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CA FINAL (NEW SYLLABUS)

Elective Paper 6D: Economic Laws
MASTER INDEX AS PER ICAI STUDY MATERIAL
Note : Kindly refer Apna Mentor "Economic Laws Amendment Sheet" for May,2020 Amendments.
COMPETITION ACT ,2002
Detailed Topic Section Page No.
Introduction and object behind the enactment of Competition Act,2002 2.2
Main Ingredients of Competition Law 2.4
Definition
Acquistion [Section 2(a) ] 2.4
Agreement [Section 2(b)] 2.4,2.5
Appellate Tribunal [Section 2(ba)] 2.6
Cartel [Section 2(c)] 2.6
Chairperson [Section 2(d)] 2.7
Commission [Section 2(e)] 2.7
Consumer [Section 2(f)] 2.7
Director General [Section 2(g)] 2.8
Enterprise [Section 2(h)] 2.8
Goods [Section 2(i)] 2.9
Member [Section 2(j)] 2.10
Notification [Section 2(k)] 2.10
Person [Section 2(l)] 2.10
Practice [Section 2(m)] 2.11
Prescribed [Section 2(n)] 2.11
Public financial institution [Section 2(p)] 2.11
Regulations [Section 2(q)] 2.11
Relevant Market [Section 2(r)] 2.11
Relevant Geographic Market [Section 2(s)] 2.11
Relevant Product Market [Section 2(t)] 2.12
Service [Section 2(u)] 2.12
Shares [Section 2(v)] 2.12
Statutory Authority [Section 2(w)] 2.12
Trade [Section 2(x)] 2.12
Turnover [Section 2(y)] 2.12
Words and Expressions [Section (z)] 2.12
Prohibition of certain agreements, abuse of dominant position and regulation of combinations
1.     Anti competitive agreements 2.13
* Bid-rigging 2.13
* Agreement at different stages in different markets [Section 3] 2.13
* Restriction of rights under some Acts 2.14
*Prohibition of export of rights 2.14
2.     Abuse of dominant position [Section 4] 2.14
3.     Combination [Section 5] 2.15-2.18
4.     Regulation of combinations [Section 6] 2.19
Meaning of Foreign institutional investor,Venture capital fund 2.20
Competition Commission of India (Procedure in regard to the transaction of business relating to combinations)Regulations,2011
along with Amendment regulations,2018
Form of notice for the proposed combination - 2.21-2.22
Filing of details of acquisition under sub-Section (5) of Section 6 of the Act - 2.23
Belated notice - 2.23
Failure to file notice - 2.23
Obligation to file the notice - 2.24
Procedure for filing notice - 2.25
Scrutiny of notice - 2.26
Computation of time limit - 2.26
Intimation of any change - 2.27
Withdrawal and refiling of notice. - 2.27
Termination of proceedings - 2.27
Mode of service of notice(s), etc. - 2.28
Prima facie opinion on the combination - 2.28
Calling for a report from the Director General - 2.28
Report by the Director General - 2.29
Publication of the details of the combination - 2.29
Proof of publication - 2.29
Appearance of the parties before the Commission - 2.29
Modification to the proposed combination - 2.30
Compliance by the parties for carrying out modification - 2.30
Appointment of independent agencies to oversee modification - 2.31
Orders of the Commission - 2.31
Request for confidentiality - 2.32
Overriding effect - 2.32

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Detailed Topic Section Page No.

COMPETITION COMMISSION OF INDIA
Establishment of Commission [Section 7] 2.32
Composition of Commission [Section 8] 2.33
Selection committee for Chairperson and other Members of the commission [Section 9] 2.33
Term of office of Chairperson and other Members [Section 10] 2.33
Resignation, removal and suspension of Chairperson and other members [Section 11] 2.34
Restriction on employment of Chairperson and other Members in certain cases [Section 12] 2.35
Administrative powers of Chairperson [Section 13] 2.35
Salary and allowances and other terms and conditions of service of Chairperson and other Members [Section 14] 2.36
Vacancy, etc. not to invalidate proceedings of Commission [Section 15] 2.36
Appointment of Director General, etc. [Section 16] 2.36
Secretary and officers and other employees of Commission [Section 17] 2.36
DUTIES, POWERS AND FUNCTIONS OF COMMISSION
Duties of Commission [Section 18] 2.37
Inquiry into certain agreements and dominant position of enterprise [Section 19] 2.37-2.38
Inquiry into combination by Commission (Limits mentioned) [Section 20] 2.39-2.40
Reference by statutory authority [Section 21] 2.41
Reference by Commission [Section 21 A] 2.41
Meetings of Commission [Section 22] 2.42
Procedure for inquiry under Section 19 [Section 26] 2.42
Orders by Commission after inquiry into agreements or abuse of dominant position [Section 27] 2.43
Division of enterprise enjoying dominant position [Section 28] 2.44
Procedure for investigation of combination [Section 29] 2.45
Procedure in case of notice under sub-Section 2 of Section 6 [Section 30] 2.46
Orders of Commission on certain combinations [Section 31] 2.46-2.47
Acts taking place outside India but having an effect on competition in India [Section 32] 2.48
Power to issue interim orders [Section 33] 2.48
Appearance before Commission [Section 35] 2.48
Power of Commission to regulate its own procedure [Section 36] 2.48
Rectification of orders [Section 38] 2.49
Execution of orders of Commission imposing monetary penalty [Section 39] 2.49
DUTIES OF DIRECTOR GENERAL
Director General to investigate contravention [Section 41] 2.50
PENALTIES
Contravention of orders of Commission [Section 42] 2.51
Compensation in case of contravention of orders of Commission [Section 42A] 2.51
Penalty for failure to comply with directions of Commission and Director General [Section 43] 2.51
Power to impose penalty for non-furnishing of information on combinations [Section 43A] 2.52
Penalty for making false statement or omission to furnish material information [Section 44] 2.52
Penalty for offences in relation to furnishing of information [Section 45] 2.52
Power to impose lesser penalty [Section 46] 2.52
Crediting sums realised by way of penalties to Consolidated Fund of India [Section 47] 2.53
Contravention by companies [Section 48] 2.53
COMPETITION ADVOCACY
Competition advocacy [Section 49] 2.54
FINANCE, ACCOUNTS AND AUDIT
Grants by Central Government [Section 50] 2.54
Constitution of Fund [Section 51] 2.54
Accounts and Audit [Section 52] 2.55
Furnishing of returns, etc., to Central Government [Section 53] 2.56
APPELLATE TRIBUNAL
Appellate Tribunal [Section 53A 2.56
Appeal to Appellate Tribunal [Section 53B] 2.56
Awarding compensation [Section 53N] 2.57
Procedures and powers of Appellate Tribunal [Section 53 O] 2.58
Execution of orders of Appellate Tribunal (Section 53P) 2.59
Contravention of orders of Appellate Tribunal [Section 53Q] 2.59
Right to legal representation [Section 53S] 2.59
Appeal to Supreme Court [Section 53T] 2.60
Power to Punish for contempt [Section 53U] 2.60
COMPETITION APPELLATE TRIBUNAL (PROCEDURE) REGULATIONS, 2011
Language of Tribunal - 2.60
Sittings of Tribunal - 2.60
Functions of Registrar - 2.61
Registration of appeal or application - 2.61
Pleadings before Tribunal - 2.61
Service of notice or other documents - 2.62
Adjournment of hearings - 2.62
Ex parte hearings - 2.62
Custody of records - 2.62
Inspection and certified copies of documents and other papers - 2.62
Order of judgment of Tribunal - 2.62

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Detailed Topic Section Page No.

