UNDER FEMA ACT, 1999
FEMA (Foreign Exchange Management Act, 1999) designed for promoting the development as well as maintenance of the Indian foreign exchange market in an orderly manner. At present, FEMA can be applied across India as well as across all the branches, agencies and offices outside of India controlled or owned by an individual who is an Indian resident.
Following are the compliance:
- Annual Return on Foreign Liabilities and Assets (FLA Return)
If the Indian company does not have any outstanding investment in respect of FDI as on end of the reporting year, the Company need not submit the FLA Return.
Similarly, if the Indian company has not received any fresh FDI in the latest year but the company has outstanding FDI, then that company is still required to submit the FLA Return every year by 15 July.
- Annual Performance Report (APR)
Annual Performance Report (APR) is required to be certified by the statutory auditor of the Indian party.
Certification of APRs by the Statutory Auditor or Chartered Accountant shall not be insisted upon in the case of Resident Individuals and self-certification can be accepted in such case.
3. External Commercial Borrowings (ECB) under Foreign Exchange Management Act, 1999
4. Single Master Form
With effect from September 01,2018 Subsumes of FC-GRP, FC-TRS, LLP-I, LLP-II, CN, ESOP, DI, DRR forms into one single master form.
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