Taxmann FEMA Practice Manual By Sudha G. Bhushan Edition April 2022

Taxmann FEMA Practice Manual By Sudha G. Bhushan

Taxmann FEMA Practice Manual By Sudha G. Bhushan

This is a comprehensive book on the Foreign Exchange Management Act 1999 (FEMA), which presents a wide range of complex cross-border transactions in a meaningful and straightforward manner. It helps the reader understand the intricacies of the law and guides companies in effective compliance.

This book is a one-stop solution for the following:

• Professionals including Chartered Accountants, Company Secretaries, Cost Accountants, Lawyers, etc.
• Chief Financial Officers (CFOs) of Multinational & Indian Companies
• Authorised Dealer Banks
• Students
• Persons having an interest in international transactions

The Present Publication is the latest 2022 Edition, authored by CA Sudha G. Bhushan. It is amended up to 14^th March 2022, with the following noteworthy features:

• [Exhaustive Commentary] on various Sections, Rules, Regulations under FEMA. It also provides a complete guide to foreign investments, presented in a manner that is easy to understand & practical to use
• [Practical Examples] that are primarily based on real case studies have been incorporated in this book for every point
• [Entity-wise Bifurcation of provisions of FEMA] All provisions concerning one type of entity (e.g. NRI, Residents, Unincorporated Entities, LLPs, etc.) are discussed in the respective chapters. This makes the book useful for the practitioners who are advising their clients
• [Balance Sheet Approach] is used in the book to describe the applicability of provisions of FEMA, which will be particularly useful to CFOs of multinational & Indian companies
• [Making the Complex Law, Simple] Every effort has been made to use pictorial representations, checklists, examples, case studies, various Compounding Orders issued by the Reserve Bank of India to provide a clear understanding of the subject
• [Guidelines & Procedures] required for transactions have been discussed in detail

The structure of the book is as follows:

• [Introduction to Foreign Exchange Management Act, 1999] Chapter 1 provides commentary on every section of FEMA
• [Conceptualisation under FEMA] Chapter 2 lays down the complete framework of FEMA and discusses the following concepts that are necessary to be appreciated in totality to have an understanding of FEMA:
• Residential Status
• Regulatory Bodies
• Capital and Current Account Transactions, etc.
• [Balance Sheet Approach to evaluate Transactions under FEMA] To make the provisions under FEMA more helpful to practitioners, Chapter 3 gives a balance sheet approach to understand the applicability of various provisions under FEMA to an entity/transaction
• [Items of a Balance Sheet] are dealt with in Chapters 4 to 15. It also discusses every provision relating to it
• [Other Transactions] Chapter 16 discusses a few relevant and recurring current account transactions. All the provisions are discussed with examples to make it transaction-oriented
• [Non-Resident Indians] Further, the book is divided into entity wise provisions. E.g., all the provisions which apply to non-resident Indians under FEMA, from the types of accounts to investments, are discussed under Chapter 17
• [Resident Individuals] Chapter 18 discusses the various provisions relating to transactions/investments by resident individuals, including liberalised remittance scheme
• [Foreign Portfolio Investors] The schemes of investment by foreign portfolio investors have been discussed in Chapter 19
• [Foreign Venture Capital Investors, REITs & InvITs] Provisions relating to various investment vehicles along with foreign venture capital investors have been discussed in detail in Chapter 20
• [Liaison Office, Branch Office & Project Office] Unincorporated ways of investment in India, i.e., liaison office, branch office and project office, have been discussed in Chapter 21
• [Limited Liability Partnerships] has been dealt with in Chapter 22
• [Overseas Direct Investment] by the Indian party has been discussed in Chapter 23. The chapter discusses every possible aspect of making an investment outside India, from reporting to the provisions of the step-down subsidiary, disinvestment, and source of funding
• [Penalty, Appeal and Adjudication] has been discussed in Chapter 24
• [Compounding under FEMA] has been elaborated by taking examples from a few significant big sizes FEMA contraventions along with the procedures in Chapter 25

About the author

Ms Sudha G. Bhushan is a member of the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India. She is an Insolvency Resolution Professional and a Registered Valuer registered with the Insolvency and Bankruptcy Board of India and an independent director registered with the Ministry of Corporate Affairs.

Sudha is the Co-Founder of Taxpert Professionals, a multifaceted consulting company. She is an advisor to the Bank of Baroda, NRI and international operations. She is also empanelled with other Banks, including the HDFC Bank. She is presently an Independent Director with Aurionpro Solutions Limited, Choice International Limited, DIGJAM Limited and Matix Fertilisers and Chemicals Ltd.

She is an expert in India FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) and has worked in the area for more than two decades.

She has authored 5+ books on the FDI, FEMA and International Taxation. She is chairperson for the Entrepreneurs Now committee, Indian Merchant Chamber – LW. She is a member of Indo French Chamber of Commerce and Industry. She has been/is a member of the Committee of International Taxation, Valuation committee, Member of Editorial Committee of WIRC of ICAI and Committee of women empowerment of ICAI.

Her experience is gained by extensive working with international firms. She started her career with Deloitte, then moved to a German Consulting firm and then to an Indian investment banking arm of an Irish Company. She advises corporates, PSUs as well as government authorities in complex transactions. Rendering tax and regulatory advisory services, she has overseen and played a crucial role in executing complex international transactions involving issues revolving around Forex laws, taxation, repatriation, minimisation of tax exposure, Foreign Investment (Inbound and outbound) etc. She is also an advisor to many big multinational companies, including Fortune 500 companies.

A scholar throughout her life, she has been awarded many awards and recognitions, including ‘Women Empowerment through CA Profession’ by the Northern India Regional Council (NIRC) of CA Institute.

Her articles are regularly published in the Journals of several institutes like IMC, ICAI etc. She is visiting faculty at various prestigious business schools like Kohinoor Business School, NMIMS etc. She is among the Global thought leader in Foreign Direct Investment, having been called to share her thoughts in international forums like Horasis Asia meet etc.