New Delhi, India, January 28, 2017 --(PR.com
)-- LexisNexis®India (www.lexisnexis.co.in), a leading provider of content and technology solutions, announced the launch of FEMA (Foreign Exchange Management laws of India), the latest module in Lexis® Practical Guidance – an online work-flow solution for legal professionals and corporates. Comprising of practical know-how, forms and precedents, cases and legislation, flowcharts and checklistsin one user-friendly interface, Lexis® Practical Guidance FEMA is specifically built for, and in consultation with, Kochhar & Co., which is one of the leading and largest corporate law firms in India that represents more than 65 of the global fortune 500 companies, including some of the largest corporations from North America, Europe, South-East Asia and Japan.
During the launch, Mr. Mohan Ramaswamy, Managing Director, LexisNexis® Legal and Professional India-South Asia, said, “FEMA is a very niche subject and there isn’t much available in terms of commentaries that could work as a guide to understand the practicalities under FEMA. While the Reserve Bank of India is the governing body, key powers have been given to the Authorized Dealer Banks (“AD Banks”) that deal in foreign exchange transactions. There is a lot of ambiguity in comprehending the law and thus, the need for a platform where all procedures along with general practicalities are available, is paramount. Further, penalties are significantly high under the law making the need felt even more for FEMA. Therefore, solutions like Lexis® Practical Guidance FEMA thatprovides support to lawyers and corporates, in an instant and convenient way,become imperative for legal practitioners dealing under FEMA.”
Mr. Vijay Ravi, Senior Partner,Kochhar & Co., said, “The FEMA module has been prepared specifically keeping in mind the needs of foreign investors, who may not be familiar with the exchange control regulations that apply in India. The module is also useful for Indian businesses that may be eyeing business opportunities outside India. Every attempt has been made to explain the intricacies of the FEMA regulations in a user-friendly manner.”
Highlighting the content of the Lexis® Practical Guidance FEMA module, Mr. Shreesh Chandra, Senior Director, Content Creation & Acquisition, LexisNexis India-South Asia, said, “The module covers all the aspects related to Inbound & Outbound Investments, FIPB & DIPP Procedures, Compounding Procedures and all other aspects of Foreign Exchange Transactions in India. The module also provides detailed guidance on all procedures, fillings required to be done under the various aspects of FEMA like Foreign Direct Investment, Overseas Direct Investment, External Commercial Borrowings, Capital& Current Account transactions, Import & Export of Goods & Services, NRI/PIO, Deposits, Acquisition of property, Establishment of Office in India, etc.”
Expounding on the need for the module, Mr. Vikesh Dhyani, Director Marketing & Innovation, LexisNexis India-South Asia, and Ms. Preeti Arora, Associate Director, Lexis® Practical Guidance India, mentioned that India is rated as No. 1 FDI destination by several international agencies, recording the highest ever FDI inflows at $55.46 billion in the financial year of 2015-16. Also considering the drive started by Prime Minister Shri Narendra Modi, about Make in India and making India the most open economy in the world for FDI, the FEMA module becomes very significant and far-reaching for businesses dealing under FEMA.
More information about Lexis® Practical Guidance is available at http://www.lexispracticalguidance.in/fema.php
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About Kochhar & Co.
With more than 200 lawyers, Kochhar & Co. is one of the leading and largest corporate law firms in India. Kochhar & Co. is the only Indian law firm with a pan-Indian presence with full service offices in the seven (7) prominent Indian cities of New Delhi, Mumbai, Bangalore, Chennai, Gurgaon, Hyderabad and Agra and four (4) overseas offices – Dubai, Singapore, Tokyo and Atlanta.