$
#ATEGORY
)
BANK
AND
!$
#ATEGORY
))
MAY
ALLOW
REMITTANCES
WITHOUT
SEEKING
PRIOR
APPROVAL
OF
THE
2ESERVE
ANK
OF
)NDIA
EXCEEDING
53$

77. BASED
ON
THE
ESTIMATE
RECEIVED
FROM
THE
INSTITUTION
ABROAD
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
12.2-3 Other remittance and expenses permissible under LRS
ESIDES
PERSONAL
EXPENSES
AS
ABOVE

78. ,23
CAN
BE
USED
FOR
FOLLOWING
PURPOSES
Purchase of objects or art
2EMITTANCES
UNDER
THE
3CHEME
CAN
BE
USED
FOR
PUR-
CHASING
OBJECTS
OF
ART
SUBJECT
TO
THE
PROVISIONS
OF
OTHER
APPLICABLE
LAWS
SUCH
AS
THE
EXTANT
OREIGN
4RADE
0OLICY
OF
THE
'OVERNMENT
OF
)NDIA
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
Remittances by DD for permissible transactions
4HE
3CHEME
CAN
BE
USED
FOR
OUTWARD
REMITTANCE
IN
THE
FORM
OF
A
$$
EITHER
IN
THE
RESIDENT
INDIVIDUALS
OWN
NAME
OR
IN
THE
NAME
OF
BENElCIARY
WITH
WHOM
HE
INTENDS
PUTTING
THROUGH
THE
PERMISSIBLE
TRANSACTIONS
AT
THE
TIME
OF
PRIVATE
VISIT
ABROAD

79. AGAINST
SELF
DECLARATION
OF
THE
REMIT-
TER
IN
THE
FORMAT
PRESCRIBED
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
Opening and maintaining foreign currency account for LRS expenses
)NDIVIDUALS
CAN
ALSO
OPEN

80. MAINTAIN
AND
HOLD
FOREIGN
CURRENCY
ACCOUNTS
WITH
A
BANK
OUTSIDE
)NDIA
FOR
MAKING
REMITTANCES
UNDER
THE
3CHEME
WITHOUT
PRIOR
APPROVAL
OF
THE
2ESERVE
ANK
4HE
FOREIGN
CURRENCY
ACCOUNTS
MAY
BE
USED
FOR
PUTTING
THROUGH
ALL
TRANSAC-
TIONS
CONNECTED
WITH
OR
ARISING
FROM
REMITTANCES
ELIGIBLE
UNDER
THIS
3CHEME
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
Investment by resident Individuals in IFSC
2ESIDENT
INDIVIDUALS
CAN
MAKE
REMIT-
TANCES
UNDER
,23
TO
)3#S
SET
UP
IN
)NDIA
UNDER
THE
3PECIAL
%CONOMIC
:ONE
!CT

81. AS
AMENDED
FROM
TIME
TO
TIME
2)
!0
$)2
3ERIES
#IRCULAR
.O
DATED
12.2-4 Prohibited transactions under LRS
OLLOWING
TRANSACTIONS
ARE
PROHIBITED
Purposes prohibited under Current Account transaction rules
4HE
3CHEME
IS
NOT
AVAILABLE
FOR
REMITTANCES
FOR
ANY
PURPOSE
SPECIlCALLY
PROHIBITED
UNDER
3CHEDULE
)
OR
ANY
ITEM
RESTRICTED
UNDER
3CHEDULE
))
OF
OREIGN
%XCHANGE
-ANAGEMENT
#URRENT
89 ,23
/
53$

