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Master Direction - Miscellaneous

FEMA - 19/2015-16 - Dated:- 1-1-2016 - RBI/FED/2015-16/14 FED Master Direction No. 19/2015-16 January 1, 2016 To, All Authorised Dealer Category - I banks and Authorised banks Madam / Dear Sir, Reserve Bank of India has issued Master Directions consolidating relevant A.P (DIR Series) Circulars issued so far within the ambit of the relevant regulations, amended up to date. The circulars/ instructions have been grouped into the Master Directions on the basis of the classes of transactions they per .....

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tomers/ constituents with a view to implementing the regulations framed. 3. It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A.P. (DIR Series) Circulars in regard to any change in the Regulations or the manner in which relative transactions are to be conducted by the Authorised Persons with their customers/ constituents. The Master Direction issued herewith shall be amended suitably simultaneously. Yours faithfully, (B P Kanungo) Princip .....

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ncome and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement and repatriation of income and sale proceeds of assets acquired abroad through remittances under Liberalised Remittance Scheme - Clarification (a) in terms of sub-section 4 of Section (6) of FEMA, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was .....

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ident outside India, or from gift or inheritance received while such a person was resident outside India; Foreign exchange including any income arising therefrom, and conversion or replacement or accrual to the same, held outside India by a person resident in India acquired by way of inheritance from a person resident outside India. A person resident in India may freely utilise all their eligible assets abroad as well as income on such assets or sale proceeds thereof received after their return .....

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y residents in India - Joint holder -liberalization Individuals resident in India are permitted to include non-resident Indian (NRI) close relative (s) (NRI as defined in regulation 2(vi) of Notification No FEMA 5/ 2000-RB dated May 3, 2000, as amended from time to time and relative as defined in Section 6 of the Companies Act, 1956 as a joint holder(s) in their resident savings bank accounts on Either or Survivor basis subject to the following conditions: Such account will be treated as residen .....

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one resident in such account, such NRI close relative should be the close relative of all the resident bank account holders. Where due to any eventuality, the non-resident account holder becomes the survivor of such an account, it shall be categorized as Non-Resident Ordinary Rupee (NRO) account as per the extant regulations. Onus will be on the non-resident account holder to keep AD bank informed to get the account categorized as NRO account and all such regulations as applicable to NRO account .....

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lip;.. who is my ………. (state relationship). I hereby undertake that I shall not use the proceeds lying in the above account for any transaction in contravention of the provisions of the Foreign Exchange Management Act (FEMA) 1999, Rules/Regulations made thereunder and the related circulars/instructions issued by the Reserve Bank from time to time. I further undertake that if any such transaction is put through the said account in contravention of the FEMA, 1999 or Rules/Regu .....

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individual when the NRI is on a visit to India, such a payment, although being in the nature of a resident to resident transaction, will be covered under the term services related thereto under Regulation 2(i) Notification No. FEMA 16/ 2000- RB dated May 3, 2000, ibid. 5) Routing of funds raised abroad to India (a) Indian companies or their AD Category - I banks are not allowed to issue any direct or indirect guarantee or create any contingent liability or offer any security in any form for suc .....

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s or their AD Category - I banks using or establishing structures which contravene the above shall render themselves liable for penal action as prescribed under FEMA, 1999. 6) Constitution of Special Investigating Team - sharing of information In pursuance of the Hon ble Supreme Court Judgment dated July 4, 2011, Government of India constituted a Special Investigation Team (SIT) under the Chairmanship of Hon ble Justice M.B. Shah. In this regard, the Hon ble Supreme Court has directed that: All .....

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unctioning, by extending all necessary financial, material, legal, diplomatic and intelligence resources, whether such investigations or portions of such investigations occur inside the country or abroad. All Authorised Persons are advised to ensure that information/ documents required by the SIT are made available, as and when required. 7) Crystallization of Inoperative Foreign Currency Deposits - Reserve Bank (Depositor Education and Awareness Fund) Scheme, 2014 With the objective of aligning .....

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the end of the third year, the authorised bank shall convert the balances lying in the foreign currency denominated deposit into Indian Rupee at the exchange rate prevailing as on that date. Thereafter, the depositor shall be entitled to claim either the said Indian Rupee proceeds and interest thereon, if any, or the foreign currency equivalent (calculated at the rate prevalent as on the date of payment) of the Indian Rupee proceeds of the original deposit and interest, if any, on such Indian R .....

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ereafter, the depositor shall be entitled to claim either the said Indian Rupee proceeds and interest thereon, if any, or the foreign currency equivalent (calculated at the rate prevalent as on the date of payment) of the Indian Rupee proceeds of the original deposit and interest, if any, on such Indian Rupee proceeds. 8) Operational guidelines on International Financial Services Centre (IFSC) In terms of the Foreign Exchange Management (International Financial Services Centre) Regulations, a fi .....

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n in this context shall mean making or receiving payment, drawing, issuing or negotiating any bills of exchange or promissory note, transferring any security or acknowledging any debt. Similarly, financial service shall mean any activity which a financial institution is permitted to carry on by the respective Act of the Parliament or Government of India or any Regulatory Authority empowered to regulate the concerned financial institution. 9) Regularisation of assets held abroad by a person resid .....

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e declarant with respect to an asset held abroad for which taxes and penalties under the provisions of Black Money Act have been paid. b) No permission under FEMA will be required to dispose of the asset so declared and bring back the proceeds to India through banking channels within 180 days from the date of declaration. c) In case the declarant wishes to hold the asset so declared, she/ he may apply to the Reserve Bank of India within 180 days from the date of declaration if such permission is .....

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