An Overview
FEMA stands for the Foreign Exchange Management Act, passed by the Government of INDIA in 1999 to consolidate the transactions related to Foreign exchange. This act is designed to facilitate external trade and payments, and promote orderly development and maintenance of foreign exchange market in India.
FEMA (Foreign Exchange Management Act) compliance services refer to the assistance provided by professionals to ensure that individuals and businesses comply with the regulations and guidelines issued by the Reserve Bank of India (RBI) related to foreign exchange transactions.
The RBI regulates foreign exchange transactions in India through the FEMA Act. Any individual or business involved in foreign exchange transactions, such as sending or receiving money from overseas, must comply with the regulations and guidelines set by the RBI. Failure to comply can result in penalties, fines, or other legal consequences.
Vijay B Kumar & Co. provides Following FEMA compliance services
- Assistance with obtaining necessary approvals: FEMA compliance services can include assistance with obtaining necessary approvals from the RBI for foreign exchange transactions, such as approval for outward remittances, import payments, and external commercial borrowings.
- Filing of statutory reports: FEMA compliance services can include assistance with filing required statutory reports, such as the Foreign Currency Accounts of Residents and Non-residents report, the Annual Return on Foreign Liabilities and Assets report, and the Foreign Direct Investment report.
- Record keeping: FEMA compliance services can include assistance with maintaining the necessary records related to foreign exchange transactions, such as bank statements, invoices, and other relevant documents.
- Compliance training: FEMA compliance services can also include training for individuals and businesses on the various provisions of the FEMA act, and how to comply with the regulations and guidelines set by the RBI.
- Compliance audit: FEMA compliance services can include conducting compliance audits to identify potential non-compliance issues and ensure that all foreign exchange transactions are in compliance with the regulations and guidelines set by the RBI.