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Commentaries
Updated up to 1st January, 2017
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CHAPTER 1 FEMA - OVERVIEW
1.1 Background of FEMA
1.2 FEMA in changed situation
1.3 Overall scheme of FEMA
1.4 Spread of provisions of FEMA
CHAPTER 2 Resident and Non-Resident Person Under FEMA
2.1 Background
2.2 Student going outside India for studies is NRI
2.3 Non-Resident Indian and PIO
2.4 Investment facilities available to NRI and PIOs at a glance
CHAPTER 3 Authorised Person under FEMA
3.1 Who is authorized person
3.2 Authorised Money Changers (AMC)
3.3 Offshore Banking Units
3.4 Instructions to authorised persons
3.5 Inter Bank Dealings
CHAPTER 4 Foreign exchange rates
4.1 Background
4.2 Types of foreign exchange rates
CHAPTER 5 Bank accounts and deposits in India by a person resident outside India
5.1 Background
5.2 Exemptions from deposit regulations
5.3 Non-Resident (External) Rupee Account Scheme
5.4 Non-Resident (Ordinary) Account
5.5 Account by foreign national resident in India
5.6 International Credit Cards
5.7 Special Non-Resident Rupee Account (SNRR)
5.8 Escrow Account for SEBI takeover regulations
5.9 Renewal of deposit by a company in India from NRIs/PIOs on repatriation basis
5.10 Acceptance of deposits by Indian proprietorship concern/firm or a company from NRIs or PIOs on non-repatriation basis
5.11 Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director
5.12 Other Accounts/Deposits
CHAPTER 6 Foreign Currency Accounts that can be opened in India
6.1 Statutory provisions
6.2 Foreign Currency Accounts that can be held in India
CHAPTER 7 Foreign Currency Accounts that can be held outside India
7.1 Accounts by Indian residents outside India
7.2 FC accounts outside India for various purposes
CHAPTER 8 Vostro Rupee/Foreign Currency Accounts of Non-resident Exchange Houses
8.1 Statutory Background
8.2 General Instructions to AD Banks
8.3 Instructions regarding operations in the Rupee vostro accounts
8.4 Permitted Transactions
8.5 Types of Rupee Drawing Arrangements and Collateral Cover
8.6 Foreign Currency Drawing Arrangements
CHAPTER 9 Receipt and payment in foreign exchange
9.1 Manner of receipt of exchange
9.2 Manner of payment in foreign exchange
9.3 Money Transfer Service Scheme
9.4 Online payment Gateways
9.5 Making payment in Indian Rupees in some transactions
CHAPTER 10 Realisation, repatriation and surrender of foreign exchange
10.1 Statutory provisions
10.2 Duty of persons to realise foreign exchange due
10.3 Manner of repatriation
10.4 Provisions not applicable to foreign currency of Nepal and Bhutan
CHAPTER 11 Money Changing Activities
11.1 Statutory provisions
11.2 FFMC Licence
11.3 KYC/AML/CFT Guidelines
CHAPTER 12 Money Transfer Service Scheme
12.1 Statutory background
12.2 Guidelines for permitting (authorising) Indian Agents under Money Transfer Service Scheme (MTSS)
12.3 Appointment of Sub-Agents by Indian Agents
12.4 Inspection of Indian Agents
CHAPTER 13 Possession and Retention of Foreign Currency
13.1 Restrictions on holding currency
13.2 Possession of foreign exchange by a person resident in India but not permanently resident therein
CHAPTER 14 Export and Import of Currency or Currency Notes
14.1 Background
CHAPTER 15 Current Account Transactions
15.1 Statutory provisions
15.2 Restrictions on current account transactions
15.3 Release of Foreign Exchange by Authorised Dealer Category II
15.4 Remittance facilities for resident individuals
15.5 International Credit Cards/International Debit Cards/Store value cards etc
15.6 Gift/donation
15.7 Commission to agents abroad for sale of residential flats or commercial plots in India
15.8 Remittances towards consultancy services
15.9 Remittances towards re-imbursement of pre-incorporation expenses
15.10 Payment of fees in foreign currency-Embassy affiliated educational institutions
15.11 Remittance towards payments of collected subscription to overseas TV media company
15.12 Bids in foreign currency for projects to be executed in India
15.13 Sale of overseas telephone cards
15.14 Liberalization of foreign technical collaboration agreements
15.15 Remittance for purchase of trademark or franchise in India
