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FEMA Compounding Orders  
A Comprehensive Analysis, Volume II
Author(s): Harshal Bhuta, Hardik Mehta, Tanvi Vora
Published by Bloomsbury Publishing India Pvt. Ltd
Publication Date:  Available in all formats
ISBN: 9789390176724
Pages: 468
https://doi.org/9789354351914

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ISBN: 9789389714616   Price: INR 1595.00   

Description

Table of contents

Biographical note

Excerpt

Subject(s): Foreign Exchange Law, FEMA Compounding Orders, FEMA Orders, Compounding Orders, FEMA book

Key features of the book

    • Solitary publication on analysis of RBI compounding orders (January 2019 - April 2020)
    • Coverage of more than 1000 FEMA compounding orders Arrangement of compounding orders Notification-wise and Regulation-wise
    • Plain description added to contravened provisions under the compounding orders as simplification aid to non-FEMA practitioners
    • Vital insights into principles applied by RBI while interpreting provisions of FEMA and important notifications
    • Extensive updation of chapter on significant learnings comprising learnings from Volume I and II
    • Handy comparison of erstwhile and revised FEMA Notifications for provisions contravened under the compounding orders
    • Detailed reporting of more than 50 compounding orders along with analysis and summary compilation of all remaining orders"

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Description
Subject(s): Foreign Exchange Law, FEMA Compounding Orders, FEMA Orders, Compounding Orders, FEMA book

Key features of the book

    • Solitary publication on analysis of RBI compounding orders (January 2019 - April 2020)
    • Coverage of more than 1000 FEMA compounding orders Arrangement of compounding orders Notification-wise and Regulation-wise
    • Plain description added to contravened provisions under the compounding orders as simplification aid to non-FEMA practitioners
    • Vital insights into principles applied by RBI while interpreting provisions of FEMA and important notifications
    • Extensive updation of chapter on significant learnings comprising learnings from Volume I and II
    • Handy comparison of erstwhile and revised FEMA Notifications for provisions contravened under the compounding orders
    • Detailed reporting of more than 50 compounding orders along with analysis and summary compilation of all remaining orders"

