FEMA compounding orders : a comprehensive analysis - Vol. 2
- 2nd ed.
- New Delhi: Bloomsbury Publishing India Pvt. Ltd, 2020.
- xxxvi, 320 p.
- Vol. 2 .
Preface to Volume I Preface to Volume II 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 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 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 offer 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. 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) etamp 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) etamp 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) 14.12.1 Transfer of shares by way of gift exceeding USD 25,000 in value 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). 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 ٣.5.2000 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)
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Compounding orders Derived from Analysis of Compounding Orders Foreign Exchange Management Act Gift under the Liberalized Remittance Scheme