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FEMA ( Foreign Exchange Management Act 1999) and You - Series 1 (4) – Personal:

We often wish that we could hold accounts in the currency of our choosing. The good news is we are getting there. India in now convertible on current account, while we are partially convertible on capital account. More in later posts on current
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FEMA ( Foreign Exchange Management Act 1999) and You - Series 1 Sub 7 – Personal by Dominic Christy DAC Consulting

Documentation for remittance in case of individuals: The Reserve Bank does  not, generally, prescribe the documents that should be submitted to  Authorised Dealers while releasing foreign exchange. Any person wanting to transact in
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FEMA ( Foreign Exchange Management Act 1999) and You - Series 1 Sub 6 – Personal by Dominic Christy DAC consulting

LRS = Liberalized remittance scheme of RBI for Individuals: The path to full convertibility.   Having invested  in companies abroad can an individual provide loans to such companies? No. This is not permitted. Can you repay
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FEMA ( Foreign Exchange Management Act 1999) and You - Series 1 Sub 5 – Personal : by Dominic Christy - DAC Consulting.

As an individual can you invest in companies overseas? The LRS (Liberalised remittance scheme) prohibits remittance by a resident individual for setting up a company abroad. What is allowed is. Resident individuals are free to acquire
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BANKING - SERIES A (3) : Who is the bank for RBI?

We go to a bank to deposit and withdraw money, to transfer funds and perform financial transactions. Who do banks go to? Yes of course, the Central Bank of the country , in our case The Reserve Bank of India.   Now who is the
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SERIES Z (2) : MISC: INTERNATIONAL CREDIT CARD USAGE: by Dominic Christy - DAC Consulting & Associates

SERIES Z (2) : MISC:  INTERNATIONAL CREDIT CARD USAGE: The author:  Dominic Christy  a professional banker for over 23 years  and  now Chief consultant of DAC Consulting & Associates brings abundant
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BANKING - WHITE LABEL ATM’S

We are all aware what an ATM is . Any time money… not really, you do need to have a balance in your account. ATM stands for Automated Teller Machines. So what is White label ATM? These are ATM’s which are not owned by banks but
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BANKING - SERIES A (1) : SPEED CLEARING by Dominic Christy - DAC Consulting

Are you aware of a product banks offer called speed clearing? Speed clearing involves clearing of cheques drawn on other cities  through the local clearing house in your city of which your bank is a member. The cheque does not need to be
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FEMA ( Foreign Exchange Management Act 1999) and You - Series 1 Sub 3 – Personal:

Dear Reader, Continuing my previous post, I have been asked several times as to why FEMA should to be feared.  Gone are the days of FERA. First and foremost, the law is the law and ignorance of law is no excuse. FEMA may not be punitive
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FEMA ( Foreign Exchange Management Act 1999) and You - Series 1 Sub 2 – Personal - Currency Convertibility:

India is convertible on current account. What does it mean? For day to day expenditure subject to certain restrictions on banned uses which includes but is not limited to sweep stake and lottery, call back charges, residents in India can freely

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