FEMA COMPLIANCE FOR FDI/ODI
Foreign Exchange Management Act(FEMA) is the legislation which directs the foreign currency in India.The importance of FEMA compliances is indispensable considering the fact there are penal consequences in case of non-compliances.In order to capture the statistics relating to FDI and ODI in a more comprehensive manner RBI has introduced the requirement to file Annual Return on Foreign Liabilities and Assets (‘FLA Return’) on or before 15 July every year.
Foreign Exchange Management Act (FEMA) is the legislation which governs the foreign currency in India. The main aim of FEMA is to facilitate external trade, balance the payments, promote the orderly development, and maintain the foreign exchange market in India. Every Company who is receiveing Fund in India from outside India is required to follow the provisions of FEMA.