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Showing posts with label Lawlabz. Show all posts
Showing posts with label Lawlabz. Show all posts

Tuesday, January 24, 2012

KnowLaw on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India

Know Law

Labz Notification 10 of 2011

A written-cum-video initiative to know your corporate legal position as on date

Legal Queries???

What are restrictions in foreign inflow? What are the FDI compliances with RBI? What are the ECB compliances with RBI? What are the FCCB/GDR/ADR compliances with RBI? Is there any annual return with RBI like that under Company laws? What are the consequences of non-filing of returns with RBI? When you are falling under Automatic route of FEMA, is there any reporting requirement with RBI? What happens if the inflow is not under automatic route? Is SEZ mandated by RBI for such reporting? What is the reporting procedure? What are the legal requirements in India when foreign exchange is involved in a company’s capital account transaction?

Solution…

FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction

The compliances under Foreign Exchange Management Act (FEMA) arise, when there is an inflow or outflow of foreign exchange. When dealing with bank accounts situated outside India or in India, you might not realize the indirect effect on foreign exchange which mandate FEMA compliances. In India, most of the current account transaction mandates reporting arrangements, whereas certain capital account transaction require approvals from the Central Bank namely Reserve Bank of India.

FEMA being an ever changing law in India, the legalization of a transaction and its dealings is a voluminous task. The approvals, intimations & reporting have to be done keeping in mind the legal updated applied with practical skills. At Lawlabz we can facilitate the same for your company’s transactions. Read More...

Requirement under Indian laws on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India:

Whenever there is an issue, allotment, transfer or conversion of shares, an intimation or approval may be required under FEMA as an event based compliance requirement. This can happen in situations where there is an increase in the shareholding of the company or on induction of new shareholders or an investment is made into the company abroad or when there is transfer of shares in which one party is an Indian or when loans (External Commercial Borrowings) are converted into equity capital. Further, whenever arises an event under FEMA, it comes with a obligation to submit periodical returns as well on a monthly basis for loans related dealing, quarterly basis for FCCB/ADR/GDR related overseas issues and on a annual basis for equity related dealings. Further, there are ceiling limits of 7 days/15 days/30 days/60 days/180 days for various compliances mentioned above. Even further, there is a requirement of certification of procedural compliance of the transaction by a Company Secretary and a certification on valuation of shares through Discounted Cash Flow method by a Chartered Accountant. Any delayed filing beyond the prescribed period also amounts to violation of law which can invite actions from RBI. Hence, in such cases, there is a option of voluntary compounding of offences by disclosing the offence to RBI.

Myth buster on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India:

FEMA compliances are not a mere one-time requirement of reporting whenever there is a requirement of funding or investment or raising money in India or abroad but it goes beyond as a regular procedural requirement once, one of such transaction with a foreign country or foreigner is made. The entire business transaction shall be consulted with an expert as to its impact on automatic route or approval route and how it shall be proceeded with. It may happen, the transaction is under automatic route but as it is taken up by a large enterprise, it may fall under approval route that shall be duly considered. Whenever a foreign exchange transaction happens, it should be considered on a wholesome basis as to its requirements on foreign exchange laws, the accounting treatment of the transactions and the legality of it under the requirement of various corporate laws, industrial laws and sector-specific laws.

Caution point on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India!!!

As the requirements of FEMA are constantly changing as updated by RBI, one shall take caution to ensure whether the reporting requirement on a particular date is in the latest prescribed legal requirement in India. The transacting Indian company shall be in regular touch with their Authorised Dealer (the bank in India) who is responsible for conversion of foreign exchange till the time the bank gets a final confirmation from RBI as to the satisfaction of the legal compliance requirement. The Joint ventures or foreign collaborations shall give due consideration of this legal requirement as this involves a hefty penalty of 3 times of the amount involved or to take the route of compounding to safeguard from violations.

WATCH LAWLABZ VIDEO on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India!!! (Click Here):

At Lawlabz, we offer 360O Personalized VIRTUAL Corporate Solutions by offering COMPLETE online legal support for your organization since its set-up as your entrepreneurial venture, during its management as a corporate entity or a manufacturing industry and closure of unwanted company’s which are not having any significant business of its own.

Legally Yours,

Happy Consulting with www.lawlabz.com

For Private Circulation Only. The copyright of this notification is retained by Lawlabz. Notwithstanding anything contained herein, this notification does not amount to opinion or consultation of any nature. One Pager



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For earlier newsletters of KnowLaw series of Lawlabz, Click this link

Sunday, August 15, 2010

2nd year Event Videos, Photos, Awards, Mafoi Pandiarajan on business, cake cutting & lot more fun with Lawlabz Learnlabz OnlyThisMuch 2010 Celebration

Ever heard of a lab that concocts and churns out, not chemical, but legal solutions! LAWLABZ (Law Labz Consultancy Pvt Ltd), a legal consulting services organisation, has positioned itself in the forefront in offering high end services in corporate compliance practices. It has a training division called Learnlabz and publication initiative called OnlyThisMuch for Company Secretary students.

