This document summarizes recent changes to regulations regarding foreign exchange and investments in India:
1) Exporters meeting certain revenue thresholds can now file software export statements in revised Excel sheets rather than existing forms.
2) The limit on external commercial borrowings for infrastructure finance companies has increased from 50% to 75% of owned funds under an automatic approval route.
3) Issuance of equity shares against import of second-hand machinery is no longer allowed under the government route for foreign direct investment.
4) Authorized dealers are directed to submit compliance documents from companies in a timely manner to avoid delays at the Reserve Bank of India.
5) Indian companies in the hotel sector with projects over 250
ELP Update - SEBI Details Regulatory Norms for Special Situation AssetsEconomic Laws Practice
In order to address the growing concerns of stressed assets, SEBI has introduced Special Situation Funds (SSF), a sub-category under Category I AIF, which shall invest in ‘special situation assets’.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
ELP Update - SEBI Details Regulatory Norms for Special Situation AssetsEconomic Laws Practice
In order to address the growing concerns of stressed assets, SEBI has introduced Special Situation Funds (SSF), a sub-category under Category I AIF, which shall invest in ‘special situation assets’.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Sebi - consultation paper-review of framework for institutional trading platf...Venkatesh Prabhu
The regulator has renamed the Institutional Trading Platform(ITP) as 'Innovators Growth Platform'(IGP)
SEBI Proposes minimum trading lot size to Rs 2 lakh from the existing Rs 10 lakh and also proposed lock-in of six months for all categories of pre-IPO public shareholders, unlike the current rule which exempts private equity funds from lock-in.
The minimum number of allottees has also been reduced to 50 from the existing 200. Besides, it has proposed to remove a minimum reservation of allocation to any specific category of investors and is considering allocation on a proportionate basis.At present, rules allow 75% of the net offer to the public to be allocated to institutional investors and the remaining 25% to non-institutional investors.
Scope for Insolvency Professionals - Sumedha IBCSumedha Fiscal
The Bankruptcy and Insolvency Code creates time-bound processes for insolvency resolution of companies & individuals which thereby will help India improve its World Bank insolvency ranking. The code has opened new opportunities for professionals particularly Chartered Accountants. This presentation looks at the wide scope for Insolvency Professionals.
The Insolvency and Bankruptcy Code, 2016 (Code) came into operation w.e.f 28th May, 2016.
It seeks to consolidate the existing framework by by creating a single law for Insolvency and Bankruptcy.
Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts as they are due.
Insolvency can occur when certain things happen, some of which may include: poor cash management, increase in cash expenses, or decrease in cash flow.
Significant Judgments on Insolvency and Bankruptcy CodeSumedha Fiscal
Experts at Sumedha pieced together a significant judgment on insolvency and bankruptcy code. Read through to know what our experts have to say about this.
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
Relief Measures by RBI and Banks to MSME, Real Estate and NBFC SectorSumedha Fiscal
In order to alleviate the economic pain widely caused by the global pandemic, RBI announces new measures. Here is a breakdown of the steps taken and what the future holds.
Sebi - consultation paper-review of framework for institutional trading platf...Venkatesh Prabhu
The regulator has renamed the Institutional Trading Platform(ITP) as 'Innovators Growth Platform'(IGP)
SEBI Proposes minimum trading lot size to Rs 2 lakh from the existing Rs 10 lakh and also proposed lock-in of six months for all categories of pre-IPO public shareholders, unlike the current rule which exempts private equity funds from lock-in.
The minimum number of allottees has also been reduced to 50 from the existing 200. Besides, it has proposed to remove a minimum reservation of allocation to any specific category of investors and is considering allocation on a proportionate basis.At present, rules allow 75% of the net offer to the public to be allocated to institutional investors and the remaining 25% to non-institutional investors.
Scope for Insolvency Professionals - Sumedha IBCSumedha Fiscal
The Bankruptcy and Insolvency Code creates time-bound processes for insolvency resolution of companies & individuals which thereby will help India improve its World Bank insolvency ranking. The code has opened new opportunities for professionals particularly Chartered Accountants. This presentation looks at the wide scope for Insolvency Professionals.
The Insolvency and Bankruptcy Code, 2016 (Code) came into operation w.e.f 28th May, 2016.
It seeks to consolidate the existing framework by by creating a single law for Insolvency and Bankruptcy.
Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts as they are due.
Insolvency can occur when certain things happen, some of which may include: poor cash management, increase in cash expenses, or decrease in cash flow.