Table of contents
  • Cover
  • Title Page
  • About the authors
  • About the technical editors
  • Foreword
  • Preface to Volume I
  • Preface to Volume II
  • Contents at a glance
  • Contents
  • List of abbreviations
  • SECTION I LEARNINGS DERIVED FROM ANALYSIS OF COMPOUNDING ORDERS
    • Learnings Derived from Analysis of Compounding Orders
      • 1.1 General insights
      • 1.2 Foreign Exchange Management Act, 1999
      • 1.3 FEMA (Current Account Transactions) Rules, 2000
      • 1.4 FEMA 1/2000-RB dated 3.5.2000
      • 1.5 FEMA 3/2000-RB dated 3.5.2000
      • 1.6 FEMA 4/2000-RB dated 3.5.2000
      • 1.7 FEMA 5/2000-RB dated 3.5.2000
      • 1.8 FEMA 9/2000-RB dated 3.5.2000
      • 1.9 FEMA 10/2000-RB dated 3.5.2000
      • 1.10 FEMA 11/2000-RB dated 3.5.2000
      • 1.11 FEMA 13/2000-RB dated 3.5.2000
      • 1.12 FEMA 14/2000-RB dated 3.5.2000
      • 1.13 FEMA 19/2000-RB dated 3.5.2000
      • 1.14 FEMA 20/2000-RB dated 3.5.2000
      • 1.15 FEMA 20(R)/2017-RB dated 7.11.2017
      • 1.16 FEMA 21/2000-RB dated 3.5.2000
      • 1.17 FEMA 22/2000-RB dated 3.5.2000
      • 1.18 FEMA 22(R)/2016-RB Dated 31.3.2016
      • 1.19 FEMA 23/2000-RB dated 3.5.2000
      • 1.20 FEMA 23(R)/2015-RB dated 12.1.2015
      • 1.21 FEMA 24/2000-RB dated 3.5.2000
      • 1.22 FEMA 120/2004-RB dated 7.7.2004
  • SECTION II PLAIN DESCRIPTION OF REGULATIONS
    • Plain Description of Regulations
      • 2.1 Foreign Exchange Management Act, 1999
      • 2.2 FEMA (Current Account Transactions) Rules, 2000
      • 2.3 FEMA Notification No. 1/2000-RB dated 3.5.2000
      • 2.4 FEMA Notification No. 3/2000-RB dated 3.5.2000
      • 2.5 FEMA Notification No. 4/2000-RB dated 3.5.2000
      • 2.6 FEMA Notification No. 5/2000-RB dated 3.5.2000
      • 2.7 FEMA Notification No. 9/2000-RB dated 3.5.2000
      • 2.8 FEMA Notification No. 10/2000-RB dated 3.5.2000
      • 2.9 FEMA Notification No. 11/2000-RB dated 3.5.2000
      • 2.10 FEMA Notification No. 13/2000-RB dated 3.5.2000
      • 2.11 FEMA Notification No. 19/2000-RB dated 3.5.2000
      • 2.12 FEMA Notification No. 20/2000-RB dated 3.5.2000
      • 2.13 FEMA Notification No. 20(R)/2017-RB dated 7.11.2017
      • 2.14 FEMA Notification No. 21/2000-RB dated 3.5.2000
      • 2.15 FEMA Notification No. 22(R)/2016-RB dated 31.3.2016
      • 2.16 FEMA Notification No. 23/2000-RB dated 3.5.2000
      • 2.17 FEMA Notification No. 23(R)/2015-RB dated 12.01.2015
      • 2.18 FEMA Notification No. 24/2000-RB dated 3.5.2000
      • 2.19 FEMA Notification No. 120/2004-RB dated 7.7.2004
  • SECTION III ANALYSIS OF FEMA COMPOUNDING ORDERS
    • Foreign Exchange Management Act, 1999
      • 3.1 Section 5
        • 3.1.1 Gift under the Liberalized Remittance Scheme (LRS) from a person resident in India to another person resident in India
      • 3.2 Section 10(6)
        • 3.2.1 Summary Reporting of order on section 10(6) of FEMA Act, 1999
      • 3.3 Section 42(1)
        • 3.3.1 Deemed to be guilty for contravention made by the company where the applicant was a director
        • 3.3.2 Summary Reporting of other orders on section 42(1) of FEMA Act, 1999
    • FEMA (Current Account Transactions) Rules, 2000
      • 4.1 Rule 4 read with item 6(a) of Schedule II to Foreign Exchange Management (Current Account Transaction) Rules, 2000
        • 4.1.1 Summary Reporting of order on rule 4 read with item 6(a) of Schedule II to Foreign Exchange Management (Current Account Transaction) Rules, 2000
    • FEMA Notification No. 1/2000-RB dated 3.5.2000
      • 5.1 Regulation 4
        • 5.1.1 Remittance in excess of the Liberalised Remittance Scheme (LRS) limit without seeking prior approval from Reserve Bank of India
    • FEMA Notification No. 3/2000-RB dated 3.5.2000
      • 6.1 Regulation 3
        • 6.1.1 Availing of foreign currency loan overseas for purchasing property abroad
      • 6.2 Regulation 6(1)
        • 6.2.1 Paragraph 1(i) of Schedule I
          • 6.2.1.1 Deemed borrowing in foreign exchange from its parent company abroad without meeting the stipulated condition
          • 6.2.1.2 Availing External Commercial Borrowing (ECB) when the applicant was not an eligible borrower
        • 6.2.2 Paragraph 1(iii) of Schedule I
          • 6.2.2.1 Lender was not recognized under the ECB framework
          • 6.2.2.2 Summary Reporting of other orders on Paragraph 1(iii) of Schedule I
        • 6.2.3 Paragraph 1(iv) of Schedule I
          • 6.2.3.1 Availing External Commercial borrowing for an end use that was not permitted
          • 6.2.3.2 Summary Reporting of other orders on Paragraph 1(iv) of Schedule I
        • 6.2.4 Paragraph 1(v) of Schedule I
          • 6.2.4.1 Summary Reporting of orders on Paragraph 1(v) of Schedule I
        • 6.2.5 Paragraph 1(xi) of Schedule I
          • 6.2.5.1 Summary Reporting of orders on Paragraph 1(xi) of Schedule I
        • 6.2.6 Paragraph 1(xii) of Schedule I
          • 6.2.6.1 Summary Reporting of orders on Paragraph 1(xii) of Schedule I
      • 6.3 Comparison between FEMA 3/2000-RB dated 3.5.2000 and FEMA 3(R)/2018-RB dated 17.12.2018
    • FEMA Notification No. 4/2000-RB dated 3.5.2000
      • 7.1 Regulation 3
        • 7.1.1 Granting Loan to NRI director without prior approval of RBI
      • 7.2 Regulation 5(1)
        • 7.2.1 Raising money from its NRI Director without using the requisite public ofer route of issuance of Non-convertible debentures (NCDs)
