9911796707
TMI BlogReporting under Foreign Exchange Management Act, 1999 (FEMA)X X X X Extracts X X X X X X X X Extracts X X X X ..... he purpose of ensuring the compliance with the provisions of the Act or of any rule, regulation, notification, direction or order made thereunder, direct any authorized person to furnish such information, in such manner, as it deems fit. Accordingly, RBI has entrusted to the Authorised Dealers (ADs) the responsibility of complying with the prescribed rules/regulations for the foreign exchange tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations 3 and 6 of FEMA 3/2000 ]; Non-filing of form ODI for obtaining UIN before making the second remittance to overseas WOS/JV for Overseas Direct Investment (ODI) [ Regulation 6(2)(vi) of FEMA 120/2004 ]; Non-submission of Annual Performance Reports (APRs) / copies of Share Certificates to the AD (and non-reporting thereof by the AD to Reserve Bank) in respect of overseas investm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 72% relate to delay in advance reporting/ submission of FCGPR. In the case of ECB, 24% of the cases received relate to drawdown without obtaining LRN. Similarly, 66% of the ODI cases relate to non-reporting of overseas investments online. Authorised Dealers have an important role to play in avoidance of such contraventions and accordingly, the dealing officials in the banks need to be sensitised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his connection, it is reiterated that in terms of Section 11(3) of FEMA, 1999 , the Reserve Bank may impose on the authorized person a penalty for contravening any direction given by the Reserve Bank under this Act or failing to file any return as directed by the Reserve Bank. 6. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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