https://www.taxtmi.com/circulars?id=11322 Mandates that foreign currency purchased by franchisees be surrendered only to the franchiser within seven working days; requires franchisers to conduct annual due diligence including business activity checks, physical verification, identity and PAN documentation, declarations on criminal proceedings, photographs of key persons and a Chartered Accountant's certificate confirming ongoing maintenance of the Net Owned Funds requirement. Imposes a distance based selection criterion for franchisee appointment with exemptions for recognised hotel chains and designated hilly/North Eastern areas, requires immediate application to new franchisees, phased compliance for existing franchisees and reporting to the Reserve Bank regional office. en-us Mon, 03 Oct 2011 00:00:00 +0530 Mon, 03 Oct 2011 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11322 Mandates that foreign currency purchased by franchisees be surrendered only to the franchiser within seven working days; requires franchisers to conduct annual due diligence including business activity checks, physical verification, identity and PAN documentation, declarations on criminal proceedings, photographs of key persons and a Chartered Accountant's certificate confirming ongoing maintenance of the Net Owned Funds requirement. Imposes a distance based selection criterion for franchisee appointment with exemptions for recognised hotel chains and designated hilly/North Eastern areas, requires immediate application to new franchisees, phased compliance for existing franchisees and reporting to the Reserve Bank regional office. Circulars FEMA Mon, 03 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11322