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Foreign Owned or Controlled Companies (FOCC) under FEMA
Foreign Direct investment
CA. Kapil Mittal

Foreign Owned or Controlled Companies (FOCC) under FEMA

Foreign investors are more inclined toward options where they have complete control over the entity and also such entities can enjoy benefits as domestic companies. FOCC has become a wonderful source of investment for such investors. FOCC can conduct business in India as a domestic company.

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Clarification on Demand & penalty on fake invoices| Circular No. 171/03/2022-GST
Input Tax Credit
CA. Kapil Mittal

Clarification on Demand & penalty on fake invoices| Circular No. 171/03/2022-GST

Department received various representations from the trade as well as the field formations seeking clarification on the applicability of demand and penalty provisions on transactions involving fake invoices. Understanding the severity of this issue, the Department issued the following clarification that how demand and penalty provisions on such transactions will apply to vide Circular No. 171/03/2022-GST dated 6th July 2017.

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All about Form LLP-I
Foreign Direct investment
CA. Kapil Mittal

All about Form LLP-I

Foreign Direct Investments are permitted under the automatic route in Limited Liability Partnerships (LLPs) operating in sectors/activities where 100% FDI is allowed through automatic route. FDI in LLP can be made through capital contribution. In this article, an intensive discussion has been carried out about reporting of FDI in LLPs through Form LLP-I.

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Types of Prepaid Payment Instruments (PPI) Issued in India
FEMA
CA. Kapil Mittal

Types of Prepaid Payment Instruments (PPI) Issued in India

RBI has issued a Master Directions on Issuance and Operations of PPIs vide Circular No. RBI/DPSS/2017-18/58 Master Direction DPSS.CO.PD.No.1164/02.14.006/2017-18 dated 17th October 2017. Prepaid Payment Instruments are governed by provisions of the Payment and Settlement Systems Act (“PSS”), 2007

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Overseas Direct Investment | Post Investment obligations| Reporting Requirement| Disinvestment
Overseas Direct investment
CA. Kapil Mittal

Overseas Direct Investment | Post Investment obligations| Reporting Requirement| Disinvestment

Overseas Direct Investment involves outflow of funds from the country and therefore, the Government wants to be more vigilant about it. Provisions related to ODI already contain a lot of permissions from the Reserve Bank of India and also free ODIs are permitted subject to fulfillment of lots of attached conditions. Similarly, once the process of ODI completes, various reporting obligations start for investors. In this article, we have carried out a detailed discussion of reporting obligations of investors and other regulations applicable.

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