obr

[Guest]

we have representative in russia is this necessary to filed OBR form for the purpose of remitance to our representative. Prem

[Rama Krishana]

I have studied the issue and reached to an understanding that OBR is not required to be filed under FEMA. The requirement of submitting of OBR for seeking permission to open office in foreign country was a statutory requirement under FERA. There is no such requirement under FEMA. But anyhow for the purpose of acquisition of Immovable property outside India or for the purpose of remittance of foreign exchange for any purpose, there are different set of regulations for different purposes, you need to comply with those regulations for the purpose of remittance. 

[sudhir kochhar]

please contact 9891743321

AI Summary

OBR filing requirement under FEMA removed; remittances and foreign property acquisitions governed by separate regulations. OBR filings are not required under FEMA; the OBR obligation was a former statutory requirement under FERA for opening an office abroad. Remittances of foreign exchange and acquisitions of immovable property overseas are governed by separate regulations, and one must comply with the specific rules applicable to those purposes before remitting funds to a foreign representative or acquiring property abroad.