        • 7.2.2 Summary Reporting of other orders on Regulation 5(1)
      • 7.3 Regulation 6
        • 7.3.1 Summary Reporting of orders on Regulation 6
      • 7.4 Comparison between FEMA 4/2000-RB dated 3.5.2000 and FEMA 3(R)/2018-RB dated 17.12.2018
    • FEMA Notification No. 5/2000-RB dated 3.5.2000
      • 8.1 Paragraph 4(c) of Schedule 1
        • 8.1.1 Transfer of funds from NRE account to ordinary savings account
      • 8.2 Comparison between FEMA 5/2000-RB dated 3.5.2000 and FEMA 5(R)/2016-RB dated 1.4.2016
    • FEMA Notification No. 9/2000-RB dated 3.5.2000
      • 9.1 Regulation 6(2)
        • 9.1.1 Possession and retention of foreign exchange beyond the stipulated limit and delay in surrender of foreign exchange
      • 9.2 Comparison between FEMA 9/2000-RB dated 3.5.2000 and FEMA 9(R)/2015-RB dated 29.12.2015
    • FEMA Notification No. 10/ 2000-RB dated 3.5.2000
      • 10.1 Regulation 3
        • 10.1.1 Use of Foreign Currency Account (FCA) for receiving export proceeds
      • 10.2 Regulation 4 read with Paragraph 2 of Schedule 1
        • 10.2.1 Summary Reporting of orders on Regulation 4 read with Paragraph 2 of Schedule 1
      • 10.3 Comparison between FEMA 10/2000-RB dated 3.5.2000 and FEMA 10(R)/2015-RB dated 21.01.2016
    • FEMA Notification No. 11/ 2000-RB dated 3.5.2000
      • 11.1 Regulation 3
        • 11.1.1 Summary Reporting of orders on Regulation 3
      • 11.2 Comparison between FEMA 11/2000-RB dated 3.5.2000 and FEMA 11(R)/2015-RB dated 29.12.2015
    • FEMA Notification No. 13/ 2000-RB dated 3.5.2000
      • 12.1 Regulation 4(2)
        • 12.1.1 Remittance of assets beyond the stipulated limit
      • 12.2 Comparison between FEMA 13/2000-RB dated 3.5.2000 and FEMA 13(R)/2016-RB dated 1.4.2016
    • FEMA Notification No. 19/ 2000-RBI dated 3.5.2000
      • 13.1 Regulation 6(5)
        • 13.1.1 Summary Reporting of orders on Regulation 6(5)
      • 13.2 Regulation 15(iii)
        • 13.2.1 Summary Reporting of orders on Regulation 15(iii)
      • 13.3 Regulation 16
        • 13.3.1 Disinvestment without approval from the Reserve Bank of India
      • 13.4 Comparison between FEMA 19/2000-RB dated 3.5.2000 and FEMA 120/2004-RB dated 7.7.2004
    • FEMA Notification No. 20/2000-RBI dated 3.5.2000
      • 14.1 Regulation 3
        • 14.1.1 Violation of specified condition in RBI approval letter issued for acquiring 100% shareholding in an Indian company from its non-resident and resident shareholders
        • 14.1.2 Summary Reporting of other orders on Regulation 3
      • 14.2 Regulation 4
        • 14.2.1 Transfer of shares to non-resident
        • 14.2.2 Summary Reporting of other orders on Regulation 4
      • 14.3 Regulation 5(1)
        • 14.3.1 Summary Reporting of orders on Regulation 5(1)
      • 14.4 Regulation 5(3)(ii) r.w. Paragraph 3 of Schedule 4
        • 14.4.1 Purchase of equity shares of an Indian Company by the applicant pursuant to becoming a Non Resident Indian (NRI) through a resident saving bank account
      • 14.5 Regulation 5(9)
        • 14.5.1 Summary Reporting of orders on Regulation 5(9)
      • 14.6 Regulation 6B
        • 14.6.1 Summary Reporting of orders on Regulation 6B
      • 14.7 Regulation 8(2) (from 11.06.2015 to 23.01.2017) & Regulation 8(3) (from 24.10.2012 to 10.06.2015)
        • 14.7.1 Summary Reporting of orders on Regulation 8(2) (from 11.06.2015 to 23.01.2017) & Regulation 8(3) (from 24.10.2012 to 10.06.2015)
      • 14.8 Regulation 9(2)(ii)
        • 14.8.1 Transfer of shares from NRI to NR without RBI approval
        • 14.8.2 Summary Reporting of other orders on Regulation 9(2)(ii)
      • 14.9 Regulation 10A(a)
        • 14.9.1 Summary Reporting of orders on Regulation 10A(a)
      • 14.10 Regulation 10A(a)(i)
        • 14.10.1 Transfer of shares from Resident to Non-resident by way of gift without prior approval of RBI
        • 14.10.2 Summary Reporting of other orders on Regulation 10A(a)(i)
      • 14.11 Regulation 10A(a)(ii)(b)
        • 14.11.1 Summary Reporting of other orders on Regulation 10A(a)(ii)(b)
      • 14.12 Regulation 10A(a)(ii)(e)
      • 14.13 Regulation 10A(b)(i)
        • 14.13.1 Delay in refund of sale consideration pursuant to cancellation of security transfer transaction.
        • 14.13.2 Summary Reporting of other orders on Regulation 10A(b)(i)
      • 14.14 Regulation 10A(b)(ii)
        • 14.14.1 Summary Reporting of orders on Regulation 10A(b)(ii)
      • 14.15 Regulation 10A(b)(iii)
        • 14.15.1 Summary Reporting of orders on Regulation 10A(b)(iii)
      • 14.16 Regulation 10B(2)
        • 14.16.1 Summary Reporting of orders on Regulation 10B(2)
      • 14.17 Regulation 14(6)(ii)(a)
        • 14.17.1 Summary Reporting of orders on Regulation 14(6)(ii)(a)
      • 14.18 Regulation 14(6)(ii)(d)(a)
        • 14.18.1 Summary Reporting of orders on Regulation 14(6)(ii)(d)(A).
      • 14.19 Paragraph 3 of Schedule 1
        • 14.19.1 Summary Reporting of orders on Paragraph 3 of Schedule 1
      • 14.20 Paragraph 5 of Schedule 1
        • 14.20.1 Conversion of CCDs at a price lower than the fair value determined at the time of issuance of CCDs
        • 14.20.2 Summary Reporting of other orders on Paragraph 5 of Schedule 1
      • 14.21 Paragraph 8 of Schedule 1
        • 14.21.1 Delay in refund of share application money beyond stipulated period of 180 days