Rectification of errors - 2.63
Interpretation - 2.63
MISCELLANEOUS
Power to exempt [Section 54] 2.63
Power of Central Government to issue directions [Section 55] 2.63
Power of Central Government to supersede Commission [Section 56] 2.64
Restriction on disclosure of information [Section 57] 2.65
Chairperson, Members, Director General, Registrar, officers and other employees, etc. of Commission to
[Section 58]
be public servants 2.65
Protection of action taken in good faith [Section 59] 2.65
Act to have overriding effect [Section 60] 2.65
Exclusion of jurisdiction of civil courts [Section 61] 2.65
Application of other laws not barred [Section 62] 2.66
Power to make rules [Section 63] 2.66
Power to make regulations [Section 64] 2.67
Power to remove difficulties [Section 65] 2.68
Repeal and saving [Section 66] 2.68-2.72
THE REAL ESTATE (REGULATION &
DEVELOPMENT) ACT,2016
Detailed Topic Section Page No.
Introduction - 3.2
Real Estate Act-Important Dates and Timelines - 3.2
RERA at a glance & prominent features - 3.3-3.10
Scope of RERA - 3.10
Benefits of RERA to allottees - 3.11
Definition
Adjudicating officer [Section 2(a) ] 3.12
Advertisement [Section 2(b) ] 3.12
Agreement for sale [Section 2(c) ] 3.13
Allottee [Section 2(d) ] 3.13
Apartment [Section 2(e) ] 3.14
Appellate Tribunal [Section 2(f) ] 3.14
Appropriate Government [Section 2(g) ] 3.14
Architect [Section 2(h) ] 3.15
Authority [Section 2(i) ] 3.15
Building [Section 2(j) ] 3.15
Carpet area [Section 2(k) ] 3.15
Chairperson [Section 2(l) ] 3.15
Commencement certificate [Section 2(m) ] 3.15
Common areas [Section 2(n) ] 3.15
Company [Section 2(o) ] 3.16
Competent authority [Section 2(p) ] 3.16
Completion certificate [Section 2(q) ] 3.16
Day [Section 2(r) ] 3.16
Development [Section 2(s) ] 3.16
Development works [Section 2(t) ] 3.16
Engineer [Section 2(u) ] 3.16
Estimated cost of real estate project [Section 2(v) ] 3.17
External development works [Section 2(w) ] 3.17
Family [Section 2(x) ] 3.17
Garage [Section 2(y) ] 3.17
Immovable property [Section 2(z) ] 3.17
Interest [Section 2(za) ] 3.17
Internal Development works [Section 2(zb) ] 3.17
Local Authority [Section 2(zc) ] 3.17
Member [Section 2(zd) ] 3.18
Notification [Section 2(ze) ] 3.18
Occupancy Certificate [Section 2(zf) ] 3.18
Person [Section 2(zg) ] 3.18
Planning Area [Section 2(zh) ] 3.19
Prescribed [Section 2(zi) ] 3.19
Project [Section 2(zj) ] 3.19
Promoter [Section 2(zk) ] 3.19
Prospectus [Section 2(zl) ] 3.20
Real Estate Agent [Section 2(zm) ] 3.20
Real Estate Project [Section 2(zn) ] 3.20
Regulations [Section 2(zo) ] 3.20
Rule [Section 2(zp) ] 3.20
Sanctioned Plan [Section 2(zq) ] 3.20
General words and expressions [Section 2(zr) ] 3.20
Registration of Real Estate Project and Real Estate Agents

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Detailed Topic Section Page No.

Prior Registration Of Real Estate Project With Real Estate Regulatory Authority [Section 3] 3.21
Application for registration of real estate projects [Section 4] 3.22-3.23
Grant of Registration [Section 5] 3.24
Extension of Registration [Section 6] 3.25
Revocation of Registration [Section 7] 3.25-3.26
Obligation Of Authority Consequent Upon Lapse of or On Revocation Of Registration [Section 8] 3.27
Registration Of Real Estate Agents [Section 9] 3.27
Functions Of Real Estate Agents [Section 10] 3.28
Function and Duties of Promoter
Functions and Duties of Promoter [Section 11] 3.29-3.30
Obligations of Promoter regarding Veracity of the Advertisement or Prospectus [Section 12] 3.31
No Deposit or Advance To Be Taken By Promoter without First Entering into Agreement for Sale [Section 13] 3.32
Adherence to Sanctioned Plans and Project specifications by the Promoter [Section 14] 3.32
Obligations Of Promoter In Case of Transfer of A Real Estate Project To A Third Party [Section 15] 3.33
Obligations Of Promoter Regarding Insurance Of Real Estate Project [Section 16] 3.34
Transfer Of Title [Section 17] 3.35
Return Of Amount And Compensation [Section 18] 3.35
Rights and Duties of Allottees
Rights and Duties of Allottees [Section 19] 3.36
Real Estate Regulatory Authority
Establishment and Incorporation of Real Estate Regulatory Authority [Section 20] 3.37
Composition of The Authority [Section 21] 3.38
Qualifications of Chairperson and Members of Authority [Section 22] 3.38
Term of office of Chairperson and Members [Section 23] 3.38
Salary and Allowances Payable to Chairperson and Members [Section 24] 3.39
Administrative Powers of Chairperson [Section 25] 3.39
Removal of Chairperson and Members From office In Certain Circumstances [Section 26] 3.39
Restrictions on Chairperson or Members on Employment After Cessation of office [Section 27] 3.40
Officers and Other Employees of Authority [Section 28] 3.41
Meetings of Authority [Section 29] 3.41
Vacancies, Etc., Not to Invalidate Proceeding of Authority [Section 30] 3.41
Filing of Complaints With The Authority or Adjudication officer [Section 31] 3.42
Functions of Authority For Promotion of Real Estate Sector [Section 32] 3.42
Advocacy and Awareness Measures [Section 33] 3.43
Functions of the Authority [Section 34] 3.43
Powers of Authority to Call For Information, Conduct Investigations [Section 35] 3.44
Power to Issue Interim orders [Section 36] 3.44
Powers of Authority to Issue Directions [Section 37] 3.45
Powers of Authority [Section 38] 3.45
Rectification of orders [Section 39] 3.45
Recovery of Interest or Penalty or Compensation and Enforcement of order, Etc. [Section 40] 3.46
Central Advisory Council
Establishment of Central Advisory Council [Section 41] 3.46
Functions of Central Advisory Council [Section 42] 3.47
The Real Estate Appellate Tribunal
Establishment of Real Estate Appellate Tribunal [Section 43] 3.47
Application for Settlement of Disputes and Appeals To Appellate Tribunal [Section 44] 3.48
Composition of Appellate Tribunal [Section 45] 3.49
Qualifications for Appointment of Chairperson and Members [Section 46] 3.49
Term of office of Chairperson and Members [Section 47] 3.50
Salary and Allowances Payable To Chairperson and Members [Section 48] 3.50
Removal of Chairperson and Member From office In Certain Circumstances [Section 49] 3.51
Restrictions On Chairperson or Judicial Member or Technical or Administrative Member On
Employment After Cessation of office [Section 50] 3.51
Officers and Other Employees of Appellate Tribunal [Section 51] 3.52
Vacancies [Section 52] 3.52
Powers of Tribunal [Section 53] 3.53
Administrative Powers of Chairperson of Appellate Tribunal [Section 54] 3.53
Right To Legal Representation [Section 56] 3.54
orders Passed By Appellate Tribunal To Be Executable As A Decree [Section 57] 3.54
Appeal To High Court [Section 58] 3.55
Offences, Penalties and Adjudication
Punishment for Non-Registration Under Section 3 [Section 59] 3.55
Penalty for Contravention of Section 4 [Section 60] 3.55
Penalty for Contravention of Other Provisions of This Act [Section 61] 3.55
Penalty for Non-Registration and Contravention Under Sections 9 and 10 [Section 62] 3.56
Penalty for Failure to Comply With orders of Authority by Promoter [Section 63] 3.56
Penalty for Failure to Comply With orders of Appellate Tribunal by Promoter [Section 64] 3.56
Penalty for Failure to Comply With orders of Authority by Real Estate Agent [Section 65] 3.56
Penalty for Failure to Comply With orders of Appellate Tribunal by Real Estate Agent [Section 66] 3.56
Penalty for Failure to Comply With orders of Authority by Allottee [Section 67] 3.57

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Detailed Topic Section Page No.

