{"id":109886,"date":"2022-09-06T16:49:32","date_gmt":"2022-09-06T11:19:32","guid":{"rendered":"https:\/\/legalwindow.in\/?p=109886"},"modified":"2022-09-12T10:17:29","modified_gmt":"2022-09-12T04:47:29","slug":"fema-and-rbi-compliance","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/fema-and-rbi-compliance\/","title":{"rendered":"Everything You Need to Know About the Foreign Exchange Management Act&#8217;s FEMA and RBI Compliances"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-109890 size-full\" title=\"FEMA and RBI Compliance\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Everything-You-Need-to-Know-About-the-Foreign-Exchange-Management-Acts-FEMA-and-RBI-Compliances.png\" alt=\"FEMA and RBI Compliance\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Everything-You-Need-to-Know-About-the-Foreign-Exchange-Management-Acts-FEMA-and-RBI-Compliances.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Everything-You-Need-to-Know-About-the-Foreign-Exchange-Management-Acts-FEMA-and-RBI-Compliances-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Everything-You-Need-to-Know-About-the-Foreign-Exchange-Management-Acts-FEMA-and-RBI-Compliances-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Everything-You-Need-to-Know-About-the-Foreign-Exchange-Management-Acts-FEMA-and-RBI-Compliances-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Everything-You-Need-to-Know-About-the-Foreign-Exchange-Management-Acts-FEMA-and-RBI-Compliances-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/>Due to the complexity of different industrial areas, corporations and individuals always struggle to comply with FEMA\/RBI rules within the allotted period. Globalization has greatly raised the significance of FEMA\/RBI compliance. We have a knowledgeable staff that specializes in the following <\/span><span style=\"font-weight: 400;\">Foreign Exchange Management Act,\u00a01999<\/span><span style=\"font-weight: 400;\"> related activities as well as other Reserve Bank of India-required compliances (RBI).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before we shall move on to discuss the compliances under the FEMA\/RBI, let us first discuss the FEMA and RBI.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#of\"><span style=\"font-weight: 400;\">Basics of FEMA<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#was\"><span style=\"font-weight: 400;\">Why was FEMA introduced?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#RBI\"><span style=\"font-weight: 400;\">Basics of Reserve Bank of India (RBI)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#the\"><span style=\"font-weight: 400;\">Establishment of the RBI<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Objectives\"><span style=\"font-weight: 400;\">The RBI&#8217;s Objectives<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#for\"><span style=\"font-weight: 400;\">Checklist for FEMA and RBI Compliance<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Takeaway\"><span style=\"font-weight: 400;\">Takeaway<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"of\"><b>Basics of FEMA<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Indian Central Government passed the Foreign Exchange Management Act, of 1999 to ease India&#8217;s foreign payments and cross-border commerce. Foreign Exchange Regulation Act (FERA) was replaced by FEMA (Foreign Exchange Management Act) in 1999. (Foreign Exchange Regulation Act). FEMA (Foreign Exchange Regulation Act) was established to remedy all of FERA&#8217;s defects and limitations, and as a result, it implemented several economic changes (major reforms). The primary purpose of FEMA&#8217;s creation was to de-regulate and liberalize India&#8217;s economy.<\/span><\/p>\n<h2 id=\"was\"><b>Why was FEMA introduced?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">FEMA was founded in India with the main objective of enabling global payments and trade. FEMA was established to support the orderly growth and upkeep of the Indian currency market. All foreign exchange transactions in India must follow the guidelines established by the Foreign Exchange Management Act (FEMA). Foreign exchange transactions have been divided into two categories: capital account transactions and current account transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The FEMA Act defines the balance of payment as a record of exchanges of goods, services, and assets between nationals of various nations. The two most common forms of accounts are capital accounts and current accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All capital transactions are included in the capital account, whereas goods commerce is included in the current account. The entrance and outflow of funds to and from a nation or country during a year as a consequence of dealing in goods, providing services, and earning income are referred to as current account transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A country&#8217;s economic health can be assessed by looking at its current account. The capital account accounts for the movement of capital in the economy as a result of capital revenues and expenditures, as was previously said. The balance of payments is composed of both current and capital accounts. The capital account records both domestic investment in overseas assets and foreign investment in domestic assets.<\/span><\/p>\n<h2 id=\"RBI\"><b>Basics of Reserve Bank of India (RBI)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A country&#8217;s payment and settlement system have an impact on both its overall economic performance and its stability. To secure and continue the growth of payment systems at the national level, the different authorities in India, including the central bank, have been constantly and persistently modifying their operational models and rules. These regulators are obligated to take great care to protect the integrity of payment systems from systemic hazards, fraud risk, etc. The maintenance and advancement of national payment system development is the duty of each nation&#8217;s central bank. This duty is under the purview of the <\/span><span style=\"font-weight: 400;\">Reserve Bank of India<\/span><span style=\"font-weight: 400;\"> in India (RBI).