FEMA-Compliances Seminar 06072013

FEMA - Compliances
By CA G. Murali Krishna, ACA, ACS and M.Com
What is FEMA
FEMA stands for FOREIGN EXCHANGE MANAGEMENT ACT The act has been enacted by the Government of India in the year 1999 in substitution of existing law viz., Foreign Exchange Regulation Act, 1973 The act has been implemented w.e.f. 01/06/2000
6th July, 2013 FEMA - Compliances - by CA G. Murali Krishna - 9849992493
Definition of Resident in India (2 (v))

a person residing in India for more than 182 days during the course of the preceding financial year India But does not include
A person who has gone out of India or who stays outside India, in either case(a) for or on taking up employment outside India, or (b) for carrying on outside India a business or vocation outside India, or (c) for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;
13th August, 2012
A person who has come to or stays in India, in either case, otherwise than(a) for or on taking up employment in India, or (b) for carrying on in India a business or vocation in India, or (c) for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;
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FEMA - Import and Export of Goods/ Services - by CA Gottipati Murali Krishna; 9849992493; gmk@sbsandco.com
Definition of Resident in India . Contd

(ii) any person or body corporate registered or incorporated in India,
(iii) an office, branch or agency in India owned or controlled by a person resident outside India,
(iv) an office, branch or agency outside India owned or controlled by a person resident in India;
13th August, 2012
FEMA - Import and Export of Goods/ Services - by CA Gottipati Murali Krishna; 9849992493; gmk@sbsandco.com
Broad Segregation of the Regulations

Capital Account Transactions Current Account Transactions
6th July, 2013
FEMA - Compliances - by CA G. Murali Krishna - 9849992493
Current Account Transactions [2(j)]

means a transaction other than a capital account transaction includes, i. payments due in connection with foreign trade, other current business, services, and short-term banking and credit facilities in the ordinary course of business, ii. payments due as interest on loans and as net income from investments, iii. remittances for living expenses of parents, spouse and children residing abroad, and iv. expenses in connection with foreign travel, education and medical care of parents, spouse and children;
Capital Account Transactions [2(e)]

means a transaction which alters the assets or liabilities, including contingent liabilities,
Location Outside India Person Resident In India
In India
Outside India
and includes transactions referred to in sub-section (3) of section 6;
6th July, 2013
Capital Account Transactions

a. transfer or issue of any foreign security by a person resident in India; b. transfer or issue of any security by a person resident outside India; c. transfer or issue of any security or foreign security by any branch, office or agency in India of a person resident outside India; d. any borrowing or lending in foreign exchange in whatever form or by whatever name called; e. any borrowing or lending in rupees in whatever form or by whatever name called between a person resident in India and a person resident outside India;
Capital Account Transactions .. Contd.

f. deposits between persons resident in India and persons resident outside India; g. export, import or holding of currency or currency notes; h. transfer of immovable property outside India, other than a lease not exceeding five years, by a person resident in India; i. acquisition or transfer of immovable property in India, other than a lease not exceeding five years, by a person resident outside India; j. giving of a guarantee or surety in respect of any debt, obligation or other liability incurred,
i. by a person resident in India and owed to a person resident outside India; or ii. by a person resident outside India.
Regulations at glance
Regulatio n No. 1/2000 2/2000 3/2000 4/2000 5/2000 6/2000 7/2000 8/2000 9/2000 10/2000 Regulation Title Commonly referred as Capital Account Transactions IDR Regulations ECB Regulations FEM (Permissible Capital Account Transactions) Regulations, 2000 FEM (Issue of Security in India by a Branch, Office or Agency of a person resident outside India) Regulations, 2000 FEM (Borrowing or Lending in Foreign Exchange) Regulations, 2000 FEM (Borrowing or Lending in Rupees) Regulations, 2000 FEM (Deposit) Regulations, 2000 FEM (Export and Import of Currency) Regulations, 2000 FEM (Acuisition and Transfer of Immovable Property Outside India) Regulations, 2000 FEM (Guarantees) Regulations, 2000 FEM (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2000 FEM (Foreign Currency Accounts by a person Resident in India) Regulations, 2000
Rupee Borrowing Regulations

Deposit Regulations Currency Regulations Foreign Assets Regulations Guarantee Regulations Forex Realisation Regulations Foreign Currency accounts Regulations
All the above regulations are dated of 03/05/2000

Regulations at glance.. Contd.