Penalty for Failure to Comply With orders of Appellate Tribunal by Allottee [Section 68] 3.57
Offences by Companies [Section 69] 3.57
Compounding of offences [Section 70] 3.58
Power to Adjudicate [Section 71] 3.58
Factors to Be Taken Into Account by The Adjudicating officer [Section 72] 3.59
Finance,Accounts,Audits and Reports
Grants and Loans By Central Government [Section 73] 3.59
Grants and Loans By State Government [Section 74] 3.59
Constitution of Fund [Section 75] 3.59
Crediting Sums Realised by Way of Penalties To Consolidated Fund of India or State Account [Section 76] 3.60
Budget, Accounts And Audit [Section 77] 3.60
Annual Report [Section 78] 3.61
Miscelleneous
Bar of Jurisdiction [Section 79] 3.61
Cognizance of offences [Section 80] 3.61
Delegation [Section 81] 3.61
Power of Appropriate Government to Supersede Authority [Section 82] 3.62
Power of Appropriate Government to Issue Directions to Authority And Obtain Reports And Returns [Section 83] 3.63
Powers of Appropriate Government to Make Rules [Section 84] 3.63-3.64
Power to Make Regulations [Section 85] 3.65
Laying of Rules [Section 86] 3.66
Members, Etc., to Be Public Servants [Section 87] 3.67
Application of Other Laws Not Barred [Section 88] 3.67
Act to Have Overriding Effect [Section 89] 3.67
Protection of Action Taken In Good Faith [Section 90] 3.67
Power to Remove Difficulties [Section 91] 3.67
Repeal [Section 92] 3.67

INSOLVENCY AND BANKRUPTCY CODE,2016

Detailed Topic Section Page No.
Introduction (Concept of Insolvency and Bankruptcy) - 4.2
Relationship between Bankruptcy, Insolvency & Liquidation - 4.3
Objectives of the Code - 4.3
Structure & Foundation of the Code - 4.4
Flow of Insolvency Process - 4.6
Provisions of this Code to override other laws [Section 238] 4.7
Extent and Commencement of the Code [Section 1] 4.7
Applicability of the Code [Section 2] 4.8
Non-applicability of the Code [Section 3(7)] 4.8
IMPORTANT DEFINITIONS [Sections 3 AND 5]
Board [Section 3(1)] 4.9
Charge [ Section 3(4)] 4.9
Claim [Section 3(6)] 4.9
Corporate Person [Section 3(7)] 4.9
Corporate Debtor [Section 3(8)] 4.9
Core services [Section 3(9)] 4.9
Creditor [Section 3(10)] 4.10
Debt (Financial Debt) [Section 3(11)] 4.10
Debt (Operational Debt) [Section 5(21)] 4.11
Default [Section 3(12)] 4.11
Financial information [Section 3(13)] 4.11
Financial Product [Section 3(15)] 4.11
Financial service [Section 3(16)] 4.11
Financial Service Provider [Section 3(17)] 4.12
Financial Sector Regulator [Section 3(18)] 4.12
Insolvency professional under Section 207 [Section 3(19)] 4.12
Insolvency professional agency; under Section 201 [Section 3(20)] 4.13
Information utility under Section 210 [Section 3(21)] 4.13
Person [Section 3(23)] 4.13
Person resident in India [ Section 3(24)] 4.13
Person resident outside India [ Section 3(25)] 4.13
Property [Section 3(27)] 4.13
Secured creditor [Section 3(30)] 4.14
Security Interest [Section 3(31)] 4.14
A transaction [Section 3(33)] 4.14
Transfer [Section 3(34)] 4.14
Transfer of property [Section 3(35)] 4.14
Adjudicating Authority- [Section 5(1) read with Section 60(1) of Code, 2016] [Section 408] 4.14
Corporate applicant [Section 5(5)] 4.14
Dispute [ Section 5(6)] 4.14

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Detailed Topic Section Page No.

Financial creditor [ Section 5(7)] 4.15
Financial position [Section 5(9)] 4.15
Initiation date [ Section 5(11)] 4.15
Insolvency commencement date [ Section 5(12)] 4.15
Insolvency resolution process period [ Section 5(14)] 4.15
Liquidation commencement date [Section 5(17)] 4.15
Liquidator - 4.15
Operational creditor [ Section 5(20)] 4.15
Related party in relation to Corporate Debtor [ Section 5(24)] 4.15-4.16
Related party in relation to individual [ Section 5(24A)] 4.17
Resolution applicant [Section 5(25)] 4.18
Resolution plan (Just a Clarification ,Refer amendment sheet page no.23) [Section 5(26)] 4.18
Resolution professional [Section 5(27)] 4.18
Voting share [Section 5(28)] 4.18
CORPORATE INSOLVENCY RESOLUTION PROCESS (Section 4 AND 6-32)
Process flow - 4.19
Insolvency Process Overview - 4.20
Application to National Company Law Tribunal [Section 3 (12) ] 4.20
Minimum amount of default wrt to intiation of insolvency proceedings [Section 4 ] 4.20
Filing of application before NCLT - 4.20
Who can initiate insolvency resolution process? [Section 6 ] 4.20
Initiation of corporate insolvency resolution process by financial creditor [Section 7 ] 4.21-4.22
Insolvency resolution by operational creditor [Section 8 ] 4.23-4.24
Withdrawal of application before or after admission [Section 8 ] 4.25
Commencement of insolvency resolution process by operational creditor [Section 9 ] 4.25
Initiation of corporate insolvency resolution process by corporate applicant [Section 10] 4.25
Persons not entitled to initiate insolvency process [Section 11] 4.26
Time-limit for completion of insolvency resolution process (Refer Amendment Sheet Page no.23) [Section 12] 4.27-4.28
Withdrawal of application admitted under Section 7, 9 or 10 [Section 12A] 4.29
Declaration of moratorium and public announcement [Section 13] 4.29
Moratorium [Section 14] 4.29-4.30
Public Announcement [Section 15] 4.31
APPOINTMENT ,TERM AND POWERS OF INTERIM RESOLUTION PROFESSIONAL (IRP)
Appointment and tenure of IRP [Section 16] 4.31
Powers of IRP (Management of affairs of corporate debtor by IRP) [Section 17] 4.32
Key roles or duties of IRP [Section 18] 4.32
Management of operations of corporate debtor as going concern [Section 20] 4.33
RESOLUTION PROFESSIONAL (RP)
Appointment [Section 22] 4.34
Role and Duties of RP (RP to conduct Corporate Insolvency Resolution Process) [Section 23] 4.35
Duties of RP [Section 25] 4.35
Voting Right of Authorised Representative (Refer Amendment Sheet Page no.23) [Section 25A] -
Eligibility of an insolvency Professional to be appointed as a Resolution Professional Regulation 3 4.36
Fees of Resolution Professional [Section 5(13)] 4.36
Replacement of Resolution Professional [Section 27] 4.36
Preparation of information memorandum [Section 29] 4.37
COMMITTEE OF CREDITORS (CoC)
Constitution of CoC 4.37
* When FC/authorized representative is not entitled to participate in the CoC 4.38
* In case where debts owed to 2/more FC [Section 21] 4.38
* In case of consortium arrangement of FC 4.38
Note : Powers of CoC now enhanced (Refer Amendment Sheet Page no.24) -
Voting by Authorised Representative of class of FC 4.39
Who can act as an authorised representative? [Section 21(6A) 4.39
Rights of Authorised representative 4.39
Meeting of committee of creditors [Section 24] 4.39
Composition,Procedure for conduct of meeting of CoC 4.40
Approval of committee of creditors,First Meeting of Creditors,Notice for meetings of the [Section 24]
committee,Quorum for the Meeting 4.41
Approval of committee of creditors for certain actions [Section 28] 4.41
Persons not eligible to be resolution applicant [Section 29A] 4.42-4.45
RESOLUTION PLAN
Duty of resolution professional on submission of Resolution plan - 4.46
Seeking approval of CoC - 4.46
Attending of meeting by resolution applicant - 4.47
Contents of a Resolution Plan (Refer Amendment sheet Page no.23) [Section 30(2)(b)] -
Submisson of Resolution Plan [Section 30] 4.47
Approval of Resolution Plan [Section 31] 4.47
Rejection of the resolution plan [Section 31] 4.47
Appeal against Approval of Resolution Plan [Section 32] 4.48
Consequences of non-submission of a Resolution Plan (Amendment in timeline as per Section 12) - 4.48

