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
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
SEBI, the regulatory body for markets, has directed stockbrokers to establish an institutional...
If you have lost track of your shares in Muthoot Finance Limited, they may have been transferre...
Customer Acquisition is essential for any successful organization, placing customers ahead of p...
The role of AMFI in NRI SIP investments is continuously growing in the Indian mutual fund marke...
India’s Financial Intelligence Unit has introduced a groundbreaking upgrade to its informatio...
Are you human?: 4 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
On 22nd August 2022, vide notification no. 400/2022-RB the Reserve Bank of India (RBI)issued the regulations which...
05 May, 2023
“Round Tripping” or “round trip transactions” means a series of transactions in which first the money is tr...
30 May, 2024