Regulati on No. 11/2000 12/2000 13/2000 14/2000 20/2000 21/2000 22/2000 23/2000 24/2000 25/2000 Regulation Title FEM (Possession and Retention of Foreign Currency) Regulations, 2000 FEM (Insurance) Regulations, 2000 FEM (Remittance of Assets) Regulations, 2000 FEM (Manner of Receipt and Payment) Regulations, 2000 FEM (Transfer or issue of security by a person resident outside India) Regulations, 2000 Commonly referred as Possession of Foreign Currency Regulations
Foreign Insurance Regulations

Remittance of Assets Regulations Receipt and payment Regulations FDI Regulations
Acquisition of Immovable FEM (Acquisition and transfer of Immovable Property in India) Properties In india Regulations, 2000 FEM (Establishment in India of Branch or Office or other place of Branch Office Regulations business) Regulations, 2000 Exports Regulations FEM (Export of Goods and Services) Regulations, 2000 Investments into Firm or FEM (Investment in Firms or Proprietary concern in India) Proprietory concerns Regulations, 2000 Derivatives Regulations FEM (Foreign Exchange Derivatives Contracts) Regulations, 2000
All the above regulations are dated of 03/05/2000

Regulations at glance contd.

Regulati on No. Date of Issue Regulation Title Commonly referred as FEM (Off-shore Banking Units) 71/2002 07/09/2002 Regulations, 2002 FEM (Withdrawal of General Permission to Overseas Corporate 101/2003 03/10/2003 Bodies) Regulations, 2003 FEM (Transfer or Issue of Any 120/2004 07/07/2004 Foreign Security)Regulations, 2004
OBU Regulations
OCB Regulations
ODI regulations
6th July, 2013
FDI
What is FDI? Why it is important in current economic scenario Why a CS is supposed to be abreast with the FDI and related procedures
6th July, 2013
What is FIPB
FIPB is a department under the administrative control of Ministry of Finance It is a collection of Secretaries of various Departments / Ministries
6th July, 2013
Types of FDI
FDI Routes
Automatic Route
Government Approval (FIPB/ SIA)
Without RBI approval
With RBI approval
Sectors reserved for Govt approval
For issue of Partly paid Shares & warrants
The sectoral caps are breached pursuant to the investment
For all NRs other than Erstwhile OCBs
Ertstwhile OCB investment in sectors under Automatic Route (existing before 16-0903)
6th July, 2013
Types of FDI contd.

Types
FDI
PIS
FIIs
NRI/ PIO
QFI
10% /24%/ (Sectoral Cap with approval of Members)

6th July, 2013
Sub-Accounts of FII (5%)
Repatriable 5% / 10%/ (24% with approval of Members)
Non Repatriable (without any limit)
5% / 10%/ (24% with approval of Members)
Entities permitted to invest in India

Non Resident Investors
Automatic route
With Approval
Any Non Resident (Other than citizen of Pakistan or an entity in Pakistan and etstwhile OCBs)
NRIs resident in Nepal and Bhutan or their Citizens (by way of FE remittance through normal banking channels)
Government Approval
RBI Approval
Citizen of Bangladesh or an entity in Bangladesh
Citizen of Pakistan or an entity in Pakistan*
Etstwhile OCB (existing before 1609-03)
Issue of capital against import of capital goods/ preliminary exp or preop expenses
Ertstwhile OCB investment in sectors under Automatic Route (existing before 1609-03)
*other than defence, space and atomic energy and sectors/ activities prohibited for foreign investment
6th July, 2013
Types of Instruments
Instruments
Capital
Debt
Equity
CCPS (w.e.f 01-05-2007)
ADR/GDR
CCD (w.e.f 07-06-2007)
FCCB
6th July, 2013
Investment in Firms/ Proprietory Concern/ AOP/BOI
NRI / PIO can invest on non-repatriation basis under automatic route. NRI / PIO can invest on repatriation basis with prior approval of RBI. RBI will decide the application in consultation with the GOI Amount is invested by inward remittance or out of NRE/FCNR(B)/NRO account maintained with AD/ Authorized banks. Other than NRI / PIO can invest with prior approval of RBI. RBI will decide the application in consultation with the GOI The entity should not engage any prohibited activity
Investment in LLP
FDI will be allowed, through the Government approval route in sectors/activities where 100% FDI is allowed, through the automatic route and there are no FDI-linked performance conditions Indian company making investment in LLP (both should be eligible entities) LLPs with FDI will not be eligible to make any downstream investments Only by way of cash consideration Investment in LLPs by FIIs and FVCIs will not be permitted. LLPs not be permitted to avail ECBs Conversion of a company with FDI, into an LLP, with the prior approval of FIPB/Government
Foreign Investment Prohibited Sectors

