FEMA / PMLA Compliance - ED / RBI Affairs Consultant - Ozg Lawyers

19/07/2023

5% TDS Limit on LRS -

📱8779696580
✉️ [email protected]

WeF. 1st Oct 2020, 5% is applicable on any amount above ₹700000 remitted abroad.

E.g. if the facility availed under of is ₹10 Lakh, a TDS @ 5% will be applicable on ₹3 lakh so tax will be ₹15000.



🏡 facebook.com/femaconsultant

RBI Compliance//Export Payment//Foreign Bank Account//USDT Trading//Bitcoin Transaction//Dubai Property Investments etc.

Chat 💬 WA.ME/918850585672

Email 📨 [email protected]

10/05/2023

The Liberalised Remittance Scheme is an RBI measure that allows Indian residents to send up to USD250,000 per financial year (April to March) outside India. These funds can be used for any permissible current or capital account transaction, or a combination of both.

Who is eligible to remit funds outside India under the LRS?

The LRS is for people who are residents of India as defined by the Foreign Exchange Management Act (FEMA), 1999. It cannot be used by corporations, partnership firms, Hindu Undivided Family (HUF), trusts, etc.

What are the permissible current account transactions under the LRS?

The following are permissible current account transactions under the LRS:

🚩 Private visit (other than Nepal & Bhutan)

🚩 Gift or donation (including rupee gift) to a Non-Resident Indian (NRI) / Person of Indian Origin (PIO), who is a close relative

🚩 Emigration

🚩 Overseas business trip

🚩 Medical treatment abroad

🚩 Pursuing studies outside India

🚩 Going outside India for employment

🚩 Maintenance of close relatives abroad

FEMA Consultants | Ozg Lawyers | Email: [email protected]

Which capital account transactions are permissible under LRS?

The following are the permissible capital account transactions under LRS:

🚩 Opening a foreign currency account abroad with a bank outside India

🚩 Purchase of foreign property

🚩 Investments in overseas shares, securities, mutual funds, etc

🚩 Setting up wholly owned subsidiaries (WOS) or joint ventures (JV) abroad (subject to stipulated terms and conditions)

🚩 Extending INR loans to NRIs who are relatives as defined in the Companies Act.

What if I need to remit more than USD250,000?

You can remit more than the USD250,000 limit for emigration, medical treatment and overseas education, if it is required by the country of emigration, medical institute offering treatment or the university respectively, but this is subject to certain conditions. In other cases, you will need prior permission from the RBI

10/04/2023

FEMA..

27/02/2023

Directorate of Enforcement (ED) has attached assets worth ₹ 305.84 Crore of Joy Alukkas Verghese, Chairman of Joy Alukkas India Pvt Ltd under section 37A of FEMA, 1999 for violation of section 4 of FEMA, 1999. The case pertains to huge amount of cash transferred to Dubai from India through Hawala Channels and subsequently invested in Joy Alukkas Jewellery LLC, Dubai which is 100% owned company of Joy Alukkas Verghese. The attached assets include 33 immovable properties (value ₹ 81.54 Crore) consisting of Land and residential building in Shobha City, Thrissur , 03 Bank accounts (value ₹ 91.22 Lakh), 03 Fixed Deposits (value ₹ 5.58 Crore) and Shares of Joy Alukkas India Pvt Ltd (value ₹ 217.81 Crore). ED had earlier conducted searchs on 22.02.23 at 5 premises of Joy Alukkas group including the office of M/s Joy Alukkas India Pvt Ltd and residential premises of the Director of the company. The evidences were gathered during search from their official documents, mails and staffs which clearly proved active involvement of Mr Joy Alukkas in Hawala transactions. These amount were subsequently invested in Joy Alukkas Jewellery LLC, Dubai which is 100% owned company of Joy Alukkas Verghese, thus making him the beneficial owner of illegally transferred money and thus liable for action under Section 37A of FEMA, 1999. Further investigation is under progress.

Have you violated FEMA due to ignorance? Did you receive ED notice for FEMA violation?

Schedule your Tele-Appointment with to save your precious time and hard-earned money on unwanted legal costs for your / RBI and Enforcement Directorate related matters.

Learn more at Link ☎️ FEMA.ozg.in



Legal Advisory Email ☎️ [email protected]

16/02/2023

✅ RBI introduced FCRA related transaction code in NEFT & RTGS Systems

Email: [email protected]
WhatsApp📱WA.ME/919811415831

On 16 Feb, RBI introduced FCRA related transaction code in NEFT and RTGS Systems under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007. The instructions will be effective from March 15, 2023.

Background -

1. Under the FCRA, 2010 (amended as on September 28, 2020), foreign contributions must be received only in the “FCRA bank account” of State Bank of India (SBI), New Delhi Main Branch (NDMB). The contributions to the FCRA account are received directly from foreign banks through SWIFT and from Indian intermediary banks through NEFT and RTGS systems.

