FEMA Compliances

• A Non-Residential Indian (NRI) is an Indian citizen who lives in India for less than 182 days during the course of the preceding financial year; or
• someone who has moved out of India or lives out of India for job purposes or
• someone who has moved outside India or lives out of India for running a business or having a profession or
• someone who has moved out of India or lives out of India for any other purposes, showing his/ her intent to stay out of India for an indeterminate period of time.

If you are coming back to India, in such case, the cumulative value of the foreign exchange bought in, in the form of currency notes, banknotes and cheques surpasses the amount of USD 10,000 or its equivalent and/or if the value of the foreign currency solely surpasses USD 5,000 or its equivalent, that needs to be declared on the airport in the Currency Declaration Form (CDF) given by the customs authorities.

For receiving money from clients/ relatives from abroad, the important document to have is the Foreign Inward Remittance Certificate (FIRC), which generally is easy to get. However, in some cases, due to different receiving and clearing banks, this becomes a hindrance in meeting the compliance.

We have a dedicated team of experts to take care of the FDI reporting with the RBI under FEMA guidelines.

It is important to have experienced professionals with you from the outset of making a cross border transaction who can smoothly walk you through the complex yet important nuances of it.

We have a nationwide as well as an international clientele.

We take care of your FEMA compliances, along with providing a range of other services to take full accountability as your virtual CFO.