9911796707
TMI BlogOverseas Direct Investment - Submission of Annual Performance ReportX X X X Extracts X X X X X X X X Extracts X X X X ..... o. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004] (the Notification), as amended from time to time. Attention of AD Category - I banks is also invited to A. P. (DIR Series) Circular No. 68 dated June 01, 2007 on Rationalisation of Forms, A. P. (DIR Series) Circular No. 29 dated September 12, 2012 on ration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Wholly Owned Subsidiary (WOS) outside India set up or acquired by the IP / RI (as prescribed under Regulation 15 of FEMA Notification, ibid). 3. It has been observed that: i. IP / RI are either not regular in submitting the APR or are submitting it with delay. This is not in line with Regulation 15 of the Notification, ibid. ii. Remittance/s and other forms of financial commitment are often f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transaction on behalf of the eligible applicant, should necessarily check with its nodal office to confirm that all APRs in respect of all the JV / WOS of the applicant have been submitted; b. Certification of APRs by the Statutory Auditor or Chartered Accountant need not be insisted upon in the case of Resident Individuals. Self-certification may be accepted; c. In case multiple IPs / RIs ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time to time. The APR, so required to be submitted, shall be based on the latest audited annual accounts of the JV / WOS unless specifically exempted by the Reserve Bank. 5. AD banks may issue necessary instructions to all the dealing officials at the bank / branch level and put in place proper processes and systems to ensure compliance with the extant FEMA guidelines. Any non-compliance with th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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