15.16 Remittances for making tour arrangements by agents
15.17 Issue of Guarantee - Import of service
15.18 Operational instructions to Authorised Persons
CHAPTER 16 Liberalised Remittance Scheme (LRS)
16.1 Statutory background
16.2 Overview of LRS scheme
16.3 LRS limit includes both capital and current account transactions
16.4 Purchasing art objects abroad
16.5 Remittance by DD in own name or name of beneficiary
16.6 Documentation by the remitter
16.7 Repatriation of amount, income, interest
16.8 Loan in rupees to NRI/PIO close relative under LRS
16.9 Gift to NRI/PIO in Rupees in NRO account
16.10 Operational instructions to Authorised Persons
16.11 No advertisement or soliciting of LRS by banks without approval of RBI
CHAPTER 17 Export of Goods and Services
17.1 Statutory provisions
17.2 EDF/SOFTEX Procedure for export of goods and software
17.3 Delegation of powers to and Obligations of Authorised Dealers
17.4 Remittances connected with Export
17.5 Refund of export proceeds to foreign buyer
17.6 Powers of RBI if payment not received
CHAPTER 18 Import of Goods and Services
18.1 Statutory background
18.2 General Guidelines for Imports
18.3 Import of Foreign Exchange
18.4 Research and Development Cess
18.5 Third Party Payment for Import Transactions
18.6 Issue of Guarantees by an Authorised Dealer
18.7 Advance Remittance for imports
18.8 Interest on Import Bills
18.9 Remittances against Replacement Imports
18.10 Import of Equipment by Business Process Outsourcing (BPO) Companies for their Overseas Sites
18.11 Receipt of Import Bills/Documents
18.12 Evidence of Import
18.13 Import of Gold and precious metals
18.14 Import Factoring
18.15 Merchanting Trade
18.16 Settlement of transactions
CHAPTER 19 Project exports and Service Exports
19.1 Background
19.2 Borrowing from overseas bank for project exports
19.3 Opening of bank account in or out of India for project exports
19.4 Reporting to RBI
CHAPTER 20 Capital account transactions
20.1 Meaning of 'Capital Account Transaction'
20.2 Permissible Capital Account transactions by persons resident of India
20.3 Permissible Capital Account transactions by persons resident outside India
CHAPTER 21 Borrowing and Lending in foreign currency
21.1 Borrowing and Lending in foreign currency by an Authorised Dealer
21.2 Borrowing and Lending in Foreign currency by persons other than authorised dealer
21.3 Non-resident guarantee for domestic fund based and non-fund based facilities
21.4 Facility of Credit Enhancement
CHAPTER 22 Borrowing and Lending Transactions in Indian Rupee between Persons Resident In India and NRI/PIO
22.1 Statutory provisions
22.2 Borrowings by Persons Resident in India in INR from NRIs/PIOs
22.3 Lending by authorised dealers in INR to NRIs
22.4 Lending in INR by an authorised dealer or a housing finance institution to NRI/PIO for housing purpose
22.5 INR loans by Indian body corporate to its NRI/PIO employees
22.6 INR Loans to NRI by Resident Individual
22.7 Change of status of borrower/lender from person resident in India to person resident outside India
22.8 Overdraft by Authorised Dealer to its Branches/Correspondent Banks/Head Office outside India
CHAPTER 23 Trade Credits
23.1 Suppliers' Credit and Buyers' Credit
CHAPTER 24 Investments in Foreign Securities other than JV/WOS
24.1 Background
24.2 Pledge of a foreign security by a person resident in India
24.3 General permission to acquire foreign securities in certain cases
24.4 Acquiring the shares of SWIFT by a resident bank
24.5 Issue of Indian Depository Receipts (IDRs)
24.6 Collateral by FIIs for transactions in derivative segment-opening of demat accounts by Clearing Corporations and Clearing Members
24.7 Operational Instructions to Authorised Dealer Banks
CHAPTER 25 Acquisition and Transfer of Immovable Property under FEMA
25.1 Statutory background
25.2 Acquisition and Transfer of Immovable Property outside India by a person resident in India
25.3 Acquisition and Transfer of Immovable Property in India
25.4 Acquisition of immovable property by a Person of Indian Origin (PIO)
25.5 Acquisition of immovable Property by Foreign Embassies/Diplomats/Consulate Generals