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LIQUIDATION PROCESS (Section 33 to 54 of the Code )
Initiation of liquidation
(a) Not received a Resolution plan
(b) rejects the resolution plan
Intimation of the decision of the committee of creditors to liquidate to Adjudicating authority 4.49
Contravention of resolution plan as approved by the Adjudicating Authority [Section 33]
Determination of contravention of the provisions of the resolution plan
Bar to filing to suits and legal proceedings
Exception 4.50
Order to be deemed to be notice of discharge 4.50
Appointment of Liquidator
Resolution professional to act as liquidator
Powers of BoD/ KMP vested in liquidator
4.51
Personnel to extend cooperation to liquidator [Section 34]
Order to replace the resolution professional
Adjudicating Authority to appoint insolvency professional as the liquidator
Charge of fees for conduct of liquidation proceedings 4.52
Payment of fees [Section 34] 4.52
Powers and duties of liquidator [Section 35] 4.52-4.53
Powers of liquidator to access information [Section 37] 4.53,4.55-4.56
Liquidation estate [Section 36] 4.53
Comprising of liquidation estate [Section 36] 4.54
Exceptions to the assets from inclusion in the liquidation estate assets [Section 36] 4.54
Inclusions [Section 36(3)] 4.55
Exclusions [Section 36(4)] 4.55
Consolidation of claims [Section 38] 4.56
Verification of claims [Section 39] 4.57
Admission or rejection of claims [Section 40] 4.57
Determination of valuation of claims [Section 41] 4.57
Appeal against the decision of liquidator [Section 42] 4.57
Preferential transactions & Extortionate Credit Transactions [Section 43] 4.57
Deemed preferences [Section 43] 4.58
Orders in case of preferential transactions [Section 44] 4.58-4.59
Avoidance of undervalued transactions [Section 45] 4.60
Relevant period for avoidable transactions [Section 46] 4.60
In case where liquidator or RP has not reported to the adjudicating authority of the undervalued
transaction [Section 47] 4.60
Order in cases of undervalued transactions [Section 48] 4.61
Transactions defrauding creditors [Section 49] 4.61
Extortionate credit transactions [Section 50] 4.62
Order of Adjudicating authority in respect of extortionate transactions [Section 51] 4.62
Secured creditor in liquidation proceedings [Section 52] 4.62-4.63
  Distribution of assets [Section 53] 4.64
Dissolution of corporate debtor [Section 54] 4.65
FAST TRACK INSOLVENCY RESOLUTION FOR CORPORATE PERSONS
Fast track corporate insolvency resolution process (who may apply?) [Section 55] 4.66
Time period for completion of fast track corporate insolvency resolution process [Section 56] 4.66
Manner of initiating fast track corporate insolvency resolution process [Section 57] 4.67
Applicability of Chapter II to his chapter [Section 58] 4.67
VOLUNTARY LIQUIDATION OF CORPORATE PERSONS
Voluntary Liquidation of Corporate persons [Section 59] 4.67-4.68
ADJUDICATING AUTHORITY FOR CORPORATE PERSONS (Section 60 to 67 of the code)
Adjudicating Authority for corporate persons [Section 60] 4.69-4.70
Period of moratorium excluded for purpose of limitation [Section 60] 4.70
Appeals and Appellate Authority 4.70
An appeal against an order approving a resolution plan under Section 31 [Section 61] 4.71
An appeal against a liquidation order 4.71
Appeal to Supreme Court on a question of law [Section 62] 4.71
Civil Court is prohibited to entertain any suit or proceedings [Section 63] 4.71
Expeditious disposal of applications [Section 64] 4.71
Fraudulent or malicious initiation of proceedings [Section 65] 4.72
Fraudulent trading or wrongful trading [Section 66] 4.72
Proceedings under Section 66 [Section 67] 4.73
OFFENCES AND PENALTIES
Concealment of property [Section 68] 4.73
Transactions defrauding creditors [Section 69] 4.74
Misconduct in courses of corporate insolvency resolution process [Section 70] 4.75
Falsification of books of corporate debtor [Section 71] 4.76
Wilful and material omissions from statements relating to affairs of corporate debtor [Section 72] 4.76
False representations to creditors [Section 73] 4.76
Contravention of moratorium or the resolution plan [Section 74] 4.76-4.77

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False information furnished in application [Section 75] 4.77
Non-disclosure of dispute or repayment of debt by operational creditor [Section 76] 4.78
Providing false information in application by corporate debtor [Section 77] 4.78
INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS
Application of the provisions of the Bankruptcy to personal guarantors of Corporate Debtors and for [Section 2]
others in phases w.e.f. 23.11.2017 4.78
REGULATION OF INSOLVENCY PROFESSIONALS.AGENCIES AND INFORMATION UTILITIES
The Insolvency and Bankruptcy Board of India (Section 188 to 198)
Establishment and incorporation of Board [Section 188] 4.79

Constitution of Board (Appointment of Members,Eligibility,Appointment on recommendation of a

selection committee,Term of offices and Payment of salaries [Section 189] 4.79
Removal of member from office [Section 190] 4.80
Meetings of Board [Section 192] 4.80
Member not to participate in meetings in certain cases [Section 193] 4.81
Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board [Section 194] 4.81
Powers and Functions of the Board [Section 196] 4.81-4.84
Constitution of advisory committee, executive committee or other committee [Section 197] 4.84
Condonation of delay [Section 198] 4.84
Insolvency Professional Agencies (Section 199 to 205)
No person to function as insolvency professional agency without valid certificate of registration [Section 199] 4.84
Principles governing registration of insolvency professional agency [Section 200] 4.85
Manner of registration of insolvency professional agency [Section 201] 4.85
Appeal to National Company Law Appellate Tribunal [Section 202] 4.86
Governing Board of insolvency professional agency [Section 203] 4.86
Functions of insolvency professional agencies [Section 204] 4.87
Insolvency professional agencies to make bye-laws [Section 205] 4.87
Insolvency Professionals (Section 206 to 208)
Who may act as insolvency professionals? [Section 206] 4.88
Registration of insolvency professionals [Section 207] 4.88
Functions and obligations of insolvency professionals (IP) [Section 208] 4.89
Information Utilities (Section 209 to 216)
Who shall carry on the business as information utility? [Section 209] 4.89
Manner of registration of information utility -Eligibility for registration [Section 210] 4.89,4,90
Appeal to National Company Law Appellate Tribunal [Section 211] 4.91
Governing Board of information utility-Composition of the Governing Board. [Section 212] 4.91,4.92
Obligations of information utility [Section 214] 4.93
Procedure for submission, etc., of financial information [Section 215] 4.93
Rights and obligations of persons submitting financial information [Section 216] 4.93
Inspection and Investigation (Section 217 to 220)
Complaints against insolvency professional agency or its member or information utility [Section 217] 4.94
Investigation of insolvency professional agency or its member or information utility [Section 218] 4.94
Show cause notice to insolvency professional agency or its member or information utility [Section 219] 4.95
Appointment of disciplinary committee [Section 220] 4.96
Finance, Accounts and Audit (Section 221 to 224 )
Grants by Central Government [Section 221] 4.97
Board's Fund [Section 222] 4.97
Accounts and audit (Audit of Accounts by the CAG,Right and privileges,Presentation of certified copy of the
[Section 223] 4.97,4.98
accounts and audit report to CG)
Miscellaneous Sections
Power of Central Government to issue directions [Section 225] 4.98
Power of Central Government to supersede Board [Section 226] 4.98
Power of Central Government to notify financial service providers, etc [Section 227] 4.99
Delegation [Section 230] 4.99
Bar of jurisdiction [Section 231] 4.99
Members, officers and employees of Board to the public servants [Section 232] 4.99
Protection of action taken in good faith [Section 233] 4.100
Enabling provisions for cross border transactions
Agreements with Foreign Countries [Section 234] 4.100
Letter of request to a country outside India in respect of assets [Section 235] 4.100
Punishment where no specific penalty or punishment is provided [Section 235A] 4.100

Trial of offences by Special Court- Cognizance of an offence committed under this code [Section 236] 4.100
Appeal and revision [Section 237] 4.101
Provisions of this Code to override other laws [Section 238] 4.101
Limitation [Section 238A] 4.101
Power to make rules [Section 239] 4.101
Power to make regulations [Section 240] 4.101
Application of this Code to micro, small and medium enterprises [Section 240A] 4.101