        • 14.21.2 Interest payment not permitted in case of delayed refund of share application money
        • 14.21.3 Delay in issue of shares beyond stipulated period of 180 days – FERA period
        • 14.21.4 List of other orders on Paragraph 8 of Schedule 1: Delay in allotment of shares
        • 14.21.5 List of other orders on Paragraph 8 of Schedule 1: Delay in refund of application money
        • 14.21.6 List of other orders on Paragraph 8 of Schedule 1: Shares allotted before the receipt of inward remittance
      • 14.22 Paragraph 9(1)(A) of Schedule 1
        • 14.22.1 Delay in reporting of foreign inward remittance
        • 14.22.2 List of other orders on Paragraph 9(1)(A) of Schedule 1
      • 14.23 Paragraph 9(1)(B) of Schedule 1
        • 14.23.1 List of orders on Paragraph 9(1)(B) of Schedule 1
      • 14.24 Paragraph 9(2) of Schedule 1
        • 14.24.1 Delay in filing Annual Return on Foreign Liabilities and Assets
        • 14.24.2 List of other orders on Paragraph 9(2) of Schedule 1
      • 14.25 Paragrapgh 10 of Schedule 1
        • 14.25.1 Summary Reporting of orders on Paragraph 10 of Schedule 1
      • 14.26 Paragraph 25.2 of Annexure B of Schedule 1 (till 13.11.14) & Paragraph 17.2 of Annexure B of Schedule 1 (from 14.11.2014 to 06.11.2017))
        • 14.26.1 Summary Reporting of order on Paragraph 25.2 of Annexure B of Schedule 1 (till 13.11.14) & Paragraph 17.2 of Annexure B of Schedule 1 (from 14.11.2014 to 06.11.2017)
      • 14.27 Paragraph 7(i) of Schedule 9 (for the period upto 02.03.17) & Paragraph 6(i) of Schedule 9 (for the period 03.03.2017 to 06.11.2017)
        • 14.27.1 Summary Reporting of orders on Paragraph 7(i) of Schedule 9 (For the period upto 02.03.17) & Paragraph 6(i) of Schedule 9 (For the period 03.03.2017 to 06.11.2017))
      • 14.28 Paragraph 7 (iv) of Schedule 9
        • 14.28.1 Summary Reporting of orders on Paragraph 7(iv) of Schedule 9
      • 14.29 Comparison between FEMA20/2000-RB dated 3.5.2000 and FEM (Non-debt Instruments) Rules, 2019; FEM (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019
    • FEMA Notification No. 20(R)/2017-RB dated 7.11.2017
      • 15.1 Regulation 4
        • 15.1.1 Summary Reporting of order on Regulation 4
      • 15.2 Regulation 11
        • 15.2.1 Summary Reporting of order on Regulation 11
      • 15.3 Regulation 13.1(1)
        • 15.3.1 Summary Reporting of order on Regulation 13.1(1)
      • 15.4 Regulation 13.1(2)
        • 15.4.1 Summary Reporting of orders on Regulation 13.1(2)
      • 15.5 Regulation 13.1(3)
        • 15.5.1 Summary Reporting of orders on Regulation 13.1(3)
      • 15.6 Regulation 13.1(4)
        • 15.6.1 Delay in refund of excess amount of consideration received by a resident for transfer of shares
        • 15.6.2 Summary Reporting of orders on Regulation 13.1(4)
      • 15.7 Regulation 13.1(5)
        • 15.7.1 Summary Reporting of orders on Regulation 13.1(5)
      • 15.8 Regulation 13.1(7)
        • 15.8.1 Summary Reporting of orders on Regulation 13.1(7)
      • 15.9 Regulation 13.1(11)
        • 15.9.1 Summary Reporting of orders on Regulation 13.1(11)
      • 15.10 Regulation 16.B
        • 15.10.1 Summary Reporting of orders on Regulation 16.B
      • 15.11 Paragraph 2(2) of Schedule 1
        • 15.11.1 Summary Reporting of orders on Para 2(2) of Schedule 1
      • 15.12 Paragraph 2(3) of Schedule 1
        • 15.12.1 Delay in refund of the amount of consideration against which equity shares were not issued
        • 15.12.2 Delay in refund of excess money received for transfer of shares
        • 15.12.3 Summary Reporting of other orders on Paragraph 2(3) of Schedule I
    • FEMA Notification No. 21/ 2000-RB dated 3.5.2000
      • 16.1 Regulation 3(a)
        • 16.1.1 Summary Reporting of orders on Regulation 3(a)
      • 16.2 Regulation 8
        • 16.2.1 Acquisition of immovable property in India by non-resident foreign national without RBI permission
        • 16.2.2 Acquisition of immovable property by non-resident foreign national in India without RBI permission
        • 16.2.3 Acquisition of immovable property (agricultural land) in India by PIOs without RBI permission
        • 16.2.4 Acquisition of immovable property in India by a foreign national of non – Indian origin and resident outside India without RBI permission.
        • 16.2.5 Summary Reporting of other orders on Regulation 8
      • 16.3 Comparison between FEMA 21/2000-RB dated 3.5.2000 and FEM (Non-Debt Instruments) Rules, 2019 dated 17.10.2019
    • FEMA Notification No. 22(R)/ 2016-RB dated 31.3.2016
      • 17.1 Regulation 4(b)
        • 17.1.1 Summary Reporting of order on Regulation 4(b)
      • 17.2 Regulation 4(f)
        • 17.2.1 Payment on behalf of foreign entities of Indian Project ofice which does not form part of the contract secured by the foreign entity for which the project office was established
        • 17.2.2 Summary Reporting of order on Regulation 4(f)
      • 17.3 Regulation 4(k)
        • 17.3.1 Summary Reporting of order on Regulation 4(k)
    • FEMA Notification No. 23/2000-RB dated 3.5.2000
      • 18.1 Regulation 9
        • 18.1.1 Summary Reporting of orders on Regulation 9
      • 18.2 Regulation 13(i)
        • 18.2.1 Receipt of payment for an export transaction through a third party
      • 18.3 Regulation 16
        • 18.3.1 Adjustment of advance against future exports
