International Payments & Cross Border Remittances under Franchise Agreement: Best Corporate Lawyer Advice in Delhi NCR

All financial transactions involving the transfer of foreign currency into or out of India are governed by the Foreign Exchange Management Act, 1999 (FEMA), as well as the rules and regulations established under the FEMA. All of them are collectively known as “foreign exchange control regulations.” The Reserve Bank of India (RBI) is the central bank of India and is responsible for overseeing and enforcing the laws governing foreign exchange. The terms and circumstances for transactions that are permitted as well as those that are banned are outlined in these rules. The majority of fees—which are normally paid by franchisees under a franchise agreement—can be paid to overseas franchisors without the RBI’s prior approval, although in some exceptional cases or for some particular transactions, it can be necessary. Franchisees are also required to abide by all other terms and conditions of the foreign currency laws, even for operations that are legal without RBI authorization. The highest interest rate that the foreign franchisor may impose on overdue payments, the maximum period allowed to settle payments, and limitations on putting off payments between the parties are a few of these requirements.

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