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PREVENTION OF MONEY LAUNDERING ACT,2002
Detailed Topic Section Page No.
Introduction and stages of Money Laundering - 5.2,5.3
Understanding Money Laundering (How hawala works?) - 5.4
Definition
Money-laundering Section 2(1)(p) 5.4
Proceeds of crime Section 2(1)(u) 5.5
Property Section 2(1)(v) 5.5
Payment system Section 2(1)(rb) 5.6
Scheduled offence Section 2(1)(y) 5.6
Transfer - 5.6
Authorised person [Section 2(1)(da)] 5.6
Banking company [Section 2(1)(e)] 5.6
Beneficial owner [Section 2(1)(fa)] 5.6
Client [Section 2(1)(ha)] 5.6
Financial institution [Section 2(1)(l)] 5.6
Intermediary [Section 2(1)(n)] 5.6
Investigation [Section 2(1)(na)] 5.7
Non-banking financial company [Section 2(1)(q)] 5.7
Payment system operator [Section 2(1)(rc)] 5.7
Person [Section 2(1)(s)] 5.7
Person carrying on designated business or profession [Section 2(1)(sa)] 5.8
Records [Section 2(1)(w)] 5.8
Reporting entity [Section 2(1)(wa)] 5.8
Value [Section 2(1)(zb)] 5.8
PUNISHMENT FOR THE OFFENCE OF MONEY LAUNDERING [SECTION 3 AND 4]
Offence of Money Laundering [Section 3] 5.8
Punishment of Money Laundering [Section 4] 5.8
ATTACHMENT, ADJUDICATION AND CONFISCATION
Attachment Chapter III 5.9
Adjudicating Authority [Section 6(1)] 5.9
Attachment of property involved in money-laundering [Section 5] 5.9-5.10
Adjudicating Authorities, composition, powers, etc. [Section 6] 5.11-5.12
Staff of Adjudicating Authorities [Section 7] 5.13
Adjudication 5.13
(1) Serving of Notice by AO 5.13
(2) Order Passed 5.14
(3) Confirmation of Execution of Passed order 5.14
(4) In case of Provisional order [Section 8] 5.14
(5) Property involved be confiscated to the Central Government 5.15
(6) Order of release 5.15
(7) Passing of an appropriate order in case where trial cannot be concluded 5.15
(8) Direction to CG by the Special Court 5.15
Change in the period of such attachment or retention or freezing of the seized or frozen property
[Section 8]
or record (Refer Amendment Sheet Page no.3 & 4) 3,4
Vesting of property in Central Government [Section 9] 5.15
Management of properties confiscated under this Chapter [Section 10] 5.16
Power regarding summons, production of documents and evidence, etc. [Section 11] 5.16
OBLIGATION OF BANKING COMPANIES, FINANCIAL INSTITUTIONS AND INTERMEDIARIES
Reporting entity to maintain records [Section 12] 5.17
Access to information [Section 12A] 5.18
Power of director to impose fine [Section 13] 5.18-5.19
No civil or criminal proceedings against reporting entity, its directors and employees in certain cases [Section 14] 5.20
Procedure and manner of furnishing information by reporting entities [Section 15] 5.20
SUMMONS, SEARCHES AND SEIZURES, ETC
Power of survey 5.20
1) Power of authority to make survey 5.20
[Section 16]
2) Copy of recorded reasons of survey to be forwarded to AO 5.21
3) Course of action by concerned authority 5.21
Search and seizure 5.21
1) Power to Director or other Officer for Search and Seizure 5.21
* Exceptions 5.22
2) Order to freeze property by an authorized officer [Section 17] 5.22
3) Forward of recorded reasons to AA 5.22
4) Authorisation for Search and Seizure of evidence 5.23
5) Filing of an application for retention of record etc 5.23
Search of persons [Section 18] 5.23-5.24
Power to arrest [Section 19] 5.25
Retention of property [Section 20] 5.25

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Retention of records [Section 21] 5.26
Presumption as to records or property in certain cases [Section 22] 5.27
Presumption in inter-connected transactions [Section 23] 5.28
Burden of proof [Section 24] 5.28

APPELLATE TRIBUNAL
Hierarchy under the Prevention of Money Laundering Act, 2002 [Section 48] 5.28
Establishment of Appellate Tribunal [Section 25] 5.29
Appeals to Appellate Tribunal [Section 26] 5.29
Procedures & Powers of the Appellate Tribunal [Section 35] 5.30
Distribution of business amongst Benches [Section 36] 5.31
Power of Chairman to transfer cases [Section 37] 5.31
Decision to be by majority [Section 38] 5.31
Right of appellant to take assistance of authorised representative and of Government to appoint
[Section 39]
presenting officers 5.31
Members, etc., to be public servants [Section 40] 5.31
Civil court not to have jurisdiction [Section 41] 5.32
Appeal to High Court [Section 42] 5.32
SPECIAL COURTS
Empowers the Central Government in consultation [Section 43] 5.32

provides for the offences triable by Special Courts [Section 44] 5.32
Offences to be cognizable and non-bailable [Section 45] 5.33
Application of Code of Criminal Procedure, 1973 to proceedings before Special Court [Section 46] 5.34
Appeal and revision [Section 47] 5.34
RECIPROCAL ARRANGEMENT FOR ASSISTANCE IN CERTAIN MATTERS
Corresponding law - 5.35
Offence of cross border implications - 5.35
Contracting State [Section 55] 5.35
Agreements with foreign countries [Section 56] 5.35
Letter of request to a contracting State in certain cases [Section 57] 5.36
Assistance to a contracting State in certain cases [Section 58] 5.37
Special Court to release the property [Section 58A] 5.38
Letter of request of a contracting State or authority for confiscation or release the property [Section 58 B] 5.38
Reciprocal arrangements for processes and assistance for transfer of accused persons [Section 59] 5.39
Attachment, seizure and confiscation, etc., of property in a contracting State or India [Section 60] 5.40
Procedure in respect of letter of request [Section 61] 5.41
RECOVERY OF FINE OR PENALTY
Punishment for vexatious search [Section 62] 5.41
Punishment for false information or failure to give information, etc. [Section 63] 5.42
Cognizance of offences [Section 64] 5.42
Code of Criminal Procedure, 1973 to apply [Section 65] 5.43
MISCELLANEOUS
Disclosure of Information [Section 66] 5.43
Bar of suits in civil courts [Section 67] 5.43
Notice, etc., not to be invalid on certain grounds [Section 68] 5.43
Recovery of fine or penalty [Section 69] 5.44
Offences by companies [Section 70] 5.44
Act to have overriding effect [Section 71] 5.45
Continuation of proceedings in the event of death or insolvency [Section 72] 5.45
Power to make [Section 73] 5.46
Rules to be laid before Parliament [Section 74] 5.47
Power to remove difficulties [Section 75] 5.47
ANNEXURE
SCHEDULE [See section 2(y)] PART A
PARAGRAPH 1 OFFENCES UNDER THE INDIAN PENAL CODE - 5.48-5.49
PARAGRAPH 2 OFFENCES UNDER THE NARCOTIC DRUGS AND PSYCHOTROPIC
SUBSTANCES ACT, 1985 - 5.49-5.50
PARAGRAPH 3 OFFENCES UNDER THE EXPLOSIVE SUBSTANCES ACT, 1908 - 5.50
PARAGRAPH 4 OFFENCES UNDER THE UNLAWFUL ACTIVITIES (PREVENTION) ACT, 1967 - 5.50

PARAGRAPH 5 OFFENCES UNDER THE ARMS ACT, 1959 - 5.51

PARAGRAPH 6 OFFENCES UNDER THE WILD LIFE (PROTECTION) ACT, 1972 - 5.52
PARAGRAPH 7 OFFENCES UNDER THE IMMORAL TRAFFIC (PREVENTION) ACT, 1956 - 5.53
PARAGRAPH 8 OFFENCES UNDER THE PREVENTION OF CORRUPTION ACT, 1988 - 5.53
PARAGRAPH 9 OFFENCES UNDER THE EXPLOSIVES ACT, 1884 - 5.53
PARAGRAPH 10 OFFENCES UNDER THE ANTIQUITIES AND ARTS TREASURES ACT, 1972 - 5.53
PARAGRAPH 11 OFFENCES UNDER THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 - 5.54
PARAGRAPH 12 OFFENCES UNDER THE CUSTOMS ACT, 1962 - 5.54
PARAGRAPH 13 OFFENCES UNDER THE BONDED LABOUR SYSTEM (ABOLITION) ACT, 1976 - 5.54
PARAGRAPH 14 OFFENCES UNDER CHILD LABOUR (PROHIBITION AND THE REGULATION) ACT,
1986 - 5.54

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PARAGRAPH 15 OFFENCES UNDER THE TRANSPLANTATION OF HUMAN ORGANS ACT, 1994 - 5.54
PARAGRAPH 16 OFFENCES UNDER THE JUVENILE JUSTICE (CARE AND PROTECTION OF
CHILDREN) ACT, 2000 - 5.55
PARAGRAPH 17 OFFENCES UNDER THE EMIGRATION ACT, 1983 - 5.55
PARAGRAPH 18 OFFENCES UNDER THE PASSPORTS ACT, 1967 - 5.55
PARAGRAPH 19 OFFENCES UNDER THE FOREIGNERS ACT, 1946 - 5.55
PARAGRAPH 20 OFFENCES UNDER THE COPYRIGHT ACT, 1957 - 5.55
PARAGRAPH 21 OFFENCES UNDER THE TRADE MARKS ACT, 1999 - 5.56
PARAGRAPH 22 OFFENCES UNDER THE INFORMATION TECHNOLOGY ACT, 2000 - 5.56
PARAGRAPH 23 OFFENCES UNDER THE BIOLOGICAL DIVERSITY ACT, 2002 - 5.56
PARAGRAPH 24 OFFENCES UNDER THE PROTECTION OF PLANT VARIETIES AND FARMERS'
RIGHTS ACT, 2001 - 5.56
PARAGRAPH 25 OFFENCES UNDER THE ENVIRONMENT PROTECTION ACT, 1986 - 5.57
PARAGRAPH 26 OFFENCES UNDER THE WATER (PREVENTION AND CONTROL OF POLLUTION)
ACT, 1974 - 5.57
PARAGRAPH 27 OFFENCES UNDER THE AIR (PREVENTION AND CONTROL OF POLLUTION) ACT,
1981 - 5.57
PARAGRAPH 28 OFFENCES UNDER THE SUPPRESSION OF UNLAWFUL ACTS AGAINST SAFETY OF - 5.57
MARITIME NAVIGATION AND FIXED PLATFORMS ON CONTINENTAL SHELF ACT, 2002
PARAGRAPH 29 OFFENCES UNDER THE COMPANIES ACT, 2013 - 5.58
SCHEDULE [See section 2(y)] PART B
OFFENCE UNDER THE CUSTOMS ACT, 1962 [Section 132] 5.58
SCHEDULE [See section 2(y)] PART C
PART C - 5.58

THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999

Detailed Topic Section Page No.
1. INTRODUCTION
Inroduction (Need for the Act,Broad Structure of FEMA,Salient provisions of FEMA) - 6.2
2. PREAMBLE,EXTENT,APPLICATION AND COMMENCEMENT OF FEMA,1999
(A) Preamble - 6.3
(B) Extent and Application [Sections 1] - 6.3
(C) Commencement - 6.3
3. DEFINITIONS [SECTION 2]
Adjudicating Authority [Section 2 (a)] 6.3
Appellate Tribunal [Section 2 (b)] 6.4
Authorised person [Section 2 (c)] 6.4
Authorised Officer [Section 2 (cc)] 6.4
Bench [Section 2 (d)] 6.4
Capital Account Transaction [Section 2 (e)] 6.4
Chairperson [Section 2 (f)] 6.4
Chartered Accountant [Section 2 (g)] 6.4
Competent Authority [Section 2 (gg)] 6.4
Currency [Section 2 (h)] 6.4
Currency Notes [Section 2 (i)] 6.4
Current Account Transaction [Section 2 (j)] 6.4
Director of Enforcement [Section 2 (k)] 6.4
Export [Section 2 (l)] 6.4
Foreign Currency [Section 2 (m)] 6.4
Foreign Exchange [Section 2 (n)] 6.5
Foreign Security [Section 2 (o)] 6.5
Import [Section 2 (p)] 6.5
Indian Currency [Section 2 (q)] 6.5
Legal Practitioner [Section 2 (r)] 6.5
Member [Section 2 (s)] 6.5
Notify [Section 2 (t)] 6.5
Person [Section 2 (u)] 6.5
Person resident in India [Section 2 (v)] 6.5
Person Resident Outside India [Section 2 (w)] 6.6
Prescribed [Section 2 (x)] 6.6
Repatriate to India [Section 2 (y)] 6.6
Reserve Bank [Section 2 (z)] 6.6
Security [Section 2 (za)] 6.6
Service [Section 2 (zb)] 6.6
Special Director (Appeals) [Section 2 (zc)] 6.7
Specify [Section 2 (zd)] 6.7
Transfer [Section 2 (ze)] 6.7
4. IMPORTANT DEFINITIONS
Authorised Person - 6.7
Offshore Banking Unit - 6.7
Capital and Current Account Transactions - 6.7-6.9
Person’ and ‘Person resident in India - 6.9-6.10
Person or Body corporate - 6.11

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Office, branch or agency - 6.11-6.12
5. REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE
Dealing in foreign exchange, etc. [Section 3] 6.13
Holding of foreign exchange [Section 4] 6.14
6. CURRENT ACCOUNT TRANSACTIONS [SECTION 5]
Current Account Transactions [Section 5] 6.14
Schedule II
I (Transactions
(Transactions,for which
which drawal
require of foreign
prior exchange
approval is prohibited)
of the Government of India for drawal of foreign [Section 5] 6.15
exchange) [Section 5] 6.15
Schedule III (Transactions which require RBI’s prior approval for drawal of foreign exchange) Facilities for [Section 5] 6.16
individuals
Schedule III (Transactions which require RBI’s prior approval for drawal of foreign exchange) Facilities for [Section 5]
persons other than individual 6.17-6.18
If the transaction is not listed in any of the above three schedules, it can be freely undertaken. [Section 5] 6.18
i) Exemption for remittance from RFC Account [Section 5] 6.18
ii) Exemption for remittance from EEFC Account [Section 5] 6.18
iii) Exemption for payment by International Credit Card while on a visit abroad [Section 5] 6.18
Liberalised Remittance Scheme (LRS) [Section 5] 6.19
IMPORT OF GOODS AND SERVICES [Section 5] 6.19
General Guidelines for Imports [Section 5] 6.19
(1) General Guidelines [Section 5] 6.19
(2) Remittances for Import Payments [Section 5] 6.19
(3) Obligation of Purchaser of Foreign Exchange [Section 5] 6.19
(i) Utilization of acquired Foreign Exchange for the said purpose [Section 5] 6.19
(ii) Evidence of import [Section 5] 6.19
(iii) Mode of payment [Section 5] 6.20
(iv) Other mode of payment [Section 5] 6.20
(4) Time Limit for Settlement of Import Payments [Section 5] 6.20
(5) Extension of Time [Section 5] 6.21
(6) Import of Foreign Exchange / Indian Rupees [Section 5] 6.21
(7) Import of Foreign Exchange into India [Section 5] 6.22
(8) Import of Indian Currency and Currency Notes [Section 5] 6.22
(9) Issue of Guarantees by an Authorised Dealer [Section 5] 6.22
7. CAPITAL ACCOUNT TRANSACTIONS [SECTION 6]
Capital Account Transaction [Section 6] 6.23-6.24
I. Permissible Transactions 6.25
SCHEDULE I (The list of permissible classes of transactions made by persons resident in India ) 6.26
SCHEDULE II (The list of permissible classes of transactions made by persons resident outside India ) [Section 6(2)] 6.26
II. Transactions with no restriction 6.27
III. Prohibited Transactions 6.27-6.28
Amendment in Section 6 (1),6(2),6(2A) (Refer Amendment Sheet 5 & 6)
Repatriation of sale proceeds [Section 6(5)] 6.29
EXTERNAL COMMERCIAL BORROWINGS [Section 6 (3)(d)]
Transactions on account of External Commercial Borrowings (ECB) [Section 6 (3) (d)] 6.29
Tracks under ECB - 6.30

Forms of ECB - 6.30

Available routes for raising ECB - 6.30
Eligible Borrowers - 6.30-6.31
Recognised lender - 6.32
Individual Limits under automatic and approval route - 6.33
ECB liability : equity ratio - 6.33
Procedure of raising ECB - 6.33

Routing of funds raised abroad to India - 6.34

EXTERNAL COMMERCIAL BORROWINGS [Section 6 (3)(d)] (Amended via MAY 2020 RTP) (Refer Amendment Sheet page
no.11 to 17)
Meaning of ECBs - 11
Salient features of the New Guidelines - 11
Framework for Raising Laons through ECBs - 12
Eligible Borrowers - 12
Available routes for raising ECB - 13
Negative List w.r.t ECB - 13
Hedging Provisions w.r.t. ECB - 13
Change of currency of Borrowing - 14
Loan Registration Number - 14
Monthly Reporting of Actual Transactions - 14
Late submission fee for delay in reporting - 14
Standard operating procedure (SOP) for untraceable entities - 15
Definition of untraceable entities - 15
Action - 15
Conversion of ECB into Equity - 15
Security for raising ECB - 16
ECB Facility for Startups - 16

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ECB facility with Oil Marketing Companies - 16
ECB by entities under restructuring/ECB facility for re-financing stressed assets - 16
Contravention of ECB Guidelines and Transparency Requirements - 17

Borrowing and Lending in Foreign currency by persons other than authorised dealer (Refer Amendment sheet 21 & 22 too)
Borrowing in foreign currency by persons other than an authorised dealer - 6.34
i. For execution of projects outside India and for exports on deferred payment terms - 6.34
ii. For imports - 6.34
iii. Borrowing by resident individual - 6.34
Lending in foreign currency by persons other than an authorised dealer - 6.35
(i) Lending to WOS / JV - 6.35

(ii) Lending by Select Institutions - 6.35

(iii) Lending by Indian companies to their employees - 6.35
OVERSEAS DIRECT INVESTMENTS BY RESIDENT INDIVIDUALS
Relevant statutory provision [Section 6] 6.35
Relevant definitions
Direct investment outside India - 6.36
Financial Commitment - 6.36
Joint Venture - 6.36
Wholly Owned Subsidiary (WOS) - 6.36
Indian Party - 6.36
Host country - 6.36

