- FEMA Overview
- Inbound Investment- FDI in India
- FDI in Limited Liability Partnerships (LLP)
- Outbound Investment- Overseas Direct Investment
- Remittance facilities for Resident Individuals under the Liberalised Remittance (LRS) Scheme
- Compounding of Contraventions under FEMA
- Representing FEMA contraventions before Enforcement Directorate (ED)
- External Commercial Borrowings
- Investments by Non Resident Indians (NRIs)
- FEMA Audit
Compounding of Contraventions under FEMA
Compounding of contraventions under FEMA is a voluntary process whereby the applicant seeks compounding of an admitted contravention of any provision of FEMA. Some of the contraventions that can be compounded are delay in reporting of inward remittance received for issue of shares, delay in filing of Form FC-GPR after issue of shares, violation of pricing guidelines for issue of shares, delay in submission of Form FC-TRS on transfer from resident to non-resident and vice-versa, overseas investment in Preference Shares/Loan without equity contribution, contraventions relating to acquisition of agricultural land by Non resident Indian, trading in real estate, gift of foreign property (residential/commercial) by Non Resident to Resident Indian etc.
Gift of overseas property from Non Resident to Resident requires prior RBI approval. By and large most of the transactions of inward (India bound gift) gift do not require prior RBI approval. However, gift of overseas property from Non Resident/Non Resident Indian/Overseas Citizen of India to Resident Indians require prior RBI approval. In case prior approval is not sought, it would be advisable to opt for voluntary compounding.
Our service offering in this segment includes, advising on the FEMA regulations in relation to the transactions and assisting in preparation and filing of Compounding Applications with RBI and appearing before the RBI authorities for hearing on the Compounding Applications.