        • 18.3.2 Inability of the applicant in making exports within one year of receipt of advance
        • 18.3.3 Summary Reporting of other orders on Regulation 16
      • 18.4 Comparison between FEMA 23/2000-RB dated 3.5.2000 and FEMA 23(R)/2015-RB dated 12.1.2016
    • FEMA Notification No. 23(R)/2015-RB dated 12.1.2015
      • 19.1 Regulation 9
        • 19.1.1 Summary Reporting of orders on Regulation 9
    • FEMA Notification No. 24/ 2000-RB, dated 3.5.2000
      • 20.1 Regulation 3
        • 20.1.1 Summary Reporting of orders on Regulation 3
      • 20.2 Comparison between FEMA 24/2000-RB dated 3.5.2000 and FEM (Non-debt Instruments) Rules, 2019 dated 17.10.2019
    • FEMA Notification No. 120/2004-RB, dated 7.7.2004
      • 21.1 Regulation 5(1)
        • 21.1.1 Setting-up of an overseas entity by a resident individual before 5.8.2013
        • 21.1.2 Acquisition of equity stake in a SDS in India, through a JV/ WOS resulting in FDI through ODI, without prior RBI approval accompanied with non-reporting
        • 21.1.3 Receipt of Share certificates without payment or on deferred payment basis
        • 21.1.4 Summary Reporting of other orders on Regulation 5(1)
      • 21.2 Regulation 6(2)(i)
        • 21.2.1 Breach of the net-worth limit for total financial commitment under the Overseas Direct Investment (ODI) Regulations
      • 21.3 Regulation 6(2)(iii)
        • 21.3.1 Summary Reporting of orders on Regulation 6(2)(iii)
      • 21.4 Regulation 6(2)(iv)
        • 21.4.1 Summary Reporting of orders on Regulation 6(2)(iv)
      • 21.5 Regulation 6(2)(v)
        • 21.5.1 Summary Reporting of orders on Regulation 6(2)(v)
      • 21.6 Regulation 6(2)(vi)
        • 21.6.1 Delayed reporting of Overseas Direct Investment to RBI in Form-ODI
        • 21.6.2 Summary Reporting of other orders on Regulation 6(2)(vi)
      • 21.7 Regulation 6(2)(vii)
        • 21.7.1 Summary Reporting of orders on Regulation 6(2)(vii)
      • 21.8 Regulation 6(3)
        • 21.8.1 Funding of Overseas Direct Investment through cash
        • 21.8.2 Summary Reporting of other orders on Regulation 6(3)
      • 21.9 Regulation 6(3)(ii) – Explanation (c)
        • 21.9.1 Issuance of open-ended guarantee
      • 21.10 Regulation 6(3)(ii) – Explanation (i)
        • 21.10.2 Standby Letter of Credit (SBLC) issued in favour of step-down subsidiary (SDS) without prior approval of the Reserve Bank of India
      • 21.11 Regulation 6(4)
        • 21.11.1 Issuance of guarantee on behalf of SDS when it was not enabled under the ODI regulations
        • 21.11.2 Summary Reporting of other orders on Regulation 6(4)
      • 21.12 Regulation 13
        • 21.12.1 Summary Reporting of orders on Regulation 13
      • 21.13 Regulation 15 (i)
        • 21.13.1 Delay in receipt of share certificates – Refund of share application money beyond the stipulated time period
        • 21.13.2 Non-receipt of share certificate or other evidence of investment
        • 21.13.3 Summary Reporting of other orders on Regulation 15(i)
      • 21.14 Regulation 15(ii)
        • 21.14.1 Summary Reporting of orders on Regulation 15(ii)
      • 21.15 Regulation 15(iii)
        • 21.15.1 Delayed submission / Non submission of Annual Performance Reports (APRs)
        • 21.15.2 Delayed submission of Annual Performance Reports (APRs)
        • 21.15.3 Summary Reporting of other orders on Regulation 15(iii)
      • 21.16 Regulation 15(iv) (As it read before 15.03.2011)
        • 21.16.1 Summary Reporting of orders on Regulation 15(iv)
      • 21.17 Regulation 16(1)(iii)
        • 21.17.1 Disinvestment with write-off without obtaining valuation of the overseas company
        • 21.17.2 Undertaking disinvestment with write-off without obtaining valuation of the overseas company while investment was held as share application money in the foreign JV
        • 21.17.3 Summary Reporting of other orders on Regulation 16(1)(iii)
      • 21.18 Regulation 16(1)(iv)
        • 21.18.1 Summary Reporting of orders on Regulation 16(1)(iv)
      • 21.19 Regulation 16(1)(v)
        • 21.19.1 Disinvestment (with write-off), without prior approval and without submission of all the APRs in case of creditors voluntary winding up in host country
        • 21.19.2 Summary Reporting of other orders on Regulation 16(1)(v)
      • 21.20 Regulation 16(1A)(ii)
        • 21.20.1 Summary Reporting of orders on Regulation 16(1A)(ii)
      • 21.21 Regulation 16(2)
        • 21.21.1 Disinvestment proceeds repatriated after 90 days of disinvestment
        • 21.21.2 Summary Reporting of other orders on Regulation 16(2)
      • 21.22 Regulation 16(3)
        • 21.22.1 Summary Reporting of orders on Regulation 16(3)
      • 21.23 Regulation 16A(3)
        • 21.23.1 Summary Reporting of orders on Regulation 16A(3)
      • 21.24 Regulation 20A r.w. Schedule V
        • 21.24.1 Summary Reporting of orders on Regulation 20A r.w. Schedule V
      • 21.25 Regulation 22(1)(i) & Regulation 22(4)
        • 21.25.1 Acquiring of foreign securities by way of gift from a person resident in India & Transfer of foreign securities acquired under regulation 22(2) (i.e. ESOP) other than by way of sale
      • 21.26 Regulation 22(2)
        • 21.26.1 Non-reporting of shares acquired by the employees and directors of the applicant company under the ESOP scheme of its parent company
  • eCopyright
Biographical note

