What role does the RBI have in respect to FEMA?
RBI's key responsibilities under FEMA are as follows: Controlling foreign exchange deals by granting general
When is it possible for a person to open a foreign currency account outside of India?
In the following circumstances, a resident individual can open a foreign currency account with a
What are the several ways to open a foreign currency account in India?
A foreign currency account maintained by a person resident in India with an authorized dealer
What is the definition of a foreign currency account?
A foreign currency account is one that is held or maintained in a currency other
Why it is necessary to determine the residential status as per FEMA on any particular day?
The FEMA law contains regulations governing transactions with non-residents and any other cross-border transaction, such
Whether citizenship is a relevant criteria for determining the residential status for a person in FEMA?
No, Citizenship is not a relevant factor in assessing the residence status of a person
How are provisions under income tax and FEMA different?
One significant difference between Income Tax and FEMA laws is that for determining residential status
Who can be termed as Indian resident under provisions of FEMA?
A person is considered a resident of India under Section 2(v) of the FEMA if