RBI & FEMA Compliance

Corporate and Individuals continuously face challenges to comply with FEMA/RBI regulations within the stipulated time, due to the complexities in various industrial segments. Due to globalization, the importance of FEMA/ RBI Compliance has increased manifold. We have an expert team which specifically caters to the following work related to Foreign Exchange Management Act, 1999 as well as other compliances required by the Reserve Bank of India (RBI):

PREVIEW

    • Drafting of agreements involving FEMA
    • Advise on FEMA requirements for Overseas Investments by Indian Enterprises (Outbound) and Investments by Foreign Enterprises/Foreign Residents in India (Inbound)
    • Advise on legal, procedural and compliance aspects in relation to External commercial Borrowings (ECBs)
    • Compliance with Foreign Direct Investment (FDI) or External
    • Commercial Borrowings (ECB) regulations and getting regulatory approvals
    • Assistance in filing various Forms and Returns under FEMA & RBI Regulations
    • Certification of Form FC – GPR, TCR, TCK & TDS for remittances of foreign exchange and Issuance of other Statutory Certificates under FEMA & RBI regulation.
    • Compliance of the procedure for repatriation of income/assets from India
    • Transfer of shares from Indian resident to non-residents.
    • Setting up Joint Venture (JV)/ Partnership by NRI’S or persons of Indian origin.
    • Compounding and Regularization of Offences or Non-compliances Assistance and Advisory on any Foreign Transaction entered by the client

COMPLIANCE FOR FOREIGN COMPANIES IN INDIA

All new entities setting up Liason Office or Branch Office in India shall:

  • submit a report containing information, as per format provided in Annex 3 within five working days of the LO/BO becoming functional to the Director General of Police (DGP) of the state concerned in which LO/BO has established its office;
  • If there is more than one office of such a foreign entity, in such cases to each of the DGP concerned of the state where it has established office in India;
  • Branch Offices / Liaison Offices have to file Annual Activity Certificates (AAC) (Annex 4) from Chartered Accountants, at the end of March 31, along with the audited Balance Sheet on or before September 30 of that year. 4. In case the annual accounts of the LO/ BO are finalized with reference to a date other than March 31, the AAC along with the audited Balance Sheet may be submitted within six months from the due date of the Balance Sheet to the designated AD Category I bank, and a copy to the Directorate General of Income Tax (International Taxation), New Delhi along with the audited financial statements including receipt and payment account.
  • The certificates are to be filed by the following offices as applicable:

In case of a sole BO/LO, by the BO/LO concerned;

In case of multiple BO/LO, a combined Annual Activity Certificate in respect of all Offices in India by the Nodal Office of the BO/LOs.

  • The designated AD Category – I bank shall scrutinize the Annual Activity Certificate and ensure that the activities undertaken by the BO/LO are being carried out in accordance with the terms and conditions of the approval given by the Reserve Bank.
  • In the event of any adverse findings being reported by the Auditor or noticed by the designated AD Category -I bank, the same should be reported immediately by the designated AD Category-I bank to the respective Regional Office of the Reserve Bank in respect of LOs and to the Central Office of the Reserve Bank in the case of BOs, along with the copy of the Annual Activity Certificate and their comments thereon. A copy of the report in Annex 3 shall be filed with the DGP concerned on annual basis along with a copy of the Annual Activity Certificate, and also with the AD concerned.
  • A copy of the report in Annex 3 shall be filed with the DGP concerned on annual basis along with a copy of the Annual Activity Certificate, and also with the AD concerned.

Analysis

Obtain help of Professionals & Subject matter experts at CFO Affairs to understand the intricacies involved in the compliance. We are more than happy to educate you and make your entity registration a hassle free process.

RBI & FEMA Compliance

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