CA Harshal Bhuta is a qualified Chartered Accountant from India. He has also received an Advanced Diploma in International Taxation from the Chartered Institute of Taxation (United Kingdom). He holds LL.M. (Honors) in International Tax Law from Wirtschaftsuniversität Wien, which he pursued as 2014 – FIT Scholar.

He is working with P. R. Bhuta & Co., Chartered Accountants (Mumbai, India) which is a boutique firm providing Indian Foreign Exchange Laws, International Taxation & Transfer Pricing consultancy services. He has over 10 years of varied work experience which includes advising on numerous cross border transactions. He is a regular speaker at various forums and has published a number of articles. He also conducts Masterclass on Cross-Border Transactions for training participants from corporate sector. He has served as Vice-Chairman for International Taxation Committee of The Chamber of Tax Consultants, India for the year 2019-20. He has co-authored the publication ‘FEMA Compounding Orders – A Comprehensive Analysis’ published by Bloomsbury India in July 2019.

CA Hardik Mehta is a practicing Chartered Accountant from India. He has also completed Certified Public Accountant (CPA (USA)) examinations in 2018. He has also cleared Two Papers of Advance Diploma of International Taxation (ADIT) on Transfer Pricing and Principles of International Taxation in June 2019 conducted by Chartered Institute of Taxation (CIOT) of United Kingdom (UK).

