Fwd: EXPORT PROCEEDS HAVE TO BE REALISED AND REPATRIATED TO INDIA WITHIN 9 MONTHS FROM THE DATE OF SHIPMENT ELSE IT WILL BE CONSIDERED AS A FEMA DEFAULT

[R V Seckar]

CONTRAVENTION UNDER FEMA Export proceeds have to be realized and repatriated to…

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UPDATES ON CORPORATE LAWS Key Changes in the Amendment 1. Substitution of Form MGT-6 -Declaration of Beneficial Interest EXPORT PROCEEDS HAVE TO BE REALISED AND REPATRIATED TO INDIA WITHIN 9 MONTHS FROM THE DATE OF SHIPMENT ELSE IT WILL BE… R.V. SECKAR Read this article on LinkedIn to join the conversation Read on LinkedIn CONTRAVENTION UNDER FEMA Export proceeds have to be realized and repatriated to India on the due date or within nine months from the date of shipment, whichever is earlier, for all exports including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs, and BTPs. If exporters fail their obligations, they are deemed to be under contravention under The FEMA laws. FAILURE ON THE PART OF MRUGANK INVESTMENTS UNDER FEMA Mrugank Investments had failed to realise export proceeds within stipulated time  . Adjudicating Authority vide impugned order imposed penalty of Rs. 40 Lakhs company and Rs.4 Lakh on each of four Directors of Company including appellants, in view of fact that appellants failed to furnish any documentary evidence of having made efforts to realize export proceeds. VIEWS OF THE COURT There were no reason to intervene with Impugned Order insofar as its findings that appellant Directors have contravened Sections 8 of FEMA , however, ends of justice would met on reduction of penalty amount on appellants to Rs.2 lakh. FINDINGS 1.    Export proceeds have to be realised in India within 9 months of date of export . Else it will be considered as contravention of section 8 of the Foreign Exchange Management Act, 1999. 2.    If the export proceeds cannot be repatriated within 9 months from the date of export, you have to apply for the extension to RBI through your banker stating the valid reasons for the same. 3.    Time limit... Keep reading on LinkedIn

This email was intended for R.V. SECKAR (PRACTICING COMPANY SECRETARY ,REGISTERED INDEPENDENT DIRECTOR, CONSULTANT IN FEMA , INSOLVENCY LAWS AND CORPORATE LAWS ) Learn why we included this. You are receiving LinkedIn notification emails. Others can see that you are a subscriber. Unsubscribe   ·   Help © 2024 LinkedIn Corporation, 1‌000 West Maude Avenue, Sunnyvale, CA 94085. LinkedIn and the LinkedIn logo are registered trademarks of LinkedIn.

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CS R.V.Seckar

Practicing Company Secretary 

Registered Independent Director 

 CP NO:  20565

JIO- 79047 19295

Pl do visit my blogs :

http://www.rvseckarcompanylaw.blogspot.com/

http://rvseckarfema.blogspot.com/

[RAMACHANDRAN P]

Please let me know in MGT 7 to be filed for a private limited company for the financial year 2023-24, a Director appointed in the AGM held in September 2024 for the financial year 2024-25, whether the MGT 7 form should contain the details of the new director appointed in the AGM held for the financial year 2023-24.

Thanks in advance

P Ramachandran

ACS

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