82. /2
2%3)$%.4
).$)6)$5!,3
Para 12.2

83. !CCOUNT
4RANSACTION
2ULES

84. DATED
-AY

85. AS
AMENDED
FROM
TIME
TO
TIME
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
Capital account remittances to FATF countries
4HE
3CHEME
IS
NOT
AVAILABLE
FOR
CAPITAL
ACCOUNT
REMITTANCES
TO
COUNTRIES
IDENTIlED
BY
INANCIAL
!CTION
4ASK
ORCE
!4
AS
NON
CO
OPERATIVE
COUNTRIES
AND
TERRITORIES
AS
AVAILABLE
ON
!4
WEBSITE
WWWFATF
GAlORG
OR
AS
NOTIlED
BY
THE
2ESERVE
ANK
2EMITTANCES
DIRECTLY
OR
INDIRECTLY
TO
THOSE
INDIVIDUALS
AND
ENTITIES
IDENTIlED
AS
POSING
SIGNIlCANT
RISK
OF
COMMITTING
ACTS
OF
TERRORISM
AS
ADVISED
SEPARATELY
BY
THE
2ESERVE
ANK
TO
THE
BANKS
IS
ALSO
NOT
PERMITTED
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
12.3 Documentation by the remitter for availment of LRS
4HE
INDIVIDUAL
WILL
HAVE
TO
DESIGNATE
A
BRANCH
OF
AN
!$
THROUGH
WHICH
ALL
THE
RE-
MITTANCES
UNDER
THE
3CHEME
WILL
BE
MADE
4HE
RESIDENT
INDIVIDUAL
SEEKING
TO
MAKE
THE
REMITTANCE
SHOULD
FURNISH
ORM
!
FOR
PURCHASE
OF
FOREIGN
EXCHANGE
UNDER
,23
;FORM
!
GIVEN
AS
ANNEX
IN
2)
$%$
-ASTER
$IRECTION
.O
DATED
=
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
)T
IS
MANDATORY
FOR
THE
RESIDENT
INDIVIDUAL
TO
PROVIDE
HISHER
0ERMANENT
!CCOUNT
.UMBER
0!.
TO
MAKE
REMITTANCE
UNDER
THE
3CHEME
Funds can be retained and invest abroad
)NVESTOR

86. WHO
HAS
REMITTED
FUNDS
UNDER
,23
CAN
RETAIN

87. REINVEST
THE
INCOME
EARNED
ON
THE
INVESTMENTS
!T
PRESENT

88. THE
RES-
IDENT
INDIVIDUAL
IS
NOT
REQUIRED
TO
REPATRIATE
THE
FUNDS
OR
INCOME
GENERATED
OUT
OF
INVESTMENTS
MADE
UNDER
THE
3CHEME
(OWEVER

89. A
RESIDENT
INDIVIDUAL
WHO
HAS
MADE
OVERSEAS
DIRECT
INVESTMENT
IN
THE
EQUITY
SHARES
COMPULSORILY
CONVERTIBLE
PREFERENCE
SHARES
OF
A
*67O3
OUTSIDE
)NDIA

90. WITHIN
THE
,23
LIMIT

91. SHALL
HAVE
TO
COMPLY
WITH
THE
TERMS
AND
CONDITIONS
PRESCRIBED
BY
THE
OVERSEAS
INVESTMENT
GUIDELINES
UNDER
%-
4RANSFER
OR
ISSUE
OF
ANY
OREIGN
3ECURITY
2EGULATIONS

92. AS
AMENDED
0ARA
!
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
Investor can retain and reinvest income under LRS -
!N
INVESTOR
CAN
RETAIN
AND
REINVEST
THE
INCOME
EARNED
ON
INVESTMENTS
MADE
UNDER
THE
,IBERALISED
2EMITTANCE
3CHEME
0ARA
b
OF
2)
%$
-ASTER
$IRECTION
.O
ON
@-ISCELLANEOUS
12.4 Facility to grant loan in rupees to NRI/OCI close relative under the
Scheme
2ESIDENT
INDIVIDUAL
IS
PERMITTED
TO
LEND
TO
A
.ON
RESIDENT
)NDIAN
.2) /VERSEAS
#ITIZEN
OF
)NDIA
/#)
CLOSE
RELATIVE
;@RELATIVE
AS
DElNED
IN
3ECTION
OF
THE
#OMPANIES
!CT

