Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
FEMA reporting requirements for authorised persons have been rationalised and several return formats modified. FLM-8 now captures write-off of foreign currency notes, prior RBI approval for write-off exceeding USD 2,000 has been discontinued, and entities maintaining Nostro accounts and reporting through FETERS need not file FLM-8. Authorised persons with franchisee arrangements must submit quarterly lists within 15 days of quarter-end, and MTSS Indian Agents must do the same for sub-agents. FLM-1 to FLM-7 registers, certain foreign currency account and MTSS-related returns, and the separate additional-locations and collateral return requirements have been discontinued, while record-keeping and collateral adequacy obligations remain.
FEMA reporting requirements for authorised persons have been rationalised and several return formats modified. FLM-8 now captures write-off of foreign currency notes, prior RBI approval for write-off exceeding USD 2,000 has been discontinued, and entities maintaining Nostro accounts and reporting through FETERS need not file FLM-8. Authorised persons with franchisee arrangements must submit quarterly lists within 15 days of quarter-end, and MTSS Indian Agents must do the same for sub-agents. FLM-1 to FLM-7 registers, certain foreign currency account and MTSS-related returns, and the separate additional-locations and collateral return requirements have been discontinued, while record-keeping and collateral adequacy obligations remain.
Note: It is a system-generated summary and is for quick reference only.
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