2. In terms of extant requirements of Ministry of Home Affairs (MHA), Government of India, the donor details such as name, address, country of origin, amount, currency, and purpose of remittance are required to be captured in such transactions and SBI is required to report the same to MHA on daily basis.

3. Keeping in view the above, necessary changes have been introduced in NEFT and RTGS systems, technical details of which are provided in annex of this notification by RBI. Member banks are advised to incorporate necessary changes in their core banking /middleware solutions to capture the requisite details while forwarding the foreign donations through NEFT and RTGS systems to SBI.

📌 FCRA - *SBI Bank Account* for NGOs - Trust/Society/Foundation;

👩🏻‍💼 FCRA Registration & Renewal;

👩🏻‍💼 FCRA Rejected Cases Approval;

👨🏽‍💼 FCRA Compounding;

👁️‍🗨️ FCRA Projects/AML Guidance.

💗

FCRA Consultant
Ozg Lawyers

Email: [email protected]
WhatsApp📱WA.ME/919811415831

11/01/2023

👩🏻‍💼 NRI having NRE/NRO bank accounts can now use UPI with foreign mobile numbers. To begin with, NPCI will be enabling transactions from mobile numbers having country codes of Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, United Arab Emirates, and the United Kingdom.

Learn more at nri.fema.in

Ozg Lawyers: FEMA Advisory

WhatsApp ☎️ WA.ME/918779696580
DM📱Instagram.com/femaconsultant

Follow 💗 DM

💬 Support
Ozgian 24/7

👨‍⚖️ Litigation
Ozg Lawyers

📂 RBI Compliance eFilings
Ozg Documentation Centre

🏦 AD Bank
Ozg Finance (NBFC: [email protected]) has service level association with 20+ top ranked banks.

**************************************

16/11/2022

*RBI Payment Vision - 2025*

RBI's Payments Vision 2025 has been prepared by considering the guidance from the Board for Regulation and Supervision of Payment and Settlement Systems of the RBI. It builds on the initiatives of Payments Vision 2019-21.

*Goals to Achieve:*

📌 Volume of cheque-based payments to be less than 0.25% of the total retail payments.

📌 Tripling the number of digital payment transactions.

📌 UPI to register average annualised growth of 50% and IMPS / NEFT at 20%.

📌 Increase of payment transaction turnover vis-à-vis GDP to 8.

📌 Increase in debit card transactions at PoS (Point of Sale) by 20%.

📌 Debit card usage to surpass credit cards in terms of value.

📌 Increase in PPI transactions by 150%.

📌 Card acceptance infrastructure to increase to 250 lakh.

📌 Increase of registered customer base for mobile based transactions by 50% CAGR.

📌 Reduction in Cash in Circulation (CIC) as a percentage of GDP.

Read full post at ⬇

👩🏻‍💼

Go to 🏡 rbicompliance.com

------------------ --------------------- ---------------------
*Ozgian Community*
Join Seven Sisters Group:

To join, please share your screenshot of ₹192/year for 6 Groups ( , , , , , Compliance).

👩🏻‍💼 Scan QR code in DP.

📛⌚ Please, make add request via Ozgian Community only.

16/11/2022

*RBI Payment Vision - 2025*

RBI's Payments Vision 2025 has been prepared by considering the guidance from the Board for Regulation and Supervision of Payment and Settlement Systems of the RBI. It builds on the initiatives of Payments Vision 2019-21.

*Goals to Achieve:*

📌 Volume of cheque-based payments to be less than 0.25% of the total retail payments.

📌 Tripling the number of digital payment transactions.

📌 UPI to register average annualised growth of 50% and IMPS / NEFT at 20%.

📌 Increase of payment transaction turnover vis-à-vis GDP to 8.

📌 Increase in debit card transactions at PoS (Point of Sale) by 20%.

📌 Debit card usage to surpass credit cards in terms of value.

📌 Increase in PPI transactions by 150%.

📌 Card acceptance infrastructure to increase to 250 lakh.

📌 Increase of registered customer base for mobile based transactions by 50% CAGR.

📌 Reduction in Cash in Circulation (CIC) as a percentage of GDP.

Read full post at ⬇

👩🏻‍💼

Go to 🏡 rbicompliance.com

------------------ --------------------- ---------------------
*Ozgian Community*
Join Seven Sisters Group:

To join, please share your screenshot of ₹192/year for 6 Groups ( , , , , , Compliance).

👩🏻‍💼 Scan QR code in DP.

📛⌚ Please, make add request via Ozgian Community only.

Payments Vision 2025 has been prepared by considering the guidance from the Board for Regulation and Supervision of Payment and Settlement Systems of the RBI. It builds on the initiatives of Payments Vision 2019-21.