93. =
BY
WAY
OF
CROSSED
CHEQUEELECTRONIC
TRANSFER
SUBJECT
TO
THE
FOLLOWING
CONDITIONS

94. AS
SPECIlED
IN
PARA
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
i
THE
LOAN
IS
FREE
OF
INTEREST
AND
THE
MINIMUM
MATURITY
OF
THE
LOAN
IS
ONE
YEAR
ii
THE
LOAN
AMOUNT
SHOULD
BE
WITHIN
THE
OVERALL
LIMIT
UNDER
THE
,IBERALISED
2E-
MITTANCE
3CHEME
OF
53$

95. PER
lNANCIAL
YEAR
AVAILABLE
FOR
A
RESIDENT
INDIVIDUAL
)T
WOULD
BE
THE
RESPONSIBILITY
OF
THE
RESIDENT
INDIVIDUAL
TO
ENSURE
THAT
THE
AMOUNT
OF
LOAN
GRANTED
BY
HIM
IS
WITHIN
THE
,23
LIMIT
AND
ALL
THE
Para 12.4 ,)%2!,)3%$
2%-)44!.#%
3#(%-%
,23 90

96. REMITTANCES
MADE
BY
THE
RESIDENT
INDIVIDUAL
DURING
A
GIVEN
lNANCIAL
YEAR
IN-
CLUDING
THE
LOAN
TOGETHER
HAVE
NOT
EXCEEDED
THE
LIMIT
PRESCRIBED
UNDER
,23
iii
THE
LOAN
SHALL
BE
UTILIZED
FOR
MEETING
THE
BORROWERS
PERSONAL
REQUIREMENTS
OR
FOR
HIS
OWN
BUSINESS
PURPOSES
IN
)NDIA
iv
THE
LOAN
SHALL
NOT
BE
UTILIZED

97. EITHER
SINGLY
OR
IN
ASSOCIATION
WITH
OTHER
PERSON
FOR
ANY
OF
THE
ACTIVITIES
IN
WHICH
INVESTMENT
BY
PERSONS
RESIDENT
OUTSIDE
)NDIA
IS
PROHIBITED

98. NAMELY
a
4HE
BUSINESS
OF
CHIT
FUND

99. OR
b
.IDHI
#OMPANY

100. OR
c
!GRICULTURAL
OR
PLANTATION
ACTIVITIES
OR
IN
REAL
ESTATE
BUSINESS

101. OR
CONSTRUCTION
OF
FARM
HOUSES
;REAL
ESTATE
BUSINESS
SHALL
NOT
INCLUDE
DEVELOPMENT
OF
TOWN-
SHIPS

102. CONSTRUCTION
OF
RESIDENTIALCOMMERCIAL
PREMISES

103. ROADS
OR
BRIDGES=
OR
d
4RADING
IN
4RANSFERABLE
$EVELOPMENT
2IGHTS
4$2S
v
THE
LOAN
AMOUNT
SHOULD
BE
CREDITED
TO
THE
.2/
AC
OF
THE
.2)/#)
#REDIT
OF
SUCH
LOAN
AMOUNT
MAY
BE
TREATED
AS
AN
ELIGIBLE
CREDIT
TO
.2/
AC
vi
THE
LOAN
AMOUNT
SHALL
NOT
BE
REMITTED
OUTSIDE
)NDIA
AND
vii
REPAYMENT
OF
LOAN
SHALL
BE
MADE
BY
WAY
OF
INWARD
REMITTANCES
THROUGH
NORMAL
BANKING
CHANNELS
OR
BY
DEBIT
TO
THE
.ON
RESIDENT
/RDINARY
.2/ .ON
RESI-
DENT
%XTERNAL
.2% OREIGN
#URRENCY
.ON
RESIDENT
#.2
ACCOUNT
OF
THE
BORROWER
OR
OUT
OF
THE
SALE
PROCEEDS
OF
THE
SHARES
OR
SECURITIES
OR
IMMOVABLE
PROPERTY
AGAINST
WHICH
SUCH
LOAN
WAS
GRANTED
12.4-1 Rupee Gift to NRI/OCI who is relative of remitter
!
RESIDENT
INDIVIDUAL
CAN
MAKE
A
RUPEE
GIFT
TO
A
.2)/#)
WHO
IS
A
RELATIVE
OF
THE
RESIDENT
INDIVIDUAL
;@RELATIVE
AS
DElNED
IN
3ECTION
OF
THE
#OMPANIES
!CT