Mode of direct investment outside India

(1) Automatic route for direct investment or financial commitment outside India - 6.37
* Limit permissible - 6.37
* Requirements for investments/ financial commitments - 6.37
* Process - 6.38
(2) Approval route for direct investment or financial commitment outside India - 6.38
Overseas Direct Investments by resident individuals - 6.38
Prohibitions on direct investment in abroad by an Indian party ,General Permission - 6.39
[I] FOREIGN EXCHANGE CAPITAL TRANSACTIONS
MANAGEMENT RELATED
(ACQUISITION ANDTO IMMOVABLE
TRANSFER PROPERTYPROPERTY IN INDIA)
OF IMMOVABLE
REGULATIONS, 2018
1. Relevant Definitions
Non-Resident Indian (NRI) - 6.39
Overseas Citizen of India (OCI) - 6.39
Repatriation outside India - 6.39
2. Acquisition and Transfer of Property in India by a Non-Resident Indian or an Overseas Citizen of India - 6.40
3. Acquisition of Immovable Property for carrying on a permitted activity - 6.40
4. Purchase/ sale of Immovable Property by Foreign Embassies/ Diplomats/ Consulate Generals - 6.41
5. Joint acquisition by the spouse of an NRI or an OCI - 6.41
6. Acquisition by a Long-Term Visa holder - 6.42
7. Repatriation of sale proceeds - 6.42
8. Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries - 6.43
9. Prohibition on transfer of immovable property in India - 6.43
10. Miscellaneous - 6.44
11. Saving - 6.44
ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY OUTSIDE INDIA
Restriction on acquisition or transfer of immovable property outside India - 6.44
Acquisition and Transfer of Immovable Property outside India - 6.44
Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries - 6.45

8. EXPORT OF GOODS AND SERVICES [SECTION 7]

EXPORT OF GOODS AND SERVICES [SECTION 7] 6.45
Regulations (Foreign Exchange Management (Export of Goods and Services) Regulations, 2015)
1. Short title and commencement - 6.46
2. Definitions:- Some definitions - 6.46
(i) export - 6.46
(ii) export value - 6.46
(iii) form - 6.46
(iv) software - 6.46
(v) specified authority - 6.46
3. Declaration of exports - 6.47
4. Exemptions - 6.47
5. Indication of importer-exporter code number - 6.48
6. Authority to whom declaration is to be furnished and the manner of dealing with the declaration - 6.49
7. Evidence in support of declaration - 6.49
8. Manner of payment of export value of goods - 6.50
9. Period within which export value of goods/software/ services to be realised - 6.50
10. Submission of export documents - 6.51
11. Transfer of documents - 6.51
12. Payment for the Export - 6.52
13. Certain Exports requiring prior approval - 6.52
14. Delay in Receipt of Payment - 6.53
15. Advance payment against exports - 6.53
16. Issue of directions by Reserve Bank in certain cases - 6.54

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17. Project exports - 6.54

9. REALISATION AND REPATRIATION OF FOREIGN EXCHANGE [SECTION 8]

Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2000
1. Duty of persons to realise foreign exchange due - 6.55
2. Manner of Repatriation - 6.55
3. Period for surrender of realised foreign exchange - 6.55
4. Period for surrender in certain cases - 6.56
5. Period for surrender of received/ realised/ unspent/ unused foreign exchange by Resident individuals - 6.56
6. Exemption (Nothing in these regulations shall apply to foreign exchange in the form of currency of Nepal or -
Bhutan.) 6.56
* Exemption from realisation and repatriation in certain cases [Section 9] - 6.57
10. AUTHORISED PERSON [SECTION 10]
Authorised Person [Section 10] 6.58
Reserve Bank’s powers to issue directions to authorised person [Section 11] 6.59
Power of Reserve Bank to inspect authorised person [Section 12] 6.59
11. CONTRAVENTIONS AND PENALTIES IN BRIEF
Section 11 ,13 ,13(1A) and 13(1C),14 penalties - 6.60
Penalties [Section 13] 6.61
Enforcement of the orders of Adjudicating Authority [Section 14] 6.62-6.63
Power to recover arrears of penalty [Section 14A] 6.64
12. COMPOUNDING OF OFFENCES
Compounding Authority,Compounding of offences [Section 15] 6.64
13. ADJUDICATION AND APPEAL
ADJUDICATION AND APPEAL (Section 14 ,15,16,17,19,19(5),35) - 6.64
Appointment of Adjudicating Authority [Section 16] 6.65
Appeal to Special Director (Appeals) [Section 17] 6.66
Appellate Tribunal [Section 18] 6.66
Appeal to Appellate Tribunal [Section 19] 6.67
Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint [Section 32]
presenting officers 6.67
Civil court not to have jurisdiction [Section 34] 6.68
Appeal to High Court [Section 35] 6.68
14. DIRECTORATE OF ENFORCEMENT
Directorate of Enforcement [Section 36] 6.68
Power of search and seizure [Section 37] 6.69
Special provisions relating to assets held outside India in contravention of section 4 [Section 37A] 6.69
Special provisions relating to assets held outside India in contravention of section 4 [Section 38] 6.70
15. MISCELLANEOUS
Presumption as to documents in certain cases [Section 39] 6.70
Suspension of operation of this Act [Section 40] 6.71
Power of Central Government to give directions [Section 41] 6.71
Contravention by companies [Section 42] 6.71
Death or insolvency in certain cases [Section 43] 6.72
Bar Legal proceedings [Section 44] 6.72
Repeal and saving [Section 49] 6.72-6.73
ANNEXURE
FOREIGN EXCHANGE MANAGEMENT (CURRENT ACCOUNT TRANSACTIONS) RULES, 2000
1. Short title and commencement - 6.74
2. Definitions (Act,Drawal,Schedule) - 6.74
3. Prohibition on drawal of Foreign Exchange - 6.74
4. Prior approval of Government of India - 6.75
5. Prior approval of Reserve Bank - 6.75
6. Exemptions in EEFC Account - 6.75
7. Use of International Credit Card while outside India - 6.75
Schedule I Transactions which are prohibited (See Rule 3) - 6.75
Schedule II Transactions which require prior approval of the Central Government (See Rule 4) - 6.76
SCHEDULE III (See Rule 5) Facilities for individuals - 6.77
Facilities for persons other than individual - 6.78
Procedure - 6.79
FED Master Direction No. 7/2015-16- Liberalised Remittance Scheme (LRS) dated January 1, 2016
LRS - 6.80
Master Direction - Liberalised Remittance Scheme (LRS) - 6.81
A. Liberalised Remittance Scheme (LRS) of USD 2,50,000 for resident individuals - 6.81
7(a) Private visits - 6.82
7(b) Gift/donation - 6.82
7(c) Going abroad on employment - 6.82
7(d) Emigration - 6.83
7(e) Maintenance of close relatives abroad - 6.83
7(f)Business trip - 6.83
7(g) Medical treatment abroad - 6.83
7(h) Facilities available to students for pursuing their studies abroad - 6.84
Other Provisions - 6.85-6.86
B. Operational instructions to Authorised Persons - 6.86-6.90
Certificate by the Authorised Dealer - 6.90
Purpose Codes for Reporting under FETERS - 6.91-6.97

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Provisions under section 6 (4) of Foreign Exchange Management Act, 1999 - Clarifications - 6.98
FOREIGN EXCHANGE MANAGEMENT (PERMISSIBLE CAPITAL ACCOUNT TRANSACTIONS) REGULATIONS, 2000
1. Short title and commencement. - 6.99
2.Definitions - 6.99
3.Classification of Capital Account Transactions - 6.99
4.Certain prohibitions - 6.100
[Regulation 3(1)
SCHEDULE I (Classes of capital account transactions of persons resident in India) (A)] 3(1)
[Regulation 6.101
SCHEDULE II (Classes of MANAGEMENT
FOREIGN EXCHANGE capital account transactions of personsAND
(ACQUISITION resident outside India)
TRANSFER OF IMMOVABLE PROPERTY IN(B)] 6.102
INDIA) REGULATIONS,
2018
ALREADY COVERED IN PAGE NO.6.39-6.44 (Repition) - 6.103-6.108
FOREIGN EXCHANGE MANAGEMENT (ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY OUTSIDE INDIA)
REGULATIONS, 2015
Regulations - 6.109-6.110

