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    External Commercial Borrowings (ECB) refer to commercial loans. Types of ECBs. Two routes for accessing ECB- Automatic and Approval Route. New ECB Framework as per As per RBI/2018-19/109 A.P (DIP Series) circular dated January 16, 2019 revised #ECB guidelines. Standard Operating Procedure (SOP) for Untraceable Entities. Read More :- External Commercial Borrowings (ECB) In Case Of Foreign Loan

  Introduction Foreign Contribution amendment act bill is introduced by Government of India on 29 th  September 2020. Although, the bill met with a stern opposition from the opposition the bill was passed in both the houses of Parliament despite the protest. The Government has claimed that the objective of the act is to  strengthen compliance, enhance transparency and accountability in the receipt and utilization of foreign contributions and facilitating genuine non-governmental organizations or associations who are working of the welfare for the society.     The amendment Act has come into force due to various instances where organization have failed to ensure basic statutory compliances such as maintenance of proper accounts  and submission of returns and it led to a situation wherein, the government had to cancel registration of various organization.   The new amendment of FCRA 2020 has come as a blow to the Indian Civil Society as it cuts...

  Introduction to Place of Effective management The 1990s have been regarded as a watershed event in the economic sector of India. Various reforms had been introduced at that point in time and the financial sector changed its direction. Since then the Indian regulatory system has been experiencing constant change and reform. The Indian system had in the latest introduced Goods and Services, Integrated Child Development Services, Indian Accounting Standards. India along with these services introduced Place of Effective Management in its Finance act, 2015 which came into assessment in the year 2015. Definition of Place of Effective Management Under Place of effective Management or POEM for short, a company would become a resident of India if it was an Indian Company, or during that year its operation, control and management were being handled in India. As per the provision of the Finance Act, 2015 the company whose effective management is taking place in India will be considered as a...

  Pre-requisites for a foreign company to have a  branch office in India   The following additional criteria are also considered by the Reserve Bank while sanctioning  Branch Offices of foreign entities Profit-making track record during the immediately preceding  five financial years  in the home country. Net Worth of not less than USD 100,000 or its  equivalent  [a total of paid-up capital and free reserves, less intangible assets] as per the latest Audited Balance Sheet or Account Statement certified by a Certified Public Accountant or any Registered Accounts Practitioner by whatever name. Proprietary concerns set up abroad are not allowed to establish Branch Offices in India.   Legal forms in which a foreign company can set up its establishment in India  Read More:-   Branch office in India Contact Publisher Attorney Attorney  

  Customs Department extending the exemption for the execution of Bank Guarantee (BG) based upon the export turnover, quantum of duty, tax paid, etc. vide earlier circular No. 58/2004-Cus dated 21.10.2004 as amended vide circular Nos. 17/2009-Cus dated 25.05.2009, 32/2009-Cus dated 25.11.2009, 06/2011-Cus dated 18.01.2011, 08/2013-Cus dated 04.03.2013 and 15/2004-Cus dated 18.12.2014 in view of the implementation of GST from 01.07.2017 has now issued Circular No. 31/2019-Cus dated 13.09.2019 which devised the norms for BG under Advance Authorisation, DFIA & EPCG scheme. The manufacturer exporters/service providers are eligible to claim exemption from furnishing Bank Guarantee under the following two situations: Manufacturer exporters/Service Providers registered with the GST authorities (Centre/State/Union Territory) who have been exporting during the previous two financial years and have minimum export of Rs. 1 crore or more during the preceding financial year. Manufacturer ex...