Atomic Energy Lottery Business including Government / private lottery, online lotteries etc. Gambling and Betting including casinos etc. Business of chit fund Nidhi Company Trading in Transferable Development Rights (TDRs) Activities/sector not opened to private sector investment Agriculture (excluding Floriculture, Horticulture, Development of seeds, Animal Husbandry, Pisciculture and cultivation of vegetables, mushrooms etc. under controlled conditions and services related to agro and allied sectors) and Plantations (Other than Tea Plantations)
6th July, 2013
Foreign Investment Prohibited Sectors contd

Manufacturing of Cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco or of tobacco substitutes. Activities / sectors not opened to private sector investment including Atomic Energy and Railway Transport (other than Mass Rapid Transport Systems). foreign investment in any form, foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also completely prohibited for Lottery Business and Gambling and Betting activities. Foreign investment in Trusts other than investment by SEBI registered FVCIs in domestic VCF
6th July, 2013
Allotment of shares Flow

The investor remits the amount into the Company in eligible currency
Remittance
The company shall intimate RBI through AD within 30 days of remittance The intimation to be made in Annexure II of Circular 44 dated 30/05/2008. The said annexure has been attached as Annexure 5 to Intimation to RBI Circular 1/2013 and Annexure 6 to Master Circular dated 01/07/2013
The company needs to facilitate the AD to obtain KYC information of the remitter from their counterpart bank The KYC format is prescribed vide Annexure III of Circular 44 dated 30/05/2008. The said annexure has been attached as Annexure 6 to Circular 1/2013 and Annexure 7 to Master Circular dated 01/07/2013 RBI upon receipt of the intimation allots Unique Identification Number (UIN) for each such remittance and intimates the company This UIN has to be quoted at the time of filing the FC-GPR / refund of the money
KYC
UIN
6th July, 2013
Allotment of shares Flow

Allotment/ Refund
The company shall allot Shares / CCPS / CCD within 180 days of the remittance failing which the money shall be refunded (w.e.f. 29/11/2007) In case of listed company the valuation >= the value decided under SEBI regulations In case of Unlisted Companies, the valuation has to be done as per DCF method (w.e.f. 07/04/2010) Even for issue of convertible instruments the price/conversion formula has to be done upfront. The conversion price cannot be changed downwards at the time of conversion
Valuation of Shares
Form FC-GPR
The company after allotting the shares/ CCPS/CCD shall file form FC-GPR with AD who have received the remittance The intimation to be made in Annexure I (Part A) of Circular 44 dated 30/05/2008. The said annexure has been attached as Annexure 1 to Circular 1/2013 and Annexure 8 to Master Circular dated 01/07/2013
Intimation from RBI
Upon receipt of the Form FC-GPR RBI after scrutiny of the form, allots UIN for FC-GPR which shall be used at the time repatriation by the investor
6th July, 2013
Transfer of Shares / CCPS/ CCD

Transfer
NRI / PIO to NRI/ PIO
NR to NR (including NRI / PIO)
NR to R
R to NR
Sale/ Gift
Gift
Gift
Sale of Shares (Other than specified categories of industries)
Sale of Shares (specified categories of industries)
other than Financial Services Sector
The company is in specified Financial Services Sector
Automatic Route
RBI Approval (Needs to comply with conditions specified)
Automatic Route
RBI Approval
Automatic Route
Govt Approval
6th July, 2013
Transfer of shares Flow