Significant Judgments on Insolvency and Bankruptcy CodeSumedha Fiscal
Experts at Sumedha pieced together a significant judgment on insolvency and bankruptcy code. Read through to know what our experts have to say about this.
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
Relief Measures by RBI and Banks to MSME, Real Estate and NBFC SectorSumedha Fiscal
In order to alleviate the economic pain widely caused by the global pandemic, RBI announces new measures. Here is a breakdown of the steps taken and what the future holds.
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
The general election to Lok Sabha is the most important democratic process in the Indian Constitutional Framework. Current elections have attracted a huge turnout of the voters, clearly indicating to the political leadership that India need change and Indian democracy, economy and expectations of public and society is under transformation.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
The BJP Government is on the verge of completing a year and has now stabilised. Major economic initiatives and actions are emerging for a high growth oriented economy.
NON PERFORMING ASSETS – NEED FOR PRAGMATIC & PRACTICAL REGULATORY FRAMEWORK Neha Sharma
The Reserve Bank of India, Indian Banks Association, almost all Public Sector Banks and the Indian businesses are deeply concerned about significant rise in nonperforming assets during last one year. The Indian economy has been passing through unprecedented turbulent times. Many important sectors of the economy have been adversely affected.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
1. 05.02.2013
HEDG E-SQUARE
FEMA – SNAPS (January, 2013)
Export of Goods and Services – Simplification and Revision of
INSIDE T HIS Softex Procedure at SEZs Overseas Direct Investment
Circular No: 66
Date: 01.01.2013
Simplification &
Revision of Softex Vide this Circular it has been decided that a software
Procedure
exporter under STPIs or SEZs/ EPZs/ 100%EOU/ DTA
ECB by NBFC-IFC having annual revenue of at least Rs. 1,000 Crore or
who files at least 600 SOFTEX Forms, annually on all
Issue of Shares against India basis, would become eligible for filing statements in
Import of Capital revised excel sheets, as prescribed.
Goods
Delay in Filing
Compliance External Commercial Borrowings Policy – Non-Banking
Documents of the
Company by the Financial Company – Infrastructure Finance Companies (NBFC-
Authorised Dealers IFCs)
ECB – Repayment of
Circular No: 69
Rupee Loan Date: 07.01.2012
Vide this circular limit of External Commercial Borrowing (ECB) (including outstanding) for
Non – Banking Financial Company (NBFC) categorised as Infrastructure Finance
Companies (IFCs) has been increased from 50% to 75% of their owned funds under
automatic route. Approval of Reserve Bank of India would be required for availing ECB of
more than 75% of total owned funds.
It should be noted that the permitted end-use of an ECB availed shall be for on-lending to the
infrastructure sector, as defined under the extant ECB policy.
Foreign Direct Investment (FDI) in India - Issue of Equity Shares
under the FDI Scheme Allowed under the Government route
Circular No: 74
Date: 10.01.2012
Vide this Circular RBI amended the position in issuance of equity shares/ preference shares
under the Government Route against import of capital goods. RBI has disallowed said issue
of equity/ preference shares against an import of Second Hand Machineries (which was
allowed earlier) and in line with this, same has been excluded from the valuation
requirement.
2. Page 2 FEMA SNAPS – Ja nuary, 2013
Reporting under Foreign Exchange Management Act, 1999
Circular No: 76
Date: 17.01.2012
Vide this Circular RBI has addressed the issues related to the delay in filing of various
Company documents from the side of Authorised Dealers (ADs). There are various
compliance documents including of Annual Performance Reports, ECB Forms, ODI
Forms, Intimation of FDI transaction, which needs to be submitted by the concerned
Companies to the RBI through Authorised Dealers. RBI stated that it is in late receipt
“Liberalisation in of said compliance documents from ADs. The Circular is of directive nature and does
ECB” not contain any fix amount of penalty on ADs for non submission or delayed
submission.
External Commercial Borrowings (ECB) Policy –Repayment
of Rupee loans and/or fresh Rupee capital expenditure – USD
10 billion scheme.
Circular No: 78
Date: 21.01.2013
Pursuant to this Circular, Indian Companies engaged in hotel
sector with a total project cost of INR 250 Crores or more are
now allowed to avail ECB for repayment of outstanding Rupee
loan(s) obtained from the domestic banking system and / or for
fresh Rupee capital expenditure. Previous to this circular said
facility was extended to the Indian Companies engaged in the
manufacturing and infrastructure sector. Above said
liberalisation is subject to the compliance with other terms and
conditions prescribed earlier in related Circulars.
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