104. =
BY
WAY
OF
CROSSED
CHEQUEELECTRONIC
TRANSFER
4HE
AMOUNT
SHOULD
BE
CREDITED
TO
THE
.ON
2ESIDENT
/RDINARY
2UPEE
!CCOUNT
.2/
AC
OF
THE
.2)/#)
AND
CREDIT
OF
SUCH
GIFT
AMOUNT
MAY
BE
TREATED
AS
AN
ELIGIBLE
CREDIT
TO
.2/
AC
4HE
GIFT
AMOUNT
WOULD
BE
WITHIN
THE
OVERALL
LIMIT
OF
53$

105. PER
9
AS
PERMITTED
UNDER
THE
,23
FOR
A
RESIDENT
INDIVIDUAL
)T
WOULD
BE
THE
RESPONSIBILITY
OF
THE
RESIDENT
DONOR
TO
ENSURE
THAT
THE
GIFT
AMOUNT
IS
WITHIN
THE
,23
LIMIT
AND
ALL
THE
REMITTANCES
MADE
BY
THE
DONOR
DURING
THE
lNANCIAL
YEAR
INCLUDING
THE
GIFT
AMOUNT
HAVE
NOT
EXCEEDED
THE
LIMIT
PRESCRIBED
UNDER
THE
,23
2)
.OTIlCATION
%-!
2
DATED
;'32
%
DATED
=
12.5 Operational instructions to Authorised Persons
4HE
INSTRUCTIONS
ARE
CONTAINED
IN
PARA
OF
2)
$%$
-ASTER
$IRECTION
.O
DATED
!UTHORIZED
0ERSONS
MAY
CAREFULLY
STUDY
THE
PROVISIONS
OF
THE
!CT2EGULATIONS.O-
TIlCATIONS
ISSUED
UNDER
OREIGN
%XCHANGE
-ANAGEMENT
!CT

106. No document specified by RBI
4HE
2)
WILL
NOT

107. GENERALLY

108. PRESCRIBE
THE
DOCUMENTS
WHICH
SHOULD
BE
VERIlED
BY
THE
!UTHORISED
0ERSONS
WHILE
RELEASING
FOREIGN
EXCHANGE
FOR
CURRENT
ACCOUNT
TRANSACTIONS
!TTENTION
OF
AUTHORIZED
PERSONS
IS
DRAWN
TO
3EC-
TION
OF
THE
%-!

109. WHICH
PROVIDES
THAT
AN
AUTHORISED
PERSON
SHALL
REQUIRE
ANY
PERSON
DESIRING
TO
TRANSACT
IN
FOREIGN
EXCHANGE
TO
MAKE
SUCH
A
DECLARATION
AND
91 /0%2!4)/.!,
).3425#4)/.3
4/
!54(/2)3%$
0%23/.3
Para 12.5

110. TO
GIVE
SUCH
INFORMATION
AS
WILL
REASONABLY
SATISFY
HIM
THAT
THE
TRANSACTION
WILL
NOT
INVOLVE
AND
IS
NOT
DESIGNED
FOR
THE
PURPOSE
OF
ANY
CONTRAVENTION
OR
EVASION
OF
THE
PROVISIONS
OF
THE
%-!
OR
ANY
RULE