He has over 11 years of work experience and specializes in advising clients on Exchange Control law and Regulations (FEMA), Transfer Pricing Regulations and International Tax Law. He also advises and assists Indian NRIs and subsidiaries of Indian companies in USA in filing their US Tax Returns. He regularly speaks at various study circle meetings and seminars of Bombay Chartered Accountants Society (BCAS), The Chamber of Tax Consultants (CTC) and Western Region of ICAI(WIRC). He is presently serving as a managing council member and convenor of Taxation Committee of BCAS. He has co-authored the publication ‘FEMA Compounding Orders – A Comprehensive Analysis’ published by Bloomsbury India in July 2019.

CA Tanvi Vora is a qualified Chartered Accountant from India. She also holds a Gen. LL.B. degree from K.C. Law College (Mumbai University). She has also received an Advanced Diploma in International Taxation from the Chartered Institute of Taxation (United Kingdom). She holds an Advanced LL.M. in International Tax Law from University of Amsterdam (jointly with IBFD) and was awarded the UvA-IBFD scholarship.

She has worked as a part of a boutique firm known for providing Indian Foreign Exchange Laws, Transfer Pricing & International Taxation consultancy services with special focus on Emigrating and Immigrating Individuals. She has also worked with KPMG India in Transfer Pricing and with T. P. Ostwal and Associates, Mumbai, India. Her varied work experience includes transfer pricing compliance and consultancy of large MNEs and has also advised on numerous cross border transactions. She is serving as a convenor for the Membership and Public Relations Committee of The Chamber of Tax Consultants, India for the year 2020-21 as an honorary service. She has co-authored the publication ‘FEMA Compounding Orders – A Comprehensive Analysis’ published by Bloomsbury India in July 2019 and is a regular speaker at various forums and has published a number of articles.

Excerpt

First published in India 2019

Second edition, 2020

© 2020, Bloomsbury Publishing India Pvt. Ltd.

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About the authors

CA Harshal Bhuta

Harshal Bhuta is a qualified Chartered Accountant from India. He has also received an Advanced Diploma in International Taxation from the Chartered Institute of Taxation (United Kingdom). He holds LL.M. (Honors) in International Tax Law from Wirtschaftsuniversität Wien, which he pursued as 2014 – FIT Scholar.

