Page 86 - Quick Insights Book 2022

Chap. 24 – Other Laws

 Liaison Offices and Branch offices should submit Annual  Applications to RBI.
Activity Certificates from Chartered Accountants.
 Foreign exchange derivative contracts.
 Foreign Direct Investment(FDI) Planning for Entry And
Exit (Repatriation) Route and Determining FDI Limits..  Obtaining Government Approval wherever required.
 Assistance in obtaining industry specific licenses.
 ECB 2-Reporting of actual transactions of External
Commercial Borrowings (ECB) under Foreign Exchange  Assistance in obtaining approvals and registrations for
Management Act, 1999 (for all categories and any setting and up a branch office, liaison office and project
amount of loan). office of the Indian entity in India outside India.
 Form 83–Reporting of loan agreement details under  Filing of mandatory recurring, non-recurring returns,
Foreign Exchange Management Act, 1999. Statutory Forms with the RBI.
 Certificate to be submitted along with Form FC-TRS  Adherene to compliances in matters of borrowing and
Declaration regarding transfer of shares/compulsorily lending in foreign exchange, if permitted by RBI.
and mandatorily convertible preference shares (CMCPS)/
debentures/others by way of sale from resident to non-  Consultancy on Issue of Foreign Currency Convertible
resident/non-resident to resident. Bonds (FCCBs), American Depository Receipt (ADRs),
Global Depository Receipt (GDRs) etc.
 Certificate from Chartered Accountant certifying the
net owned funds as on the date of application and  Valuation of shares in certain cases.
calculation thereof to be enclosed along with application  Issuing share valuation certificates for Foreign Direct
form for FFMC license under section 10(1) of FEMA, Investment(FDI)
1999.
 Issuing share valuation certificates for Overseas Direct
 A certificate from a Chartered Accountant showing Investment ODI
how the remittable amount has been arrived at and
that all liabilities of the estate in India have been met  Other documentation and remittance support and dealing
or adequately provided for, is to be submitted along with authorized dealers in connection with foreign
with application for remittance of legacies, bequests or remittances
inheritances to beneficiaries resident outside India.  Due diligence of the investment opportunities in India;

 Return to be filed by an Indian company who has  Due diligence of the financial statements ,agreements ,
arranged issue of GDR/ADR is required to be certified arrangement and records of the Indian Entity required
by a Chartered Accountant. by the foreign investor in India;
 Repatriation of current income like rent, dividend,  Assessment of Collaborations arrangements In/ Outside
pension, interest, etc. of Non-Resident Indians who do India
not maintain an NRO account in India will be allowed
based on certification by a Chartered Accountant,  Assistance to Non Resident Indians who have or intend
certifying that the amount proposed to be remitted is to have investments in India
eligible for remittance and that applicable taxes have  Assistance to Non-residents who intend to set up
been paid or provided for. (Master Circular No. 04/2009- business in India
10 dated July 1, 2009 on Remittance Facilities for
Non-Resident Indians/Persons of Indian Origin/Foreign  Assistance to Non Residents returning back to India
Nationals).
 Assistance to Emigrating Indian or new NRI
 Consultancy with regard to realization and repatriation
of foreign exchange. 2. FOREIGN CONTRIBUTION (REGULATION)
ACT, 2010
 Matters related to import and export
Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010)
 Taxation aspects.
is a consolidated legislation; to regulate the acceptance and

Quick Insights on Professional Opportunities for Chartered Accountants 73