111. REGULATION

112. NOTIlCATION

113. DIRECTION
OR
ORDER
ISSUED
THERE
UNDER
AD Bank can prescribe documents to be obtained by branches
7ITH
A
VIEW
TO
MAINTAINING
UNIFORM
PRACTICES

114. !UTHORIZED
$EALERS
MAY
CONSIDER
REQUIREMENTS
OR
DOCUMENTS
TO
BE
OBTAINED
BY
THEIR
BRANCHES
TO
ENSURE
COMPLIANCE
WITH
PROVISIONS
OF
SECTION
OF
THE
!CT
AD Bank to keep records and report suspicious transactions to RBI
!UTHORISED
$EALERS
ARE
ALSO
REQUIRED
TO
KEEP
ON
RECORD
ANY
INFORMATIONDOCUMENTATION

115. ON
THE
BASIS
OF
WHICH
THE
TRANSACTION
WAS
UNDERTAKEN
FOR
VERIlCATION
BY
THE
2ESERVE
ANK
)N
CASE
THE
APPLICANT
REFUSES
TO
COMPLY
WITH
ANY
SUCH
REQUIREMENT
OR
MAKES
UNSATISFACTORY
COMPLIANCE
THEREWITH

116. THE
!UTHORISED
$EALER
SHALL
REFUSE

117. IN
WRITING

118. TO
UNDERTAKE
THE
TRANSACTION
AND
SHALL

119. IF
HE
HAS
REASONS
TO
BELIEVE
THAT
ANY
CONTRA-
VENTIONEVASION
IS
CONTEMPLATED
BY
THE
PERSON

120. REPORT
THE
MATTER
TO
2)
AD Bank to ensure compliance of income tax TDS provisions
2)
WILL
NOT
ISSUE
ANY
INSTRUCTIONS
UNDER
THE
%-!

121. REGARDING
THE
PROCEDURE
TO
BE
FOLLOWED
IN
RESPECT
OF
DEDUCTION
OF
TAX
AT
SOURCE
WHILE
ALLOWING
REMITTANCES
TO
THE
NON
RESIDENTS
)T
SHALL
BE
MANDATORY
ON
THE
PART
OF
!UTHORISED
$EALERS
TO
COMPLY
WITH
THE
REQUIREMENT
OF
THE
TAX
LAWS

122. AS
APPLICABLE
AD Bank to follow KYC norms and Anti-Money Laundering Rules
7HILE
ALLOW-
ING
THE
FACILITY
TO
RESIDENT
INDIVIDUALS

123. !UTHORISED
$EALERS
ARE
REQUIRED
TO
ENSURE
THAT
h+NOW
9OUR
#USTOMERv
GUIDELINES
HAVE
BEEN
IMPLEMENTED
IN
RESPECT
OF
BANK
ACCOUNTS
4HEY
SHOULD
ALSO
COMPLY
WITH
THE
!NTI
-ONEY
,AUNDERING
2ULES
IN
FORCE
WHILE
ALLOWING
THE
FACILITY
Applicant should be customer of AD Bank for remittance of capital account
transactions
4HE
APPLICANTS
SHOULD
HAVE
MAINTAINED
THE
BANK
ACCOUNT
WITH
THE
BANK
FOR
A
MINIMUM
PERIOD
OF
ONE
YEAR
PRIOR
TO
THE
REMITTANCES
FOR
CAPITAL
ACCOUNT
TRANSACTIONS
Due diligence in case of new customer
)F
THE
APPLICANT
SEEKING
TO
MAKE
THE
RE-
MITTANCES
IS
A
NEW
CUSTOMER
OF
THE
BANK

124. !UTHORISED
$EALERS
SHOULD
CARRY
OUT
DUE
DILIGENCE
ON
THE
OPENING

125. OPERATION
AND
MAINTENANCE
OF
THE
ACCOUNT
4HE
!UTHORISED
$EALERS
SHOULD
OBTAIN
BANK
STATEMENT
FOR
THE
PREVIOUS
YEAR
FROM
THE
APPLICANT
TO
SATISFY
THEMSELVES
REGARDING
THE
SOURCE
OF
FUNDS
)F
SUCH
A
BANK
STATEMENT
IS
NOT
AVAILABLE