25.6 Acquisition of immovable property in India by person resident outside India for carrying on a permitted activity
25.7 Repatriation of sale proceeds of immovable property sold in India
25.8 Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries
25.9 Creation of charge on immovable assets by a person resident of India
CHAPTER 26 Remittance of assets outside India
26.1 Statutory provisions
26.2 Remittances by individuals other than NRIs/PIO
26.3 Remittances by NRIs/PIO
26.4 Remittances by companies/entities
26.5 Remittances/winding up proceeds of branch/office
26.6 Remittance of assets requiring RBI approval
CHAPTER 27 Guarantee to or from person resident out of India
27.1 Background
27.2 Bank guarantee
27.3 Guarantee by Indian entity other than Bank
27.4 Obtaining overseas guarantee where borrowing in foreign exchange is permitted Obtaining overseas guarantee where borrowing in foreign exchange is permitted
27.5 Non-resident guarantee for domestic fund based and non-fund based facilities
CHAPTER 28 Insurance
28.1 Statutory background
28.2 Life Insurance
28.3 General Insurance in India
28.4 Reinsurance
28.5 Foreign Currency Accounts and investments abroad by insurance companies
CHAPTER 29 Risk Management in Foreign Exchange
29.1 Foreign exchange risks
29.2 Foreign exchange derivative contracts which a person resident in India can enter into
29.3 Foreign exchange derivative contracts which a person resident outside India can enter into
29.4 Exchange Traded Currency Derivatives
29.5 Commodity hedge
29.6 Freight hedge
29.7 Security to stock exchange by FII in derivative segments
29.8 Rupee trade - Hedging facilities to Non-Resident entities, when invoiced in Indian Rupees
29.9 Foreign Exchange Exposure Limits of Authorised Dealers
CHAPTER 30 Foreign Direct Investment in India (FDI)
30.1 Background
30.2 Who can invest in India
30.3 Eligible investee entities
30.4 Automatic and Government Routes for Investment
30.5 Calculation of Total Foreign Investment
30.6 Sector specific conditions on FDI
30.7 Reporting of FDI
30.8 Penalties for Violation of FDI provisions
CHAPTER 31 Industrial Policy of Government of India
31.1 Background
31.2 Micro, small and medium enterprises
CHAPTER 32 Background of FEMA
32.1 Security of an Indian company can be issued to a person resident out of India
32.2 Issue of capital Instruments
32.3 Issue of Depository Receipts (DRs)
32.4 Issue of Foreign Currency Convertible Bonds (FCCBs)
32.5 Issue of Employees Stock Option Scheme (ESOPs)/Sweat Equity
CHAPTER 33 Transfer of shares and convertible debentures
33.1 Background
33.2 Transfer when approval of RBI is not required
33.3 Prior permission of RBI in certain cases for transfer of capital instruments
33.4 Conversion of ECB into Equity
33.5 Transfer of shares from resident to non-resident and vice versa
33.6 Issue of Rights Shares
33.7 Conditions in some specified cases
33.8 Pledge of Shares for securing ECB or credit facilities
33.9 Remittance and Repatriation
CHAPTER 34 Sector wise FDI policy at a glance
   
CHAPTER 35 External Commercial Borrowings
35.1 Statutory provisions
35.2 Framework for raising loans through External Commercial Borrowings
35.3 Security for raising ECB
35.4 Procedure of raising ECB
35.5 Foreign Currency Convertible Bonds (FCCBs)
35.6 Powers delegated to AD Category I banks to deal with ECB cases
35.7 Other provisions relating to ECB
35.8 Issuance of Rupee denominated bonds overseas
35.9 Responsibilities of AD-1 Banks and borrowers
CHAPTER 36 Direct Investment by Residents in Joint Venture (JV)/Wholly Owned Subsidiary (WOS) abroad
36.1 Statutory background
36.2 Direct Investment (or financial commitment) outside India
36.4 General permission to acquire securities
36.5 Capitalisation of exports and other dues
36.6 Investments (or financial commitment) in Financial Services Sector
36.7 Investment in equity of companies registered overseas/rated debt instruments
36.8 Approval route for direct investment or financial commitment outside India
36.9 Post investment changes/additional investment (or financial commitment) in existing JV/WOS
36.10 Restructuring of the balance sheet of the overseas entity involving write off of capital and receivables
36.11 Acquisition of a foreign company through bidding or tender procedure
