TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>FEMA Update: Indian Entities Can Remit Forex for Pre-Incorporation Expenses, Up to 5% of Investment or $100K.</h1> The circular from April 30, 2007, addresses the liberalization of the Foreign Exchange Management Act (FEMA), 1999, concerning current account transactions and reimbursement of pre-incorporation expenses. It informs Category-I Authorized Dealer Banks that entities in India can now remit foreign exchange for reimbursement of pre-incorporation expenses up to 5% of the investment brought into India or USD 100,000, whichever is higher, based on statutory auditors' certification. This change aims to provide greater procedural flexibility. Necessary amendments to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, will be notified separately, and banks are advised to inform their clients accordingly.
TaxTMI 
TaxTMI 
