Can someone please guide me on how I can proceed to read up on FEMA? I have a decent grip on Contract and Company Law. Is there anything else that I need to read before I start with FEMA? What are the sources that I can use to read up?
I would be really grateful for any helpful advice!
Easiest way would be read Master Directions available on the RBI website. There is master director for each relevant topic - foreign investment, exports, ODI, ECB etc.
First start with a problem. Create one in your own mind or ask people in the banking and financial or asset management sector.
You can start with asking basic questions such as.
Can I have an account in a German bank, while being a resident of India, for transferring my domestic income to the German bank? What are the compliances I need to follow?
How can I purchase a property in Nigeria using funds in my bank account in India?
Now just extrapolate the above questions over to a business context.
What are the compliances local PE must follow for transferring income generated in India to their parent company's bank account in Germany? What are the compliances to be followed for an Indian company for transferring funds to a Nigerian bank account for spending towards buying land in Nigeria for constructing a factory.
You may want yo visit the website of Vaish Associates Advocates. They publish a beautiful book by the name of India Business Guide. There is a chapter on FEMA. Those 90 pages are drafted meticulously and curated by Senior Partners. You can start that as a reference point.
Besides that you should read FDI Policy in DPIIT website, then read the DI Regulations RBI. and then a cursory reading of FEMA ACT.
I would be really grateful for any helpful advice!
You can start with asking basic questions such as.
Can I have an account in a German bank, while being a resident of India, for transferring my domestic income to the German bank? What are the compliances I need to follow?
How can I purchase a property in Nigeria using funds in my bank account in India?
Now just extrapolate the above questions over to a business context.
What are the compliances local PE must follow for transferring income generated in India to their parent company's bank account in Germany?
What are the compliances to be followed for an Indian company for transferring funds to a Nigerian bank account for spending towards buying land in Nigeria for constructing a factory.
Besides that you should read FDI Policy in DPIIT website, then read the DI Regulations RBI. and then a cursory reading of FEMA ACT.
You are PRO then