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 ..... ce 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 transactions and reporting the same as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 investments [Regulation 15 of FEMA 120/2004]; Delay in submiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 and trained to discharge this function efficiently. 4. All the transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 Exchange Management Act, 1999 (42 of 1999). Yours faithfully, (Dr. Sujatha Elizabeth Prasad) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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