FEMA Compliance Services for Foreign Exchange Transactionsby Narendra Kumar Web Master
Foreign and Management Act is applicable to whole India and regulates foreign exchange management regime in the country. The Act covers operational and administrative part of all the transactions which takes place in foreign currency whether capital account transaction or current account transactions.
CAPITAL ACCOUNT TRASNACTIONS?
transaction which alters asset and liability of the person being the
part of the transaction is referred to as the capital account
transactions. eg. Investment by a person resident in India in foreign
securities, Transfer of immovable property outside India by a person
resident in India etc.
CURRENT ACCOUNT TRANSACTIONS
Transactions which do not alter the asset or liability as in capital account transactions are referred to as the current account transactions. Example: Private visit to any country, Gift & Donations etc.
The transactions under FEMA are to be carried out in accordance with and subject to compliance with Framework of Reserve Bank of India (“RBI”).
RBI Frame work for regulating the above transactions comprise of the following:
Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000
Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2001
FDI Policy 2016
Foreign Exchange Management (Transfer or Issue of any Foreign Security) regulations
Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations
Foreign Exchange Management (Acquisition and transfer of immovable property in India) regulations
Foreign Exchange Management (Establishment in India of branch or office or other place of business) regulations
Foreign Exchange Management (Manner of Receipt and Payment) Regulations
Foreign Exchange Management (Export of Goods and Services) regulations
Foreign Exchange Management (Realisation, repatriation and surrender of Foreign Exchange) Regulations
Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations
CCV provides full advisory on the RBI Compliances under FEMA and the rules made thereunder.
Created on Jun 21st 2018 02:53. Viewed 190 times.