We discuss hereinbelow certain key provisions of the FEM Export Regulations and the RBI Master Directions on Exports: Realization for Exports : In terms of regulation 9 of the FEM Export Regulations, every exporter is required to ensure that the amount representing the full value of export of goods, software or services exported from India shall be realised and repatriated to India, within 9 nine months from the date of export , provided that: where the goods are exported to a warehouse established outside India with the permission of the RBI, then the amount representing the full export value of goods exported shall be paid to the any authorised dealer bank " AD Bank " as soon as it is realised and in any case within 15 fifteen months from the date of shipment of goods ; and subject to the directions issued by the RBI in this behalf, the AD Bank may, for a sufficient and reasonable cause shown, extend the period of 9 months or 15 months, as the case may be.

Write-off of Unrealized Export Bills : In terms of the RBI Master Directions on Exports, an exporter who has not been able to realize the outstanding export dues despite best efforts, may either self-write off or approach the AD Bank, who had handled the relevant shipping documents, with appropriate supporting documentary evidence. The limits prescribed for write-offs of unrealized export bills are as under: The RBI Master Directions on Exports further provide that the above write-off will be subject to certain conditions that the relevant amount has remained outstanding for more than one-year, satisfactory documentary evidence is furnished in support of the exporter having made all efforts to realize the dues.

Further, the date of shipment will be considered for reckoning the realisation period. Relaxation provided by RBI: In a press release dated April 1, , RBI has extended the time period for realization and repatriation of export proceeds for exports made up to or on July 31, , from the stipulated period of 9 nine months to 15 fifteen months from the date of such export. Seema Jhingan. Swasti Ray. On September 23, , the Parliament of India passed 3 three long awaited labour codes, namely a the Industrial Relations Code Bill, The term "cyber-crimes" is not defined in any statute or rulebook.

The word "cyber" is slang for anything relating to computers, information technology, internet and virtual reality.

Reserve Bank of India - Foreign Exchange Management Act Notification

Rajagopala Ayyangar. One of the recommendations was the allowance of only process patents with regard to inventions relating to drugs, medicines, food and chemicals. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email.

CCH Webinars

Mondaq Advice Centres. Arbitration, Litigation and Conciliation. Investment Immigration. More MACs. More filters.

Forex realisation events.
Main navigation?
Forex realisation events | Australian Taxation Office.
Foreign Exchange Management Act Notification.
EUR-Lex - R - EN - EUR-Lex.

Please Login to Mondaq or Register for unlimited free access and a complimentary news alert. News Alert. Login to Mondaq. The time value at the date of designation of the option as a hedging instrument, to the extent that it relates to the hedged item, shall be amortised on a systematic and rational basis over the period during which the hedge adjustment for the option's intrinsic value could affect profit or loss or other comprehensive income, if the hedged item is an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income in accordance with paragraph 5.

Hence, in each reporting period, the amortisation amount shall be reclassified from the separate component of equity to profit or loss as a reclassification adjustment see IAS 1. However, if hedge accounting is discontinued for the hedging relationship that includes the change in intrinsic value of the option as the hedging instrument, the net amount ie including cumulative amortisation that has been accumulated in the separate component of equity shall be immediately reclassified into profit or loss as a reclassification adjustment see IAS 1.

Accounting for the forward element of forward contracts and foreign currency basis spreads of financial instruments. When an entity separates the forward element and the spot element of a forward contract and designates as the hedging instrument only the change in the value of the spot element of the forward contract, or when an entity separates the foreign currency basis spread from a financial instrument and excludes it from the designation of that financial instrument as the hedging instrument see paragraph 6. In that case, the entity shall apply the application guidance in paragraphs B6.

Eligibility of a group of items as the hedged item. Designation of a component of a nominal amount. A component that is a proportion of an eligible group of items is an eligible hedged item provided that designation is consistent with the entity's risk management objective. A layer component of an overall group of items for example, a bottom layer is eligible for hedge accounting only if:. For a hedge of a group of items with offsetting risk positions ie in a hedge of a net position whose hedged risk affects different line items in the statement of profit or loss and other comprehensive income, any hedging gains or losses in that statement shall be presented in a separate line from those affected by the hedged items.

