IFSCA issues additional anti money laundering measures under IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022

In a cross-border wire transfer where the amount to be transferred exceeds USD 1000, every bank which is an ordering institution shall include in the message or payment instruction that accompanies or relates to the …

CBIC releases new rates of exchange for conversion of foreign currencies into Indian currency

The new rates shall be in force with effect from 3rd December, 2021.

Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2021

An Indian Insurance company having foreign investment shall comply with the provisions under the Indian Insurance Companies (Foreign Investment) Rules, 2015.

Draft Foreign Exchange Management (Non-debt Instruments – Overseas Investment) Rules, 2021

The Rules provides the procedure for Overseas Investment, Overseas Direct Investment and Overseas Portfolio Investment.

Sponsor Contribution to an overseas AIF shall qualify as ODI

Any sponsor contribution from a sponsor IP to an Alternative Investment Fund (AIF) set up in an overseas jurisdiction, including International Financial Services Centres (IFSCs) in India, as per the laws of the host jurisdiction, …

Online module for adjudication, review, and appeal proceedings under the Foreign Exchange (Development and Regulation) Act, 1992

The Adjudication, review and appeal proceedings related to any violations of DGFT Schemes, Foreign Trade policies, procedures and orders shall be initiated and conducted online. Exporters shall submit all documents online through DGFT website.

RBI delegates power to compound certain contraventions to Regional Offices/ Sub Offices

Issue of shares without approval of RBI or Government, Receiving investment in India from non-resident or taking on record transfer of shares by Investee Company etc. shall now be compounded by Regional Offices/ Sub Offices …

RBI has discontinued the requirement to file a set of returns/reports prescribed under FEMA

It has been decided to discontinue the requirement to file 17 returns/reports as listed in the notification.

Government seeks to permit 74% investment in defense sector through automatic route

The government seeks to allow 74% investment through automatic route in the defense sector. This shall come into force once the FEMA notification is published.

RBI notifies the Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2020

The Amendment Regulations insert a new Regulation 9, empowering RBI to permit export or import of Indian currency, as an independent regulation. Prior to this amendment the said provision existed as a mere proviso. Therefore, …

Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2020

The amendment empowers the RBI to issue such directions, circulars, instructions, clarifications necessary for effective implementation of the provisions of these rules, without consulting the central government.

MHA permits certain categories of OCI cardholders to visit India

The Ministry of Home Affairs vide its Notification dated 22nd May 2020 has permitted certain category OCI cardholders abroad to come to India.

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