Foreign Exchange Regulations
The foreign exchange regulations have been liberalized over the years to facilitate remittance of funds in and outside India. These changes are introduced on continuous basis which are in line with the government policies of economic liberalization.
However there are certain cases which require prior approval from foreign regulatory authorities for foreign exchange transactions and remittances.
The Foreign Exchange regulations in India Foreign Exchange Management Act, 1999. Reserve Bank of India is the peak authority which is responsible for all the key approvals and also regulates the law.
FEMA is an important legislation which impacts foreign nationals who are working in India and also Indian resident who have gone outside India. It is important to comply with the exchange control regulations.
FEMA is applicable to all the parts of India including
- All the branch, offices and set ups which are owned and controlled by a person resident in India (PRI)
- All the branch, offices and setups which are owned or controlled by a person resident outside India (PROI)
- It also includes all the regulations which has a direct impact on external trade and payments
Key Services offered by us
- Assistance to the foreign companies in India for setting up branch office, liaison office, and project office along with the approaches required for initiating a setup.
- Regulatory Due Diligence
- Advice on Foreign exchange transactions.
- Carry out compliance in connection with health checkup , regulatory risk analysis of past and present compliances from foreign exchange perspective
- Representation before authorities such as Reserve Bank of India, Foreign Investment Promotion Board etc.
- Assistance in representation for compounding matters and obtaining approvals for External Commercial Borrowing.
We also offer following advice related to payroll functions such as
- The banking operations with regard to type of bank account by a foreign national.
- Investments in immovable properties, shares in India by foreign nationals
- Procedure for remittance of salary outside India and other incomes like interest income, interest earned in India
- Foreign Exchange Regulations in respect of the assets acquired outside India before visiting India
- Repatriation outside India of the proceeds from sale of shares, immovable properties etc.
- Procedure for obtaining a Person of Indian Origin Card/ Overseas citizenship of India