Hence, in that statement the amount in the line item that relates to the hedged item itself for example, revenue or cost of sales remains unaffected. For assets and liabilities that are hedged together as a group in a fair value hedge, the gain or loss in the statement of financial position on the individual assets and liabilities shall be recognised as an adjustment of the carrying amount of the respective individual items comprising the group in accordance with paragraph 6. When the hedged item is a group that is a nil net position ie the hedged items among themselves fully offset the risk that is managed on a group basis , an entity is permitted to designate it in a hedging relationship that does not include a hedging instrument, provided that:.

Eligibility of credit exposures for designation at fair value through profit or loss. An entity may make this designation irrespective of whether the financial instrument that is managed for credit risk is within the scope of this Standard for example, an entity may designate loan commitments that are outside the scope of this Standard. The entity may designate that financial instrument at, or subsequent to, initial recognition, or while it is unrecognised.

The entity shall document the designation concurrently. Accounting for credit exposures designated at fair value through profit or loss. If a financial instrument is designated in accordance with paragraph 6. For financial assets measured at fair value through other comprehensive income in accordance with paragraph 4. An entity shall discontinue measuring the financial instrument that gave rise to the credit risk, or a proportion of that financial instrument, at fair value through profit or loss if:. For example, this could occur because of improvements in the credit quality of the borrower or the loan commitment holder or changes to capital requirements imposed on an entity; and.

When an entity discontinues measuring the financial instrument that gives rise to the credit risk, or a proportion of that financial instrument, at fair value through profit or loss, that financial instrument's fair value at the date of discontinuation becomes its new carrying amount. Subsequently, the same measurement that was used before designating the financial instrument at fair value through profit or loss shall be applied including amortisation that results from the new carrying amount.

For example, a financial asset that had originally been classified as measured at amortised cost would revert to that measurement and its effective interest rate would be recalculated based on its new gross carrying amount on the date of discontinuing measurement at fair value through profit or loss. An entity shall apply this Standard for annual periods beginning on or after 1 January Earlier application is permitted.

If an entity elects to apply this Standard early, it must disclose that fact and apply all of the requirements in this Standard at the same time but see also paragraphs 7.

It shall also, at the same time, apply the amendments in Appendix C. Despite the requirements in paragraph 7. If an entity elects to apply only those paragraphs, it shall disclose that fact and provide on an ongoing basis the related disclosures set out in paragraphs 10—11 of IFRS 7 as amended by IFRS 9 See also paragraphs 7. An entity shall apply that amendment prospectively to business combinations to which the amendment to IFRS 3 applies.

IFRS 15, issued in May , amended paragraphs 3.

Paragraphs 5. An entity shall apply those amendments when it applies IFRS This Standard shall not be applied to items that have already been derecognised at the date of initial application. For the purposes of the transition provisions in paragraphs 7. Depending on the entity's chosen approach to applying IFRS 9, the transition can involve one or more than one date of initial application for different requirements.

Transition for classification and measurement Chapters 4 and 5. At the date of initial application, an entity shall assess whether a financial asset meets the condition in paragraphs 4.

EUR-Lex Access to European Union law

The resulting classification shall be applied retrospectively irrespective of the entity's business model in prior reporting periods. If, at the date of initial application, it is impracticable as defined in IAS 8 for an entity to assess a modified time value of money element in accordance with paragraphs B4. If, at the date of initial application, it is impracticable as defined in IAS 8 for an entity to assess whether the fair value of a prepayment feature was insignificant in accordance with paragraph B4.

If an entity measures a hybrid contract at fair value in accordance with paragraphs 4.

If an entity has applied paragraph 7. Such a designation shall be made on the basis of the facts and circumstances that exist at the date of initial application. That classification shall be applied retrospectively. Such a revocation shall be made on the basis of the facts and circumstances that exist at the date of initial application.

Such a designation and revocation shall be made on the basis of the facts and circumstances that exist at the date of initial application. If it is impracticable as defined in IAS 8 for an entity to apply retrospectively the effective interest method, the entity shall treat:. If an entity previously accounted at cost in accordance with IAS 39 , for an investment in an equity instrument that does not have a quoted price in an active market for an identical instrument ie a Level 1 input or for a derivative asset that is linked to and must be settled by delivery of such an equity instrument it shall measure that instrument at fair value at the date of initial application.