Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The Reserve Bank of India (RBI) brought out a notification related to Discontinuation of Reports and Discontinuation of Returns under the Foreign Exchange Management Act, 1999 (FEMA)[1]. This notification was brought out on 13 November 2020 through RBI/2020-21/66 A.P. (DIR Series) Circular No. 05.
To improve the amount of foreign exchange in the country the RBI carried out this measure. Other reasons would include to increase the ease of doing business in the country and to reduce the amount of compliances related to reporting. Under this notification discontinuation of reports were carried out for 17 transactions.
The notification on discontinuation of reports under Foreign Exchange Management Act would lead to changes in the Master Direction (MD) on reporting under FEMA which was brought out in January 2016.
Apart from this, it will improve the progress of carrying out businesses in India. Limited number of compliances would be required to be followed due to this notification. Such directions for discontinuation of reports are provided under Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999. This notification is issued with immediate effect to all authorised banks and authorised dealers.
The following list provides reporting which is discontinued:
With a view to increase the ease of doing business in the country, the RBI took this step of discontinuation of reports under FEMA.
Read our article:FEMA Contravention and Penalties
The importance of NBFCs, or Non-Banking Financial Companies, has increased in the Indian financ...
With the growing popularity of the investment instrument, Alternative Investment Funds (AIFs) h...
The Securities and Exchange Board of India (SEBI) has recently proposed a review of the categor...
The regulatory organizations in the recent years have focused more on efficiency, investor prot...
Non-banking finance companies (NBFCs) play a very important role in the Indian financial system...
Are you human?: 6 + 4 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
FEMA is a small legislation but it is largely ruled by rules and regulations. The key aspect of FEMA is that RBI ke...
23 Feb, 2023
The Foreign Exchange Management Act was enacted by the Indian parliament, and it came into force in 2000. FEMA was...
12 Jul, 2023