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RBI Norms For Semi-Closed Wallets In India
Information
CA. Kapil Mittal

RBI Norms For Semi-Closed Wallets In India 

Concept of Prepaid Payment Instruments (PPIs) or digital wallets or e-wallets (Electronic Wallets) has spread widely in India over the last few years. PPIs or e-wallets are almost used everywhere to procure goods and services and for transfer of funds from one person to another. Accepting payments through digital wallets also accelerates business turnover. To promote a cashless environment, digitalisation and contact less payments, the government is taking all the possible steps to promote PPIs. Various PPIs have been issued so far in India such as Bharatpe, Paytm, UPI, Phonepe etc. and PPIs is issued by both banking and non-banking companies.

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21/08/2023
Introduction to Software Export Declaration (SOFTEX) Form
FEMA
CA. Kapil Mittal

Introduction to Software Export Declaration (SOFTEX) Form

Export of goods and services is the most regulated transaction as it takes domestic products into the international market and brings foreign currency in India. An exporter is required to furnish various forms and documents with different authorities to substantiate that goods have been actually exported and consideration for such export is received in convertible foreign exchange.

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24/07/2023
Possession and Retention of Foreign Currency in India
FEMA
CA. Kapil Mittal

Possession and Retention of Foreign Currency in India

As per Section 4 (Holding of foreign exchange, etc.) of FEMA, no person resident in India is permitted to possess any foreign exchange, foreign security or any immovable property situated outside India.

Person is not allowed to possess foreign exchange whether in India or outside.

However, exemption from this general prohibition is given under Section-9, i.e, Exemption from realization and repatriation in certain cases.

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17/07/2023
All About Money Transfer Service Scheme (MTSS)
Digital Payments
CA. Kapil Mittal

All About Money Transfer Service Scheme (MTSS)

In India, remittances are allowed to be sent to foreign countries. Such remittances are called outward remittances. Similarly, remittances are also allowed to be received by a company or entity set up in India. Remittances which are received in India are called as inward remittances. The Reserve Bank of India (RBI) is the main regulatory authority dealing with foreign exchange transactions within the country. 

Persons who are living outside India are required to send funds to India on a very frequent basis for their family maintenance. Therefore, Money Transfer Service Scheme (MTSS) is formed to make the process of inward remittance for individuals easy.

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07/07/2023
Foreign Direct Investment (FDI) Policy in Pharmaceuticals Sector
Foreign Direct investment
CA. Kapil Mittal

Foreign Direct Investment (FDI) Policy in Pharmaceuticals Sector

Foreign Direct Investment (FDI) plays a crucial role in the growth and development of any country’s economy. In India, the pharmaceutical sector is one of the key contributors to the nation’s GDP and plays a significant role in providing affordable healthcare solutions to its citizens.

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22/05/2023
Foreign Direct Investment (FDI) from Border Land sharing countries| SOP of obtaining Approval
Foreign Direct investment
CA. Kapil Mittal

Foreign Direct Investment (FDI) from Border Land sharing countries| SOP of obtaining Approval

Foreign Direct Investment represents investment from residents of foreign countries into the business of domestic countries. Through FDI, residents of one country obtain control over the business entities of another country. Therefore, the government keeps on monitoring norms related to FDI to ensure that control in no important sector is obtained by any foreign residents.

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18/04/2023
FDI in Multi Brand Retail Trading and Single Brand Retail Trading
Foreign Direct investment
CA. Kapil Mittal

FDI in Multi Brand Retail Trading and Single Brand Retail Trading

Brand gives identification to any company or any product. A Brand may represent the name of the business that manufactures multiple products under the same brand name or a brand may represent a product that a company manufactures out of multiple other brands. The brand provides identification to the product or the company worldwide.

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20/03/2023
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