<\/span><\/p>\n<h2 id=\"the\"><b>Establishment of the RBI<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Reserve Bank of India (RBI) was founded in 1935 by the Reserve Bank of India Act,\u00a01934. The RBI, which is headquartered in Mumbai, is completely owned and run by the Indian government. The RBI&#8217;s activities are regulated by the Central Board of Directors, which is made up of 21 members selected by the Government of India under the Act. The Central Board of Directors is made up of both Official and Non-Official Directors. The Governors would be selected for a four-year term, with the addition of four Deputy Governors. The Non-Official Directors are made up of ten directors elected from various areas, as well as two government officials.<\/span><\/p>\n<h2 id=\"Objectives\"><b>The RBI&#8217;s Objectives<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to the Preamble, the RBI&#8217;s principal purposes are as follows.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To control the issuance of banknotes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To ensure the country&#8217;s monetary stability.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To handle economic problems, the monetary policy framework must be modernized.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The RBI&#8217;s major mission is to monitor and carry out activities on behalf of the financial sector, which includes financial institutions, commercial banks, and <\/span><span style=\"font-weight: 400;\">non-banking financial companies<\/span><span style=\"font-weight: 400;\">. The RBI is making important efforts to reorganize bank inspections and strengthen the role of statutory auditors in the banking sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now let us discuss the compliances under FEMA\/RBI\u00a0<\/span><\/p>\n<h2 id=\"for\"><b>Checklist for FEMA and RBI Compliance<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Foreign Exchange Management Act, of 1999 has functioned as a stimulus for India&#8217;s growth and development in a variety of areas. The primary goal of FEMA is to ease external commerce, balance payments, encourage orderly growth, and sustain India&#8217;s foreign exchange market.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Sr. NO.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><b>Particular compliance(s)<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Compliance(s)<\/b><strong> details<\/strong><\/td>\n<td style=\"border: 1px solid #555;\"><b>Who is needed to comply and why?<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>deadline(s)<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Important Points<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">1<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Annual Return on Foreign Liabilities and Assets (FLA Return)<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Every India-based company that has received FDI and\/or made ODI in the previous year(s), including the current year, is obliged to submit an FLA Return.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Who, as of March 31, 2018, has foreign assets or liabilities in their financial accounts?<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Yearly on or before July 15<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">If an Indian company has no outstanding FDI and\/or ODI investments after the fiscal year, it is not required to file the FLA Return. Similarly, if an Indian company has not received any new FDI and\/or ODI in the previous year but has outstanding FDI and\/or ODI, the company must still file the FLA Return every year by 15 July.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">2<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Annual Performance Report (APR)<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">For any joint venture (JV) or wholly owned subsidiary (WOS) outside of India, an Indian Party (IP) \/ Resident Individual (RI) that has made an Overseas Direct Investment (ODI) is required to file an Annual Performance Report (APR) in Form ODI Part II to the AD bank.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">An Indian Party (IP) or Resident Individual (RI) that has made an ODI<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Every year, on or before December 31.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">APR must be validated by the Indian party&#8217;s statutory auditor. In the case of Resident Individuals, certification of APRs by the Statutory Auditor or Chartered Accountant is not required, and self-certification is acceptable.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">3<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">External Commercial Borrowings<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">All ECB transactions must be reported by borrowers to the RBI once per month in the form of an &#8220;ECB 2 Return&#8221; through an AD Category-I Bank.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Borrowers must disclose all ECB transactions.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Every month<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The updated ECB 2 Return reduces disclosure of hedging details into two categories \u2013 financial and natural and demands disclosure of only the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The outstanding main ECB amount and currency;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Notional value and percentage of ECB outstanding amount of financial hedge(s) and natural hedge; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annualized percentage cost of ECB financial hedge(s).<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">4<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Single Master Form {w.e.f. 30.06.2018}<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Combines the reporting requirements for FDI in India, regardless of the method used to invest.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">One master form that combines the FC-GRP, FC-TRS, LLP-I, LLP-II, CN, ESOP, DI, and DRR forms.<\/span><\/td>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Form FC-GPR reporting for FDI under SMF must be completed within 30 days after allotment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FC-TRS reporting for SMF must be completed within 60 days of the earliest of the following: the transfer of capital instruments or the receipt or remittance of cash.