He is working with P. R. Bhuta & Co., Chartered Accountants (Mumbai, India) which is a boutique firm providing Indian Foreign Exchange Laws, International Taxation & Transfer Pricing consultancy services. He has over 10 years of varied work experience which includes advising on numerous cross border transactions. He is a regular speaker at various forums and has published a number of articles. He also conducts Masterclass on Cross-Border Transactions for training participants from corporate sector. He has served as Vice-Chairman for International Taxation Committee of The Chamber of Tax Consultants, India for the year 2019-20. He has co-authored the publication ‘FEMA Compounding Orders – A Comprehensive Analysis’ published by Bloomsbury India in July 2019.

CA Hardik Mehta

Hardik Mehta is a practicing Chartered Accountant from India. He has also completed Certified Public Accountant (CPA (USA)) examinations in 2018. He has also cleared Two Papers of Advance Diploma of International Taxation (ADIT) on Transfer Pricing and Principles of International Taxation in June 2019 conducted by Chartered Institute of Taxation (CIOT) of United Kingdom (UK).

He has over 11 years of work experience and specializes in advising clients on Exchange Control law and Regulations (FEMA), Transfer Pricing Regulations and International Tax Law. He also advises and assists Indian NRIs and subsidiaries of Indian companies in USA in filing their US Tax Returns. He regularly speaks at various study circle meetings and seminars of Bombay Chartered Accountants Society (BCAS), The Chamber of Tax Consultants (CTC) and Western Region of ICAI(WIRC). He is presently serving as a managing council member and convenor of Taxation Committee of BCAS. He has co-authored the publication ‘FEMA Compounding Orders – A Comprehensive Analysis’ published by Bloomsbury India in July 2019.

CA Tanvi Vora

Tanvi Vora is a qualified Chartered Accountant from India. She also holds a Gen. LL.B. degree from K.C. Law College (Mumbai University). She has also received an Advanced Diploma in International Taxation from the Chartered Institute of Taxation (United Kingdom). She holds an Advanced LL.M. in International Tax Law from University of Amsterdam (jointly with IBFD) and was awarded the UvA-IBFD scholarship.

She has worked as a part of a boutique firm known for providing Indian Foreign Exchange Laws, Transfer Pricing & International Taxation consultancy services with special focus on Emigrating and Immigrating Individuals. She has also worked with KPMG India in Transfer Pricing and with T. P. Ostwal and Associates, Mumbai, India. Her varied work experience includes transfer pricing compliance and consultancy of large MNEs and has also advised on numerous cross border transactions. She is serving as a convenor for the Membership and Public Relations Committee of The Chamber of Tax Consultants, India for the year 2020-21 as an honorary service. She has co-authored the publication ‘FEMA Compounding Orders – A Comprehensive Analysis’ published by Bloomsbury India in July 2019 and is a regular speaker at various forums and has published a number of articles.

About the technical editors

Manoj C. Shah

Manoj Shah is a practicing Chartered Accountant since 1987

He is Past President of The Chamber of Tax Consultants & Past President of CVO Chartered & Cost Accountants’ Association. His focus areas of practice are Exchange Control Regulations (FEMA), International Taxation and Transfer Pricing.

His contribution to publications of various organizations, include-

•Co-Author of publication: “Tax withholding from payments to Non Residents” published by the Chamber of Tax Consultants.

•‘International Taxation-A Compendium-3rd Edition’ published by the Chamber of Tax Consultants.

•‘FEMA’ in Referencer of WIRC.

•“Referencer on FEMA” a publication of ICAI.

•Co-technical editor for the publication ‘FEMA Compounding Orders – A Comprehensive Analysis’ published by Bloomsbury India in July 2019

He has delivered talks on FEMA and Non - Resident taxation at seminars/conferences at various forums across India.

Pankaj R. Bhuta

Pankaj R. Bhuta is the founder of a boutique consulting firm in India and a Fellow Member of the Institute of Chartered Accountants of India, with near to four decades in practice.

He is having rich experience in the field of Foreign Exchange Regulations, Corporate Valuations, Direct Taxation, International Taxation, Transfer Pricing, Audit and Assurance. He focuses particularly in providing integrated taxation and Foreign Exchange Laws Consultancy Services to High Net Worth Non-Resident Indian Nationals settled out of India and Foreign Nationals living in India as well as Non-Resident Indians returning to India.

He serves as an Independent Director on the board of several companies in India. As a way of giving back to the profession, he regularly leads talks and seminars on various topics of the everchanging Foreign Exchange Laws. He also contributes regularly to various professional journals. He was a co-technical editor for the publication ‘FEMA Compounding Orders – A Comprehensive Analysis’ published by Bloomsbury India in July 2019.

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