When a business enterprise imports goods from other countries, exports its products to them or makes investments abroad, it deals in foreign exchange.
Foreign exchange means ‘foreign currency’ and includes:- (i) deposits, credits and balances payable in any foreign currency; (ii) drafts, travellers’ cheques, letters of credit or bills of exchange, expressed or drawn in Indian currency but payable in any foreign currency; and (iii) drafts, travellers’ cheques, letters of credit or bills of exchange drawn by banks, institutions or persons outside India, but payable in Indian currency.
The violation or non-compliance of FEMA, either deliberate or due to ignorance, can entail heavy punishment or penalties of different forms.
Areas, in which we can assist:
- Foreign Investment in India (FDI) Advisory, Set-Up & compliances;
- Direct Investment outside India- Advisory;
- Approval from Foreign Investment Promotion Board;
- Approval from Reserve Bank of India;
- Legal opinions;
- Transfer pricing;
- Advisory- Double Tax Avoidance Agreement (DTAA);
- Retainer-ship services;
- NRI related services;
- NBFC Registration/Deregistration;
Obtaining permission under various provisions of FEMA, Filing of Intimations, Statutory Forms & Returns & other statutory compliances under FEMA.