FEMA
Filing of Forms Under FEMA
Filing of Forms
Form A1: Application for Opening Foreign Currency Account
Purpose: Used for applying to open foreign currency accounts (such as foreign currency denominated accounts) with banks in India.
Who Files: Indian residents or entities opening foreign currency accounts for trade or other permissible purposes.
Filing of Forms
Form A1 (Application for Remittance for Foreign Travel, Study, Medical Treatment, etc.)
Purpose: Used by individuals to apply for foreign exchange remittance for purposes like travel, studies, or medical treatment abroad.
Who Files: Indian residents seeking foreign exchange for personal remittances.
Filing of Forms
Form A2: Application for Remittance
Purpose: Used for remittance of foreign exchange for current account transactions such as payment for services, travel, studies abroad, medical expenses, etc.
Who Files: Individuals, companies, or entities remitting funds abroad for permissible transactions
Filing of Forms
Form A3 (Application for Foreign Exchange for Trade or Other Permissible Transactions)
Purpose: Used for remitting foreign exchange for trade or other permissible purposes, such as business payments, imports, etc.
Who Files: Individuals or businesses making payments for legitimate foreign exchange transactions under current account transactions.
Filing of Forms
Form 13: Request for Lower or Nil Tax Deduction at Source
Purpose: Used to request the Income Tax Department to grant a lower or nil rate of TDS for payments made to non-residents.
Who Files: Indian payers or remitters making payments to non-residents.
Filing of Forms
Form IPI (Immovable Property in India)
Form IPI is used to report transactions involving immovable property in India by non-residents, including Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and eligible foreign nationals, as per the Foreign Exchange Management Act (FEMA).
Where to File
Submit through:
• Authorized Dealer (AD) Bank facilitating the transaction.
• Directly to the Reserve Bank of India (RBI) if applicable.
Filing of Forms
Form IP (Immovable Property Abroad)
Purpose: To report investments in immovable property abroad by Indian residents.
Timeline: No specific timeline; file as needed.
Filed By: Indian residents or AD Banks.
Filing of Forms
Form LRS (Liberalized Remittance Scheme)
For individuals to remit funds up to a specified limit for various purposes (investments, travel, education, etc.).