36.12 Reporting and other Obligations of Indian Party
36.13 Transfer by way of sale of shares of a JV/WOS
36.14 Pledge of shares of Joint Venture (JV), Wholly Owned Subsidiary (WOS) and Step Down Subsidiary (SDS)
36.15 Overseas Direct Investments by resident individuals
36.16 Opening of Foreign Currency Account abroad by an Indian Party
36.17 Operational Instructions to Authorised Dealer Banks
CHAPTER 37 Branch Office (BO)/Liaison Office (LO)/Project Office (PO) by foreign entities
37.1 Statutory provisions
37.2 Office in India by foreign entities
37.3 Opening of bank account by BO/LO/PO
37.4 Annual Activity Certificate by BO/LO/PO
37.5 Extension of validity period of the approval of LO and PO
37.6 Registration with police authorities
37.7 Application for additional offices and activities
37.8 Extension of fund and non-fund based facilities
37.9 Remittance of profit or surplus
37.10 Closure of BO/LO/PO
37.11 Transfer of assets of BO/LO/PO
37.12 Guidance note for the AD Category-I bank
37.13 Permitted activities for a branch office in India of a person resident outside India
37.14 Compliances under Company Law on branches of foreign companies
CHAPTER 38 Issue of Security in India by company outside India - IDR
38.1 Indian Depository Receipt
38.2 Company Law provisions relating to IDR
38.3 SEBI Guidelines on IDR
CHAPTER 39 Reporting under Foreign Exchange Management Act, 1999
39.1 Statutory Background
39.2 Money Changing Activity
39.3 Liberalised Remittance Scheme
39.4 Establishment of Branch Office (BO)/Liaison Office (LO)/Project Office (PO) or any other place of business in India by foreign entities
39.5 Foreign Direct Investment
39.6 External Commercial Borrowing (ECB)
39.7 Non-resident Foreign Accounts
39.8 Immovable Property
39.9 Overseas Direct Investment (ODI)
39.10 Export Trade related reports
39.11 Guarantees
39.12 Compounding
CHAPTER 40 Enforcement of FEMA
40.1 Enforcement Directorate
40.2 Enforcement powers
CHAPTER 41 Penalties under FEMA
41.1 Background
41.2 Penalty that can be imposed
41.3 Contravention by Companies/firm
41.4 Proceedings can continue even after death or insolvency
41.5 Procedure for adjudication
41.6 Enforcement of orders of adjudicating authority
41.7 Power to recover arrears of penalty
CHAPTER 42 Appeal under FEMA
42.1 Background
42.2 Tribunal under FEMA
42.3 Jurisdiction of civil court barred
42.4 Appeal to High Court on question of law
CHAPTER 43 Compounding of Contraventions under FEMA
43.1 Statutory provisions
43.2 Power to compound by Reserve Bank
43.3 Authorisation to compound the contraventions by FED CO Cell, New Delhi
43.4 Application for Compounding
43.5 Pre-requisite for Compounding Process
43.6 Scope and procedure for compounding
43.7 Compounding Order by compounding authority
43.8 Payment of the amount for which contravention is compounded
43.9 Reporting requirements
43.10 Compounding by Enforcement Directorate
CHAPTER 44 Foreign Contribution (Regulation) Act (FCRA)
44.1 Background
44.2 Foreign Contribution
44.3 Exemptions from restrictions on accepting foreign contribution
44.4 Restrictions on acceptance of foreign hospitality
44.5 Restrictions on social or cultural organisations
44.6 Registration for accepting foreign contribution
44.7 Other provisions of Foreign Contribution Regulation Act
44.8 Offences and penalties
44.9 Powers of Central Government
44.10 Procedures under FCRA
CHAPTER 45 Prevention of Money Laundering Act
45.1 Background
45.2 Obligations of banking companies, FI and intermediary
45.3 Authorities under the Act
45.4 Adjudicating Authority
45.5 Appeal to Appellate Tribunal against order of Adjudicating Authority
45.6 Search, seizure, impounding of records
45.7 Retention of seized property
45.8 Provisional attachment of property
45.9 Receipt, management and disposal of confiscated properties
45.10 Arrest of a person
45.11 Other provisions
CHAPTER 46 COFEPOSA, 1974
46.1 Background
46.2 Preventive detention
46.3 Communication of detention order to person detained
46.4 Issue of order of detention under COFEPOSA
46.5 Advisory Board under COFEPOSA
46.6 Provisions regarding detention
46.7 SAFEMA
CHAPTER 47 Acronyms used in FEMA
47.1 Abbreviations used in the book