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For reporting FDI and transferring capital contributions or profit shares in LLPs, respectively, forms LLP-I &amp; LLP-II must be filled.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Within 60 days of the transfer, Form CN must be filled out to report the issuing or transfer of convertible notes.<\/span><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>FC-TRS: Individual Filing:<\/b><span style=\"font-weight: 400;\"> The transferor or transferee corporation that is based in India may report in FC-TRS. After registering as a business user, a resident individual may record a transfer between persons, but the authorization letter must be in the reporting individual&#8217;s name.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Advance Reporting Form (ARF)<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Inform the Reserve Bank&#8217;s concerned Regional Office of the amount of the consideration through its AD Category I bank.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">A company based in India that accepts foreign investment in exchange for the issuance of shares or other instruments that qualify for the FDI Scheme.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Not later than 30 days after the Advance Reporting Form&#8217;s receipt (ARF)<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">6<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Form FC-GPR<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The issuance of bonus or rights shares to individuals residing outside of India must be disclosed in Form FC-GPR, as must the issuance of shares in connection with the conversion of ECBs, royalties, lump-sum technical know-how fees, or the import of capital goods by units in <a href=\"http:\/\/sezindia.nic.in\/\" target=\"_blank\" rel=\"noopener\">SEZs<\/a>.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">When shares or other securities are issued, the Indian business must provide\u00a0<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">30 days from the day the shares were issued, at the latest<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">7<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Form FC-TRS<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Form FC-TRS must be used to report transfers of shares and other permissible securities between residents and non-residents as well as vice versa.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The AD Category &#8211; I bank should receive the Form FC-TRS.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Within 60 days after the date, the amount of consideration was received.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The transferor and transferee, both of whom must be residents of India, are responsible for submitting Form FC-TRS within the allotted time frame.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">8<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Form ODI<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Overseas financial commitments made to wholly owned subsidiaries and joint ventures (JVs) (WOS)<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Form ODI must be submitted by both an Indian Party and a Resident Individual undertaking an overseas investment.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Obtain share certificates or any other documentary proof of participation in the overseas JV or WOS and provide it to the designated AD within six months as proof of investment;<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">When shares or securities are sold in the case of disinvestment, the sale proceeds must be returned to India as soon as they are received and, in any case, no later than 90 days after the date the shares or securities were sold. Documentary proof to this effect must be submitted to the Reserve Bank through the designated Authorized Dealer.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Takeaway\"><b><a href=\"https:\/\/legalwindow.in\/rbi-compliance\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-109891 size-full\" title=\" RBI Compliances for foreign Investments, NBFC, and Banks.\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-..png\" alt=\" RBI Compliances for foreign Investments, NBFC, and Banks.\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-..png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-.-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-.-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-.-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a>Takeaway<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A crucial requirement of the FEMA Act that all businesses must adhere to is the submission of annual FEMA and RBI compliance reports. Non-filing is subject to fines and has damaged the reputation of the business. Therefore, it is advantageous to fulfill these conditions before the deadline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will be assisted by <\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\"> to submit your <\/span><a href=\"https:\/\/legalwindow.in\/rbi-compliance\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">RBI Compliance<\/span><\/a><span style=\"font-weight: 400;\">. You will be guided by our experts through intricate corporate compliance procedures, such as <\/span><a href=\"https:\/\/legalwindow.in\/xbrl-filing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">XBRL filing<\/span><\/a><span style=\"font-weight: 400;\">, etc.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due to the complexity of different industrial areas, corporations and individuals always struggle to comply with FEMA\/RBI rules within the allotted period. Globalization has greatly raised the significance&hellip;<\/p>\n","protected":false},"author":5,"featured_media":109889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-109886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fema"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FEMA and RBI Compliance &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"This article is about the basics of Reserve Bank of India (RBI), the RBI&#039;s Objectives, &amp; the checklist for FEMA and RBI Compliance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/fema-and-rbi-compliance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FEMA and RBI Compliance &#187; 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