Sale
The seller and buyer enters into the agreement / arrangement to buy / sell the shares
Remittance
The Buyer makes the payment to the seller (Resident Seller / NonResident Seller) The resident party shall intimate to RBI through AD within 60 days of receipt / payment of consideration. The onus of submission is on the party resident in India The intimation to be made in Form FC-TRS. The said form has been attached as Annexure 8 to Circular 1/2013 and Annexure 9-I to Master Circular dated 01/07/2013 The company needs to facilitate the AD to obtain KYC information of the foreign counter party from their counterpart bank The KYC format is prescribed vide Annexure III of Circular 44 dated 30/05/2008. The said annexure has been attached as Annexure 6 to Circular 1/2013 and Annexure 9-II to Master Circular dated 01/07/2013
Intimation to RBI
KYC
6th July, 2013
Transfer of shares Flow

Upon receipt of Form FC-TRS (in Quadruplicate), the AD remitting or receiving the consideration has to endorse Endorsement on Form FC-TRS by AD
The company only upon receipt of the endorsed FC-TRS along with relevant share transfer deeds / share certificate and any other relevant document, can record Noting by the transfer in its Register of Members the Company
In case of listed company the valuation >= the value decided under SEBI regulations Valuation of In case of Unlisted Companies, the valuation has to be done as per DCF method (w.e.f. 07/04/2010) Shares
Transfer by R to NR as Gift under RBI approval route

The proposed transferee (donee) is eligible to hold such capital instruments The gift does not exceed 5 % of the PUCof the Indian company/each series of debentures/each mutual fund scheme. The applicable sectoral cap limit in the Indian company is not breached The transferor (donor) and the proposed transferee (donee) are close relatives as defined in Section 6 of the Companies Act, 1956 The value of capital instruments to be transferred together with any capital instruments already transferred by the transferor, as gift, to any person residing outside India does not exceed the rupee equivalent of USD 50,000 during the calendar year. Such other conditions as stipulated by Reserve Bank in public interest from time to time
6th July, 2013
Conversion of ECB/Lumpsum Fee/Royalty into Equity

The activity of the company is covered under the Automatic Route for FDI or the company has obtained Government approval for foreign equity in the company The foreign equity after conversion of ECB into equity is within the sectoral cap, if any Pricing of shares shall be as prescribed Compliance with the requirements prescribed under any other statute and regulation in force The conversion facility is available for ECBs availed under the Automatic or Government Route and is applicable to ECBs, due for payment or not, as well as secured/unsecured loans availed from non-resident collaborators.
6th July, 2013
Issue of securities other cases

issue of shares/preference shares against lump sum technical know-how fee, royalty, under automatic route or SIA/FIPB route, subject to pricing guidelines and compliance with applicable tax laws Issue of Shares on Rights basis in the case of shares of a company listed on a recognized stock exchange in India, at a price as determined by the company in compliance with SEBI (ICDR) Regulations, 2009 in the case of shares of a company not listed on a recognized stock exchange in India, at a price which is not less than the price at which the offer on right basis is made to resident shareholders. rights share to such erstwhile OCBs will have to take specific prior permission from RBI. As such, entitlement of rights share is not automatically available to erstwhile OCBs. Existing non-resident shareholders are allowed to apply for issue of additional shares/ CCPS / CCD over and above their rights share entitlements subject to the sectoral caps.
Issue of securities other cases contd

Units in Special Economic Zones (SEZs) are permitted to issue equity shares to non-residents against import of capital goods subject to the valuation done by a Committee consisting of Development Commissioner and the appropriate Customs officials. Share Swap: Approval of the Foreign Investment Promotion Board (FIPB) is a prerequisite for investment by swap of shares.
6th July, 2013
Pledge of Shares
A person being a promoter of a company registered in India (borrowing company), which has raised ECB , may pledge the shares of the borrowing company or that of its associate resident companies for the purpose of securing the ECB raised by the borrowing company, provided that a no objection for the same is obtained from a bank which is an authorised dealer. The authorized dealer, shall issue the no objection for such a pledge after having satisfied itself that the external commercial borrowing is in line with the extant FEMA regulations for ECBs and that : i) the loan agreement has been signed by both the lender and the borrower, ii) there exists a security clause in the Loan Agreement requiring the borrower to create charge on financial securities, and iii) the borrower has obtained Loan Registration Number (LRN) from the Reserve Bank of India :
6th July, 2013
Pledge of Shares contd.

