Services We Offer

RBI FEMA Compliance Consultants in Nagercoil, Tamil Nadu

Send your Requirement here

FEMA India - Act, Laws, Rules, Policies and NRI RBI Guidelines

FEMA Regulations and RBI Compliance in FDI 

FEMA Regulations and RBI Compliance in Foreign Direct Investment

FEMA Consultants In India, RBI FEMA Advisors, FCRA Consultants, RBI FEMA Compliance, RBI FEMA Regulations, RBI FEMA Guidelines, Foreign Investment Compliance Under RBI FEMA, RBI Compliances Under FEMA Regulations, FEMA Guidelines - Foreign Inward Remittance, RBI FEMA FAQ

FinTax Corporate Professionals LLP – RBI & FEMA Consultancy Services. Know FEMA Regulations and RBI Compliance in FDI, FCRA. Team of experienced CA and CS. Call us +91-7210000745 or Visit our Office. 

RBI Compliances For FDI | FEMA Consultants in Nagercoil, Tamil Nadu

Q1. Who is an NRI?

Answer: A ‘Non-resident Indian’ (NRI) is a person resident outside India who is a citizen of India.

Q2. Who is a PIO?

Answer: A ‘Person of Indian Origin (PIO)’ is a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the Central Government, satisfying the following conditions:

·       Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or

·       Who belonged to a territory that became part of India after the 15th day of August, 1947; or

·       Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in clause (a) or (b); or

·       Who is a spouse of foreign origin of a citizen of India or spouse of foreign origin of a person referred to in clause (a) or (b) or (c)

·       A PIO will include an ‘Overseas Citizen of India’ cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955. Such an OCI Card holder should also be a person resident outside India.

Q3. Can persons resident in Nepal and Bhutan have accounts in India?

Answer: Persons resident in Nepal and Bhutan can open Indian rupee accounts with an authorised dealer in India.

Q4. Can multilateral organisation have deposits in India?

Answer: Any multilateral organization, of which India is a member nation, or its subsidiary/ affiliate bodies and officials in India can open deposits with an authorised dealer in India.

Q5. Can an Indian company accept deposits from non-residents in compliance with section 160 of the Companies Act, 2013?

Answer: Yes, such acceptance of deposit and refunds, if required, will be covered under current account transactions and can be made freely without any restriction from FEMA perspective.

Q6. Can a Foreign Portfolio Investor or a Foreign Venture Capital Investor open a foreign currency account in India?

Answer: Yes, a Foreign Portfolio Investor or a Foreign Venture Capital Investor, both registered with the Securities and Exchange Board of India (SEBI) under the relevant SEBI regulations can open and maintain a non-interest bearing foreign currency account for the purpose of making investment in accordance with Foreign Exchange Management (Non-Debt Instrument) Rules, 2019.

Q7. Who can open an Escrow Account in India and for what purpose?

Answer: Resident and Non-resident acquirers can open Escrow Account in INR with an AD bank in India as the Escrow Agent, for acquisition/transfer of capital instruments/convertible notes in accordance with Foreign Exchange Management (Non-Debt Instrument) Rules, 2019 as amended from time to time and subject to the terms and conditions specified under Schedule 5 of Foreign Exchange Management (Deposit) Regulations, 2016, as amended from time to time.

FRCA Consultants Nagercoil, Tamil Nadu

What is an SNRR account? How is it different from a NRO account?

Who can open?

SNRR Account

Any person resident outside India, having a business interest in India for putting through bona fide transactions in rupees.

Opening of SNRR accounts by Pakistan and Bangladesh nationals and entities incorporated in Pakistan and Bangladesh requires prior approval of Reserve Bank.

NRO Account

Any person resident outside India for putting through bonafide transactions in rupees.

Individuals/ entities of Pakistan nationality/ origin and entities of Bangladesh origin require the prior approval of the Reserve Bank of India.

However, a citizen of Bangladesh/Pakistan belonging to minority communities in those countries i.e. Hindus, Sikhs, Buddhists, Jains, Parsis and Christians residing in India and who has been granted LTV or whose application for LTV is under consideration, can open one NRO account with an AD bank subject to the conditions mentioned in Notification No. FEMA 5(R)/2016-RB dated April 01, 2016, as updated from time to time.

Type of Account?

SNRR Account in Non-interest bearing

NRO Account in Current, Savings, Recurring or Fixed Deposit; Rate of interest – as per guidelines issued by Department of Regulation.

Permissible Transactions?

SNRR Account - Debits and credits specific/ incidental to the business proposed to be done by the account holder

NRO Account

Credits:

Inward remittances, legitimate dues in India, transfers from other NRO accounts and any amount received in accordance with the Rules/Regulations/Directions under FEMA, 1999.

Debits:

Local payments, transfer to other NRO accounts, remittance of current income, settlement of charges on International Credit Cards.

Tenure?


SNRR Account - Concurrent to the tenure of the contract / period of operation / the business of the account holder and in no case should exceed seven years, other than with approval of the Reserve Bank.

Restriction of seven years is not applicable to SNRR accounts opened for the purposes stated at sub. paragraphs i to v of paragraph 1 of Schedule 4 of FEMA 5(R).

NRO Account - No such restrictions on tenure.

Repatriability?

SNRR Account - Repatriable

NRO Account - Not repatriable except for current income; and remittances by NRIs/ PIOs up to USD 1 million per financial year in accordance with the provisions of FEMA 13(R).

#

FEMA Compliance in India | FinTax Corporate Professionals LLP

#

FEMA India - Act, Laws, Rules, Policies and NRI RBI Guidelines

#

RBI & FEMA Advisory Services | FinTax Corporate Professionals LLP

#

FEMA Guidelines - Foreign Inward Remittance | FinTax Corporate Professionals LLP

  • Share on Facebbok
  • Share on Twitter
  • Share on LinkedIn
  • Share on Whatsapp
Services We Offer
REFER & EARN REQUEST A CALL BACK & FEE QUOTE BOOK APPOINTMENT Call Us : +91-7210000745
(10 AM to 9 PM, IST)
INSTANT VIDEO CONSULTATION TEXT CHAT CONSULTATION WhatsApp CONSULTATION
SEND QUERY