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For the purpose of promoting the development and maintenance of foreign exchange market in India, key legislation brought into force named Foreign Exchange Management Act, 1999 with an object to facilitate external trade and payments. FEMA compliance and the regulations made thereunder are governed by the apex bank of India named as “Reserve Bank of India (RBI)”. It has been witnessed that Foreign Direct Investment (‘FDI’) inflows increase every year. Recently, Indian companies are globally investing. These companies have to abide by the FEMA provisions. There are penalty provisions in case of non-compliance of provisions defined under FEMA.
Here we are discussing the annual compliances of FEMA which are required to be fulfilled by the Indian companies having FDI and such Indian entities making an investment in overseas Joint Venture (JV) and Wholly Owned Subsidiary (WOS) (collectively referred as ODI).
The FEMA Compliances are defined below:
It has been introduced with a view to providing greater capability to AD banks by tracking the submission of APRs and it also helps in complying with the provisions in the matter related to APR submission by the Indian Parties/ Resident Individuals.
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