From: WMC
Date: Sat, Jan 21, 2012 at 2:09 AM
Subject: FEMA Update regarding Master Circular on Compounding of Contraventions under FEMA, 1999 and Master Circular on External Commercial Borrowings and Trade Credits.
To:
Dear Friends,
Please find herewith latest FEMA Update regarding Master Circular on Compounding of Contraventions under FEMA, 1999 and Master Circular on External Commercial Borrowings and Trade Credits.
RBI/2011-12/357
Master Circular No.8 /2011-12
(Updated as on January 20, 2012)
July 01, 2011
Master Circular on Compounding of Contraventions under FEMA, 1999
The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999.
2. This Master Circular consolidates the existing instructions on the subject of "Compounding of Contraventions under FEMA, 1999" at one place. The list of underlying circulars / notifications, consolidated in this Master Circular, is furnished in the Appendix.
3. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2012 and be replaced by an updated Master Circular on the subject.
RBI/2011-12/356
Master Circular No. 09 /2011-12
(Updated as on January 20, 2012)
July 01, 2011
Master Circular on External Commercial Borrowings and Trade Credits
External Commercial Borrowings and Trade Credits availed of by residents are governed by clause (d) of sub-section 3 of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 3/ 2000-RB viz. Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, dated May 3, 2000, as amended from time to time.
2. This Master Circular consolidates the existing instructions on the subject of "External Commercial Borrowings and Trade Credits" at one place revised upto January 05, 2012. The list of underlying circulars / notifications, consolidated in this Master Circular, is furnished in the Appendix.
3. This circular will stand withdrawn on July 1, 2012 and be replaced by an updated Master Circular on the subject.
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With regards,
Manoj Pandey
Wisdom Management Consultancy Private Limited
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