FEMA

Enforcement Directorate
Enforcement
CA. Sachin Jindal

Enforcement Directorate and its major functions under FEMA

Enforcement Directorate (ED) can be defined as a special financial investigation and economic intelligence agency which is burdened with the responsibility of forcing economic laws and fighting economic crimes in India. Its parent organization is the Department of Revenue of the Ministry of Finance, Government of India and it has its headquarters in the heart of the national capital, New Delhi.

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FEMA
CA. Kapil Mittal

Authorized Dealer under FEMA

An authorised person under FEMA is an authorised dealer, money changer, off-shore banking unit, or any other person for the time being authorised under sub-section (1) of Section 10 of the Act to deal in foreign exchange or foreign securities. There are mainly 4 categories of authorised persons under FEMA and for an individual to become an authorised person one has to submit the necessary applications along with all the relevant required documents to the Reserve Bank of India.

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Foreign Law firms
FEMA
CA. Kapil Mittal

Foreign Law firms can not Establishes Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India

Hon’ble Supreme court, in the case of the Bar Council of India vs A.K. Balaji & Ors. vide intermine order, has directed RBI not to grant any permission to any foreign law firm for opening of Liaison Office (LO) in India after date of issuance of such order. Hence, RBI issued directions vide Notification No. RBI/2015-16/215 dated 29th October, 2015 that no foreign law firm shall be permitted to open any LO in India till further orders/notification in this regard.

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NRI as per FEMA
FEMA
CA. Kapil Mittal

Residential status as per FEMA | NRI as per FEMA

Applicability of provisions of FEMA are based on the residential status of a person, i.e., a person resident of India has more liberty under FEMA as compared to a NRI as per FEMA or person resident outside India. Therefore, to check the extent of applicability of FEMA provisions, it is important to first check the residential status as per FEMA for a person.

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Process of closure of Project office
FEMA
CA. Kapil Mittal

Process of closure of Project office/ Liaison Office/Branch Office

Provisions related closure of Project Office/Liaison Office/Branch Office are regulated by Foreign Exchange management Act read with FEM (Establishment in India of Branch or Office or Liaison office or a project office or any other place of business) Regulations, 2016 and Master Directions No. 10/2015-16 dated 1st Jan, 2016.

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Permanent Account Number
FEMA
CA. Sachin Jindal

Permanent Account Number to Non-Resident Indians | NRI PAN

Permanent Account Number (“PAN”) issued by the Income Tax Department is a mandatory unique number required for the purpose of all Income tax related compliance in India. PAN also acts as an Identity proof of Indian residents. However, persons who are non-residents and are having presence in India for limited purposes may also need to apply for PAN in certain cases. Permanent Account Number or PAN is mandatory for all the persons including NRI who are required to file their Income tax return (“ITR”) under Income Tax Act, 1961 or who wish to carry out financial functions in India. Therefore,

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person of indian origin card
FEMA
CA. Kapil Mittal

PIO Card | Person of Indian Origin

Government provides various benefits and relaxations to people staying out of India. These people are issued a card known as “Person of Indian Origin card i.e. PIO Card, to avail such benefits.

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