 

And as you are aware Lawlabz Group 2nd Year Celebrations this July 2010 with Learnlabz & OnlyThisMuch, the video way, hope you will make it, now its the time to share with the happy moments during our event [4 parts of video & photos].  You will find following features throughout the events,

  1. Funny (bit of Tamil mixture)
  2. Business is like a dance!!! (Wonderful speech by Mr. K. Pandiarajan of Mafoi Randstad)
  3. Lawlabz Corporate & Employee Awards, Learnlabz Faculty Awards & OnlyThisMuch Author awards
  4. Blast, Cake cutting, celebrations & celebrations.

[Do see all the 4 parts of the Videos & photographs hereunder]

Lawlabz Learnlabz OnlyThisMuch 2nd Year celebrations 2010

Thanks again for making the even the most successful one in all respects.  Thanks will definitely not suffice your well wishes.

Sunday, July 25, 2010

Lawlabz Group 2nd Year Celebrations this July 2010 with Learnlabz & OnlyThisMuch, the video way, hope you will make it

Lawlabz Biennial Day Xperiments 2010
In our 2 year long journey we have serviced more than 350 clients, 200 company secretary students passed out, 2500 copies of books sold but more importantly we enjoyed all of your support, well wishes & faith.


On this special day, commemorating Law Labz's 2nd anniversary we would like to share our joy with everyone who has made this possible.  We are also taking this opportunity to inaugurate lawlabz.com, an online portal offering corporate legal services in real-time with video based solutions. 

We have created a personalized invite for you here.

  • What: Lawlabz, Learnlabz & OnlyThisMuch turns two
  • When: 7pm onwards, July 28th 2010 (Wednesday)
  • Where: RYA Metro (12, Saravana Mudali Street, Off South Boag Road, T.Nagar)
  • Guest of Honour: Mr. K. Pandiarajan, Managing Director Mafoi Randstand

Agenda

  1. Website & Video Release (by guest of honour)
  2. Award Distribution
  3. Dinner (8.30 PM onwards)

Looking forward to meeting you and hoping for your continued support & motivation.
A.N.S. Vijay on behalf of Lawlabz, Learnlabz & OnlyThisMuch Group

Thursday, June 17, 2010

New Scheme to close down Company & comply for non-compliances done under Companies Act, 1956 like non-filing of annual returns, accounts, compliance certificate,etc...Lawlabz Website link

Closure of defunct companies by ROC

COMPANY LAW SETTLEMENT/EASY EXIT SCHEME under The Companies Act, 1956:

The Ministry of Corporate Affairs, has announced an EASY EXIT SCHEME to facilitate the defunct company to get rid of it. The scheme has made very simple for the exit of the defunct company without much effort.

In the normal circumstances closing of a company may take several years and may need to spent lakhs of rupees.

Please contact us immediately for filing the application, for closure of your defunct company, if any at the earliest and avail this golden opportunity.

The opportunity may come once in blue moon. So do ACT IMMEDIATELY and get rid of your defunct company once for all without any future litigation for non compliances.

After the closure of the scheme, it is expected that ROC may take actions on those companies who continue to default the compliances.

Take the opportunity immediately … 

OR call us now @ 044-24340416


Reach us @ 7/13, South Boag Road, T.Nagar, Chennai, 600017
Keep closing & enjoy complying!!!
Thank You,

Lawlabz Logo
LawLabz

360o

 
Personalised Corporate Solutions

Monday, July 27, 2009

Thank you all for making 1st year celebrations of Lawlabz & Learnlabz wonderful, thanks again for all the well wishes...

Yes Gurus, Professionals, Well wishers, Friends… A sincere thanks to every one of you who has helped us to make the 1st year celebration of Lawlabz, Learnlabz and OnlyThisMuch a grand one either in person or by proxy (wishes).

Further, we would like to place special thanks to our Parents who graced this occasion and LawLabz clients, LearnLabz Gurus and Company Secretary students.

It was indeed a very big experience to pass through an year with all your support and expecting your well wishes as ever. We would love to produce our best solutions to Xperiment, Xcel!!!

For those, who are impracticable to be physically present, do relish this:



http://www.lawlabz.com Photos Link



Thanks again by ANS Vijay & Team

CS Updatin...

See Yes -> Yes, ACS

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