conditions : i) the period of such pledge shall be co-terminus with the maturity of the underlying external commercial borrowing; ii) in case of invocation of pledge, transfer shall be in accordance with the extant FDI Policy and directions issued by the Reserve Bank; iii) the Statutory Auditor has certified that the borrowing company will utilize / has utilized the proceeds of the external commercial borrowing for the permitted end use/s only
6th July, 2013
Restriction on Various Current Acct Transactions

Particulars Private visits to any country (except Nepal and Bhutan) Gift remittances by persons other than Resident Individual (per FY, per remitter) Amount exceeding (USD) 10,000 5,000
Donation by persons other than Resident Individual (per FY, per remitter)
Person going abroad for employment Emigration to foreign country
5,000
1,00,000 1,00,000 or amount prescribed by the Host Country)
Remittance of Salary Income to Close relatives residing abroad

Business Travel Medical Treatment abroad
Net Salary
25,000 Amount Prescribed by Doctor in India, hospital/ doctor Abroad
6th July, 2013
Restriction on Various Current Acct Transactions

Particulars Studies Abroad Amount exceeding (USD) 1,00,000 per academic year or the amount estimated by the inst. 25,000 or 5% of the inward remittance 10 Million Per Project 1 Million Per Project 1,00,000 or 5% of the inward remittance
Commission to a Foreign Agent for sale of residential or commercial flats in India Project Consultancy Services to a Foreign Consultant for Infrastructure Projects In India Project Consultancy Services to a Foreign Consultant for Other Projects In India Reimbursement of Pre-Incorporation expenses
6th July, 2013
Compliances Calendar under Various regulations

Particulars Filing of FIRC intimation along with KYC Allotment of Shares Relevant Regulation FDI Regulations FDI Regulations Due Date With in 30 days of Receipt of Funds Within 180 days of Receipt of funds
Filing of FC-GPR
Filing of Annual Asset Liability Statement to RBI Copy of Resolution passed by the company for enhancement of limits
FDI Regulations
FDI Regulations FDI Regulations
Within 30 days of Allotment

15th of July from end of the relevant FY Prior Intimation
Filing of Form 83
Filing of Form ECB-2 Making of Payment for Imports
6th July, 2013
ECB Regulations
ECB Regulations Current Account Rules
With in 7 days of signing of agreement

Within 7 working days of end of the relevant month Within 6 months of Import (Normal Period)

Particulars Making of Payment for Imports Relevant Regulation ECB Regulations Due Date 6 months but <= 36 months Trade Credit >36 months ECB
Filing of Form IPI by a Acquisition of Within 90 days of acquisition person other than NRI/PIO Immovable Properties In india Obtaining RBI approval for carrying operations in India Branch Office Regulations Before commencing operations in India
Register as Foreign Company in India

Submission of AAC to RBI/ IT authorities
Branch Office Regulations

Before commencing operations in India

Within 6 months of due date for closing of account as per Host Country Regulations
Submission of information to Police authorities

6th July, 2013
Within 5 working days of becoming functional

Particulars Realization of Dues of Exports Relevant Regulation Exports Regulations Due Date SEZ/EOU/ Status Holders etc., - 1 year Others 9 months (upto 30/09/2013) Within 30 days from end of the FY At the time of making remittance
Submission of Intimation of overdue bills to AD Submission of Form ODI under Automatic/ Approval Route
Exports Regulations ODI Regulations
Submission of Form ODI for each change in the step down subsidiaries
Submission of details of Share certificates issued by JV/WOS Submission of APR
6th July, 2013
ODI Regulations
Within 30 days of decision taken by the Competent Authority

