FEMA Current and Capital Account Transactions

                                                                                                                                                            

SANOJ KUMAR                                                                                                                                

(CS MANAGEMENT TRAINING)

FOREIGN EXCHANGE MANAGEMENT ACT

Current and Capital Account Transactions and release of Foreign Exchange

As Amended by the Finance Act, 2015

Transaction under FEMA

According to FEMA, 1999 all the foreign exchange Transaction either “Capital Account Transactions” or Current Account Transactions”.

Meaning of Capital Account Transaction

A Current Account Transaction has been defined as a Transaction other than Capital Account Transactions, means all transaction which do not alter assets or liability outside India of resident or assets or liability in India of Non Resident treated as Current Account Transactions and without prejudice to the generality of the foregoing such transaction includes,

The Analysis of the Companies (Meetings of Board and its Powers) Second Amendment Rules

The Analysis of the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015 and Companies (Audit and Auditors) Amendment Rules 2015 which to be published in the Gazette of India as on 14^th December, 2015.

In the Companies (Meeting of Board and its Powers) Rules, 2014,

After Rule 6 of Companies (Meeting of Board and its Powers) Rules, 2014 the Rule 6A inserted:

Before Amendments:

 Rule 6 of Companies (Meeting of Board and its Powers) Rules, 2014 talk about Committee of the Board:

The Board of Directors of every listed Company and;

·         All public Companies having Paid up Capital of Rs. 10 crore or more;

·         All public Companies having Turnover of Rs. 1 Crore or more;

·         All public Companies having in aggregate, outstanding loans or borrowings or Debenture or Deposits exceeding 50 Crore or more.