FOREIGN EXCHANGE MANAGEMENT (EXPORT OF GOODS & SERVICES) REGULATIONS, 2015

Refer page no.6.45-6.54 (Already mentioned above ) - 6.111-6.119
FOREIGN EXCHANGE MANAGEMENT (REALISATION, REPATRIATION AND SURRENDER OF FOREIGN EXCHANGE)
REGULATIONS, 2015
1. Short title and commencement - 6.120
2. Definitions - 6.120
3. Duty of persons to realise foreign exchange due - 6.120
4. Manner of Repatriation - 6.121
5. Period for surrender of realised foreign exchange - 6.121
6. Period for surrender in certain cases - 6.121
7. Period for surrender of received/ realised/ unspent/ unused foreign exchange by Resident individuals - 6.122
8. Exemption (Nothing in these regulations shall apply to foreign exchange in the form of currency of Nepal or
Bhutan.) - 6.122
* Exemption from realisation and repatriation in certain cases [Section 9] - 6.122
-
FOREIGN EXCHANGE MANAGEMENT (POSSESSION AND RETENTION OF FOREIGN CURRENCY) REGULATIONS, 2015
1. Short title & commencement - 6.123
2. Definitions - 6.123
3. Limits for possession and retention of foreign currency or foreign coins - 6.123
4. Possession of foreign exchange by a person resident In India but not permanently resident therein - 6.124

Prohibition of Benami Property Transactions Act,1988

1.INTRODUCTION
(Meaning of Benami) - 7.2
The Benami Transactions (Prohibition) Act, 1988 - 7.2
The Benami Transactions (Prohibition) Amendment Act, 2016 - 7.2
Structure of the Act - 7.3
2. PRELIMINARY [Section 2] Definitions
Adjudicating Authority [Section 2(1)] 7.3
Administrator [Section 2(2)] 7.3
Appellate Tribunal [Section 2(3)] 7.4
Approving Authority [Section 2(4)] 7.4
Attachment [Section 2(5)] 7.4
Authority [Section 2(6)] 7.4
Banking Company [Section 2(7)] 7.4
Benami Property [Section 2(8)] 7.4
Benami Transaction [Section 2(9)] 7.4-7.7
* Judicial pronouncements on tests for determination of a benami transaction [Section 2(9)] 7.8-7.9
Benamidar [Section 2(10)] 7.9
Bench [Section 2(11)] 7.10
Beneficial Owner [Section 2(12)] 7.10
Board [Section 2(13)] 7.10
Director [Section 2(14)] 7.10
Executor [Section 2(15)] 7.10
Fair Market Value (Rule 3) [Section 2(16)] 7.10-7.12
Firm [Section 2(17)] 7.12
High Court [Section 2(18)] 7.13
Initiating Officer [Section 2(19)] 7.13
Member [Section 2(20)] 7.13

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Notification [Section 2(21)] 7.13
Partner [Section 2(22)] 7.13
Partnership [Section 2(23)] 7.13
Person [Section 2(24)] 7.13
Prescribed [Section 2(25)] 7.14
Property [Section 2(26)] 7.14
Public Financial Institution [Section 2(27)] 7.14
Special Court [Section 2(28)] 7.14
Transfer [Section 2(29)] 7.14
Trustee [Section 2(30)] 7.14
Words and expressions used herein and not defined in this Act but defined in the Indian [Section 2(31)] 7.14
3. PROHIBITION OF BENAMI TRANSACTIONS
Prohibition of benami transactions [Section 3] 7.15
Prohibition of the right to recover property held benami [Section 4] 7.15
Property held Benami liable to confiscation [Section 5] 7.15
Prohibition on retransfer of property by benamidar [Section 6] 7.15
4. AUTHORITIES
Adjudicating Authority [Section 7] 7.15
Composition of Authority [Section 8] 7.16
Qualifications for appointment of Chairperson and Members [Section 9] 7.16
Constitution of Benches of the Adjudicating Authority [Section 10] 7.16
Power of the Adjudicating Authority to regulate its own procedure [Section 11] 7.17
Term of Office of Chairperson and Members of Adjudicating Authority [Section 12] 7.17
Terms and conditions of services of Chairperson and Members of Adjudicating [Section 13] 7.17
Removal of Chairperson and Members of Adjudicating Authority [Section 14] 7.17
Member to act as Chairperson in certain circumstances [Section 15] 7.18
Vacancies, etc., not to invalidate proceedings of Adjudicating Authority [Section 16] 7.18
Officers and employees of Adjudicating Authority [Section 17] 7.18
Authorities and jurisdiction [Section 18] 7.18
Powers of authorities [Section 19] 7.19
Certain officers to assist in inquiry, etc [Section 20] 7.20
Power to call for information [Section 21] 7.20
Power to impound documents [Section 22] 7.21
Power of authority to conduct inquiry, etc. [Section 23] 7.22

5. ATTACHMENT, ADJUDICATION AND CONFISCATION

Notice and attachment of property involved in benami transaction (Refer Amendment Sheet Page no.1) [Section 24] 7.22
Manner of service of notice [Section 25] 7.23
Adjudication of benami property 7.23
(1) Parties to be issued notice 7.23
(2) Time period for issue of Notice [Section 26] 7.24
(3) Further action by Adjudicating Authority after issue of notice 7.24
(4) Authorised Representative 7.25
Confiscation and vesting of benami property [Section 27] 7.25-7.26
Management of properties confiscated [Section 28] 7.27
Possession of the property [Section 29] 7.28

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6. APPELLATE TRIBUNAL
Establishment of Appellate Tribunal (Refer Amendment Sheet Page no.2) [Section 30] 7.28
Composition, etc., of Appellate Tribunal [Section 31] 7.28
Qualifications for appointment of Chairperson and Members of Appellate Tribunal [Section 32] 7.29
Terms and conditions of services of Chairperson and Members of Appellate Tribunal [Section 33] 7.29
Term of office of Chairperson and Members [Section 34] 7.30
Removal of Chairperson and Member from office in certain circumstances [Section 35] 7.30
Vacancies, etc., not to invalidate proceedings of Appellate Tribunal [Section 36] 7.31
Resignation and removal [Section 37] 7.31
Member to act as Chairperson in certain circumstances [Section 38] 7.31
Staff of Appellate Tribunal [Section 39] 7.31
Procedure and powers of Appellate Tribunal [Section 40] 7.31
Distribution of business amongst Benches of Appellate Tribunal [Section 41] 7.32
Power of Chairperson of Appellate Tribunal to transfer cases [Section 42] 7.32
Decision to be by majority [Section 43] 7.33
Members, etc., to be public servants [Section 44] 7.33
Bar of jurisdiction of civil courts [Section 45] 7.33
Appeals to Appellate Tribunal [Section 46] 7.33
Insertion of new section 46 (1A) Refer Amendment Sheet Page no.1) [Section 46(1A)] 1
Rectification of mistakes (Refer Amendment Sheet Page no.1) [Section 47] 7.34
Right to representation [Section 48] 7.34
Appeal to High Court [Section 49] 7.35
7. SPECIAL COURTS
Special Courts [Section 50] 7.36
Application of Code of Criminal Procedure, 1973 to proceedings before Special Court [Section 51] 7.37
Appeal and revision [Section 52] 7.37
8. OFFENCES AND PROSECUTION
Penalty for benami transaction [Section 53] 7.37
Penalty for false information [Section 54] 7.38
Penalty for non-compliance of summons issued under section 19(1) or failure to furnish information as
[Section 54A] 1
required under section 21 (Refer Amendment Sheet Page no.1)
Proving the entries in the records or other documents to be admitted as evidence(Refer Amendment Sheet
[Section 54B] 2
Page no.2)
Previous sanction (Refer Amendment Sheet Page no.2) [Section 55] 7.38
9. MISCELLANEOUS
Repeal of provisions of certain Acts [Section 56] 7.38
Certain transfers to be null and void [Section 57] 7.38
Exemption [Section 58] 7.38
Power of Central Government to issue directions, etc. [Section 59] 7.39
Offences by companies [Section 60] 7.39
Offences to be non-cognizable [Section 61] 7.39
Offences by companies [Section 62] 7.39
Notice, etc., not to be invalid on certain grounds [Section 63] 7.40
Protection of action taken in good faith [Section 64] 7.40
Transfer of pending cases [Section 65] 7.40
Proceedings, etc., against legal representative [Section 66] 7.41
Act to have overriding effect [Section 67] 7.41
Power to make rules [Section 68] 7.41
Laying of rules and notifications before Parliament [Section 69] 7.42
Power to remove difficulties [Section 70] 7.42
Transitional provision [Section 71] 7.43
Repeal and saving [Section 72] 7.43

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