FEMA COMPLIANCE - FEMA Consultant in Ahmedabad
Foreign Exchange Management Act (FEMA) Applicability
Its main objective was to facilitate external trade and payments within India. To help maintain and develop the Indian forex market in an orderly manner, FEMA was also formed. A FEMA Consultant in Ahmedabad can help you ensure compliance with FEMA regulations and optimise your foreign exchange transactions.
FEMA Applicability
- Foreign security
- Foreign exchange
- Any overseas company owned by an NRI (Non-Resident Indian) and the owner is 60% or more
- Import of any commodity and/or services from outside India.
Export of any good or service from India to a country outside of its territory.
Indian any citizens residing in India or outside of the country (NRIs)
Companies engaging in such activities are required to comply with regulatory requirements, including FLA filing, which provides essential information on foreign exchange earnings and expenses.
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Penalty provision under FEMA
If any person contravenes the provisions of FEMA or any rule, direction, regulation, order or notification issued under FEMA, he shall be liable to pay a penalty up to thrice the sum involved in such contravention or up to Rs.2 lakh. Where such contravention is a continuing one, he shall be liable to pay a further penalty which may extend to Rs.5,000 for every day during which the contravention continues.
In conclusion, for comprehensive guidance on Foreign Exchange Management Act (FEMA) regulations and compliance, seek assistance from a knowledgeable FEMA consultant in Ahmedabad. Their expertise ensures smooth navigation of foreign exchange transactions and regulatory requirements.