126. COPIES
OF
THE
LATEST
)NCOME
4AX
!SSESSMENT
/RDER
OR
2ETURN
lLED
BY
THE
APPLICANT
MAY
BE
OBTAINED
Remittancesshouldbeoutofownfundsofapplicant
4HE
!UTHORISED
$EALER
SHOULD
ENSURE
THAT
THE
PAYMENT
IS
RECEIVED
OUT
OF
FUNDS
BELONGING
TO
THE
PERSON
SEEKING
TO
MAKE
THE
REMITTANCES

127. BY
A
CHEQUE
DRAWN
ON
THE
APPLICANTS
BANK
ACCOUNT
OR
BY
DEBIT
TO
HIS
ACCOUNT
OR
BY
$EMAND
$RAFT0AY
/RDER
!UTHORISED
$EALER
MAY
ALSO
ACCEPT
THE
PAYMENT
THROUGH
CREDITDEBITPREPAID
CARD
OF
THE
CARD
HOLDER
No remittance to ineligible entities
4HE
!UTHORISED
$EALER
SHOULD
CERTIFY
THAT
THE
REMITTANCE
IS
NOT
BEING
MADE
DIRECTLY
OR
INDIRECTLY
BYOR
TO
INELIGIBLE
ENTITIES
AND
THAT
THE
REMITTANCES
ARE
MADE
IN
ACCORDANCE
WITH
THE
INSTRUCTIONS
CONTAINED
HEREIN
Para 12.5 ,)%2!,)3%$
2%-)44!.#%
3#(%-%
,23 92

128. No credit facilities to applicant for capital account transactions
!$
BANK
SHOULD
NOT
EXTEND
ANY
KIND
OF
CREDIT
FACILITIES
TO
RESIDENT
INDIVIDUALS
TO
FACILITATE
REMITTANCES
FOR
CAPITAL
ACCOUNT
TRANSACTIONS
UNDER
THE
3CHEME
NoremittanceofcapitalaccounttransactionstoFATFcountries
!UTHORISED
$EALER
MAY
KEEP
A
RECORD
OF
THE
COUNTRIES
IDENTIlED
BY
!4
AS
NON
CO
OPERATIVE
COUNTRIES
AND
TERRITORIES
AND
ACCORDINGLY
UPDATE
THE
LIST
FROM
TIME
TO
TIME
FOR
NECESSARY
AC-
TION
BY
THEIR
BRANCHES
HANDLING
THE
TRANSACTIONS
UNDER
THE
,IBERALISED
2EMITTANCE
3CHEME
OR
THIS
PURPOSE

129. THEY
MAY
ACCESS
THE
WEBSITE
WWWFATF
GAlORG
TO
OBTAIN
THE
LATEST
LIST
OF
NON
CO
OPERATIVE
COUNTRIES
NOTIlED
BY
!4
Reporting by AD Bank of transactions in LRS
4HE
REMITTANCES
MADE
UNDER
THIS
3CHEME
WILL
BE
REPORTED
IN
%4%23
IN
THE
NORMAL
COURSE
4HE
!UTHORISED
$EALERS
MAY
ALSO
PREPARE
AND
KEEP
ON
RECORD
DUMMY
ORM
!

