Fema Updates

Recent Updates

1. RBI allows non-residents to participate in rupee interest rate derivatives
[Ref:-https://fema.taxmann.com/fileopennew.aspx id=222330000000018275&mode=home& page=ts]

2. RBI hikes the limit of investment by FPIs in Govt. securities
[Ref:-https://fema.taxmann.com/fileopennew.aspx?id=222330000000018274&mode=home& page=ts]

3. RBI amends FEMA (Permissible Capital Account Transactions) Regulations, 2000
[Ref:-Notification No. FEMA 1/2019-RB, Dated 7th March 2019]

4. RBI updates master direction on Foreign Investment in India
[Ref:-https://fema.taxmann.com/fileopennew.aspx id=222330000000018141&mode=home& page=ts]

5. Individual travelling from India to Nepal can carry currency notes of Rs 200 and 500 denominations: RBI
[Ref:-A.P.(DIR SERIES) CIRCULAR NO. 24, DATED 20-3-2019]

6. RBI introduces Voluntary Retention route for foreign portfolio investors
[Ref:-A. P. (DIR SERIES) CIRCULAR NO. 22, DATED 1-3-2019]

Recent Judicial Pronouncement

1. Order imposing penalty could not be sustained due to failure to serve notice to petitioner: HC
[Ref:-Ramesh Nanji Shah v. Director of Enforcement [2019] 103 taxmann.com 229 (Bombay)]

2. Appeal filed against order to Adjudicating officer passed under FERA would lie before FEMA’s appellant tribunal
[Ref:-Union of India v. Premier Ltd. [2019] 102 taxmann.com 464 (SC)]