Within 6 months of remittance/ capitalisation of exports Within 60 days of closure/ due date of closure of financials
ODI Regulations
ODI Regulations
Penalties
If the amount involved is quantifiable upto 3 times of the amount involved and for continuing default Upto Rs. 5,000 per day In case of the companies, the following persons are also liable to punishment
Person In-Charge of the operations Person with whose consent or Connivance the offense is taken place Director or Secretary or Manager or other officer of the company in case of negligence is attributable to him
6th July, 2013
Compounding of offenses
The compounding application can be submitted to the RBI for the cases other than the Cases of contravention having a money-laundering, national and security concern involving serious infringements of the regulatory framework including cases where application for compounding has not been filed within the stipulated period in the memorandum issued by the Reserve Bank may be referred to Directorate of Enforcement for further investigation and necessary action under Section 37 of the Act or to the Anti Money Laundering Authority instituted under Prevention of Money Laundering Act, 2002 or to any other agencies as deemed fit. Contraventions related to any transaction without proper approval or permission from the concerned Government or any Statutory Authority as the case may be under the relevant laws/regulations as envisaged under FEMA, would not be compounded unless the required approval is obtained from the concerned authorities. The compounding application can be made in the format prescribed as per A.P.(DIR Series) Circular No.31 dated February 1, 2005 (in duplicate). Application Fee Rs. 5,000/-
6th July, 2013
Compounding Powers of RBI

Amount (INR) <= 10 Lakhs Relevant Officer AGM
> 10 Lakhs and <= 40 Lakhs

> 40 Lakhs and <= 100 Lakhs > 100 Lakhs
DGM
GM CGM
6th July, 2013
Compounding Powers of ED
Amount (INR) <= 5 Lakhs Relevant Officer DD
> 5 Lakhs and <= 10 Lakhs

> 10 Lakhs and <= 50 Lakhs > 50 Lakhs and <= 100 Lakhs > 100 Lakhs
AD
SD SD with DD SD with D
6th July, 2013
Useful Website Links

1) RBI www.rbi.org.in 2) DIPP www.dipp.nic.in 3) ED http://www.enforcementdirectorate.gov.in/ 4) FIPB www.fipb.india.com 5) Ministry of Finance www.finmin.nic.in 6) Ministry of Home Affairs www.mha.nic.in
Questions
Thank you
G. Murali Krishna M.com., A.C.A, A.C.S M/s. SBS and Company Chartered Accountants #6-3-900/6-9, Flat No.104, Veeru Castle, Durganagar Colony, Panjagutta, Hyderabad-500082. Mobile No. 9849992493 Ph No. 040-64584494/ 40183366 E-mail: gmk@sbsandco.com
6th July, 2013

FEMA-Compliances Seminar 06072013

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FEMA - Compliances

By CA G. Murali Krishna, ACA, ACS and M.Com

Definition of Resident in India (2 (v))

Definition of Resident in India . Contd

13th August, 2012

Broad Segregation of the Regulations

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

Current Account Transactions [2(j)]

Capital Account Transactions [2(e)]

and includes transactions referred to in sub-section (3) of section 6;

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

Capital Account Transactions

Capital Account Transactions .. Contd.

Rupee Borrowing Regulations

All the above regulations are dated of 03/05/2000

Regulations at glance.. Contd.

Foreign Insurance Regulations

All the above regulations are dated of 03/05/2000

Regulations at glance contd.

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

Government Approval (FIPB/ SIA)

Without RBI approval

With RBI approval

Sectors reserved for Govt approval

For issue of Partly paid Shares & warrants

The sectoral caps are breached pursuant to the investment

For all NRs other than Erstwhile OCBs

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

Types of FDI contd.

10% /24%/ (Sectoral Cap with approval of Members)

Sub-Accounts of FII (5%)

Repatriable 5% / 10%/ (24% with approval of Members)

Non Repatriable (without any limit)

5% / 10%/ (24% with approval of Members)

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

Entities permitted to invest in India

Citizen of Bangladesh or an entity in Bangladesh

Citizen of Pakistan or an entity in Pakistan*

Etstwhile OCB (existing before 1609-03)

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

CCPS (w.e.f 01-05-2007)

CCD (w.e.f 07-06-2007)

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

Investment in Firms/ Proprietory Concern/ AOP/BOI

Foreign Investment Prohibited Sectors

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

Foreign Investment Prohibited Sectors contd

6th July, 2013

FEMA - Compliances - by CA G. Murali Krishna - 9849992493

Allotment of shares Flow

6th July, 2013

Allotment of shares Flow

Intimation from RBI