RBI Ease of Doing Business Initiatives - Discontinuation of Returns Reports under FEMA

 RBI Ease of Doing Business Initiatives (under FEMA)

“Discontinuation of Returns Reports under FEMA, 1999” 

r Overview

Reserve Bank of India (RBI) vide notification / Circular No. RBI/2020-21/66 A.P. (DIR Series) Circular No. 05 dated 13^th November, 2020, has published Discontinuation of Returns/ Reports under Foreign Exchange Management Act, 1999 ” in exercise of the powers conferred under sections Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

r  The Circular is issued to : All Authorized Persons

r  Aim and Vision of this Circular:

to improve the ease of doing business and

reduce the cost of compliance,

 The existing forms and reports prescribed under FEMA, 1999, were reviewed by the Reserve Bank. Accordingly, it has been decided to discontinue the 17 returns/reports as listed in the Annexure A to this Circular as mentioned below with immediate effect.

 r Provisions of this Circular

The attention of Authorised Persons is invited to the Master Direction - Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016 (click here), as amended from time to time, and other reporting related instructions issued by the Reserve Bank of India. AD banks may bring the contents of this circular to the notice of their constituents.

List of Discontinued Reports                       Annexure A Sl No. Name of Report Reporting Entity Frequency 1 Category-wise transaction where the amount exceeds USD 5000 per transaction AD Category-II Monthly 2 Category-wise, transaction-wise statement where the amount exceeds USD 25,000 per transaction AD Category- II Monthly 3 Statement of Purchase transactions of USD 10,000 and above (including transactions of their franchisees) FFMCs and AD Category- II Monthly 4 Extension of Liaison Offices (LOs) AD Category-I banks As and when extension is granted 5 Extension of Project Offices (POs) AD Category-I banks As and when extension is granted 6 FII/FPI daily: Daily inflow/outflow of foreign fund on account of investment by FPIs AD banks Daily 7 FII/FPI Return (Monthly): Data relating to actual inflow /outflow of remittances on account of investments by Foreign Institutional Investors (FIIs) in the Indian Capital market AD Category-I banks Monthly 8 FVCI reporting: Inflows/outflows of remittances on account of investments by Foreign Venture Capital Investor (FVCIs) and Market value of Investments made by FVCIs AD Category-I banks/Custodian banks Monthly 9 Reporting of Inflow/Outflow details in respect of Mutual Fund by Asset Management Companies Asset Management Companies Quarterly 10 Market value of FII Investment in India on fortnightly basis AD Category-I banks Fortnightly 11 Market value of FII Investment in India on Monthly basis AD Category-I banks Monthly 12 FII holdings as percentage of floating stock AD Category-I banks Monthly 13 Form DRR for Issue/transfer of sponsored/unsponsored Depository Receipts (DRs)-Hardcopy@ Custodian At the time of issue/transfer of depository receipts 14 ADR/GDR Movement Report- two way fungibility AD Category-I banks Monthly 15 Repatriation of Sales proceeds of underlying shares represented by FCCBs/GDRs/ ADRs Custodian Monthly 16 GDR/ADR underlying shares issued, re deposited and released monthly reporting Custodian Monthly 17 Monitoring of disinvestments by Overseas Corporate Bodies AD banks Monthly @ Please note that it is only the hardcopy filing of form DRR that has been discontinued. The domestic custodian may continue to report the form DRR on FIRMS application in terms of Regulation 4 (5) of FEM (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019.

Link: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11994&Mode=0  

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

COPPER MINING INDUSTRY SERVICES TO BE TREATED AS PUBLIC UTILITY SERVICE

Copper Mining INDUSTRY SERVICES to be treated as public utility service

Key Amendment: The Central Government hereby declares the services engaged in the Copper Mining industry to be a public utility service for a period of six months with effect from the 27 November, 2020.

The MINISTRY OF LABOUR AND EMPLOYMENT vide F. No. S-11017/11/97 -IR (PL) and Gazette ID CG-DL-E-13112020-223061 published dated 13^th day of November, 2020.

Services engaged in the Copper Mining industry are covered under item 13 of the First Schedule to the Industrial Disputes Act,1947 (14 of 1947).

The Central Government has lastly declared the said industry to be a public utility service for the purposes of the said Act for a period of six months from the 27th May, 2020 vide notification of the Government of India in the Ministry of Labour and Employment number S.O. 1663(E), dated the 27th May, 2020.

In exercise of the powers conferred by the proviso to sub-clause (vi) of clause (n) of section 2 of the Industrial Disputes Act, 1947(14 of 1947), the Central Government hereby declares the services engaged in the Copper Mining industry to be a public utility service for a period of six months with effect from the 27 November, 2020.

 

Source: http://egazette.nic.in/WriteReadData/2020/223061.pdf

 

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

“HEALTH IS LIFE”

“HEALTH IS LIFE”

 

"Health is the Biggest Gift, Contentment, Greatest wealth, Faithfulness. Without Health, life is not life; it is only a languor and suffering state – an image of death. Being healthy means getting more treasure out of life. Without Health, everything is vain; after death, none remembers who you were. 

 

Remember, A man is said to be healthy when he has got no bodily pain or disease. When a man is in the best of spirits and has enough vigour and strength, he is healthy. Health is a more valuable asset of your life than the choices of Treasures. It is so because, without Health, life becomes a burden. A man may have enough wealth, a palatial building to live in, many servants to attend upon him, and the choicest of dress and food. But if he is not healthy, this thing will hardly give him any pleasure. To an unhealthy man, there is no pleasure in life. He is always gloomy; he has no relish for any good thing of nature. 

 

Among the oldest Home-Grown Direct Selling Companies in India, Altos Enterprises has been rightly saying, "Health Is Life." Altos products always ensure good Health: eat lightly, breathe deeply, live moderately, cultivate cheerfulness, and maintain an interest in life. Also, please do not go overboard with it. Director of Altos Enterprises Abhishek Gupta said, "Good Health is all about a person must be fit and fine both physically and mentally wealth. It would help if you always have the essentials for a healthy lifestyle by using healthful products.

 

Healthy lifestyle embraces: - balanced diet, yoga, fitness, way of living. Always stay stress-free. Live up to your best you only have one life to enjoy; fill it with enjoyment. Your existence is necessary as we know; good Health means perfect life. Following the ideal experience, remember Health is an outfit that looks different on everybody. So, wear it with grace, you need to look the best of all.

 

"Our bodies are our gardens – our wills are our gardeners."

 Disclaimer:  The content of this article is intended to provide a general guide to the subject matter. Every effort has been made to keep the information cited in this article error-free. The contents of this article are for information purposes only and do not constitute an advice or a legal opinion and are personal views of the author. The authors can be approached at aarti.rinks@rediffmail.com.