Archives

Party cannot take two remedies simultaneously against one and same order
FEMA
CA. Kapil Mittal

Party cannot take two remedies simultaneously against one and same order

The Appellant filed an appeal before the SEFEMA against the impugned order wherein a penalty of INR 50 Lakhs was imposed on the Appellant for violation of provisions of FEMA. After filing appeal, the Appellant kept on seeking adjournment from the Tribunal and filed the writ Petitioner before the High Court of Calcutta. While filing writ petition, the appellant suppressed the fact of pendency of appeal. Hon’ble High Court rejected the contention of the Appellant and upheld the impugned order. The High Court mentioned The impugned order is appealable.  The petitioner has chosen not to prefer an appeal. The Petitioner chose to file the writ petition.

Read More »
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.

Read More »
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.

Read More »
Trade Credit under FEMA
FEMA
CA. Kapil Mittal

Trade Credit under FEMA

Trade Credit is a very popular term in daily business transactions. Trade Credit is a source of short-term financing wherein the Supplier provides an agreed credit period to the buyer to make payment for the supply of goods or services without any interest. 

Read More »
Categories

V J M & Associates LLP

Contact Us

X