130. IN
RESPECT
OF
REMITTANCES
LESS
THAN
53$

131. Foreign Banks and Indian Banks should not advertise LRS scheme without
approval of RBI
!
NUMBER
OF
FOREIGN
BANKS
OPERATING
IN
)NDIA
AS
WELL
AS
)NDIAN
BANKS
HAVE
BEEN
SOLICITING
THROUGH
ADVERTISEMENTS
FOREIGN
CURRENCY
DEPOSITS
FROM
RESIDENTS
UNDER
,23
;ON
BEHALF
OF
OVERSEAS
MUTUAL
FUNDS=
OR
FOR
PLACING
AT
THEIR
OVERSEAS
BRANCHES
4HESE
ADVERTISEMENTS
MAY
NOT
ALWAYS
CONTAIN
APPROPRIATE
DIS-
CLOSURES
TO
GUIDE
POTENTIAL
DEPOSITORS
GIVING
RISE
TO
CONCERNS
FROM
THE
POINT
OF
VIEW
OF
PROTECTING
THE
INTEREST
OF
THE
RESIDENT
INDIVIDUALS
URTHER

132. MARKETING
IN
)NDIA
OF
SCHEMES
SOLICITING
FOREIGN
CURRENCY
DEPOSITS
BY
FOREIGN
ENTITIES

133. NOT
HAVING
OPERA-
TIONAL
PRESENCE
IN
)NDIA

134. ALSO
RAISES
SUPERVISORY
CONCERNS
!LL
BANKS

135. BOTH
)NDIAN
AND
FOREIGN

136. INCLUDING
THOSE
NOT
HAVING
AN
OPERATIONAL
PRES-
ENCE
IN
)NDIA

137. SHOULD
SEEK
PRIOR
APPROVAL
FROM
2)
FOR
THE
SCHEMES
BEING
MARKETED
BY
THEM
IN
)NDIA
TO
RESIDENTS
EITHER
FOR
SOLICITING
FOREIGN
CURRENCY
DEPOSITS
FOR
THEIR
FOREIGNOVERSEAS
BRANCHES
OR
FOR
ACTING
AS
AGENTS
FOR
OVERSEAS
MUTUAL
FUNDS
OR
ANY
OTHER
FOREIGN
lNANCIAL
SERVICES
COMPANY
4HE
APPLICATIONS
IN
THIS
REGARD
MAY
BE
AD-
DRESSED
TO
THE
#HIEF
'ENERAL
-ANAGER
IN
#HARGE

138. $EPARTMENT
OF
ANKING
2EGULATIONS

139. 2ESERVE
ANK
OF
)NDIA

140. #ENTRAL
/FlCE

141. TH
LOOR

142. ORT

143. -UMBAI
12.6 Reporting to RBI
!$
#ATEGORY
)
BANKS
ARE
REQUIRED
TO
FURNISH
THE
INFORMATION
ON
REMITTANCES
MADE
UNDER
THE
,IBERALISED
2EMITTANCE
3CHEME
,23
ON
A
MONTHLY
BASIS

144. ON
OR
BEFORE
THE
FIFTH
OF
THE
FOLLOWING
MONTH
TO
WHICH
IT
RELATES
THROUGH
82,
;EARLIER
IT
WAS
/NLINE
2ETURNS
ILING
3YSTEM
/23 =
7HERE
THERE
IS
NO
DATA
TO
FURNISH

145. !$
BANKS
ARE
ADVISED
TO
UPLOAD
@NIL
FIGURES
IN
THE
/23
SYSTEM
4HE
52,
IS
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Para 12.6

148. Rs. 1250 | USD 50
AUTHOR : TAXMANN
PUBLISHER : TAXMANN
DATE OF PUBLICATION : JULY 2021
EDITION : 15TH EDITION
ISBN NO : 9788195371440
NO. OF PAGES : 540
ORDER NOW
FEMA FDI
Ready Reckoner
DESCRIPTION
FEMA FDI Ready Reckoner provides complete and accurate information
about all provisions of the Foreign Exchange Management Act, 1999 (FEMA).
It also includes guidance on all practical issues faced by companies and FEMA
professionals. Key features of this book are as follows:
u Topic-wise commentary on FEMA
u Analysis of all provisions of FEMA with relevant Rules, Judicial Pronouncements, Circulars,
Notifications and Master Directions issued by Reserve Bank of India
u Law Relating to the following
n Prevention of Money Laundering Act
n Foreign Contribution (Regulation) Act
n COFEPOSA