‘FEMA offers huge opportunities for professionals’
   Date :31-May-2021

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■ Business Bureau :
TO UNDERSTAND Foreign Exchange Management Act (FEMA) and various professional opportunities it offers, the Nagpur Branch of ICAI with WICASA Nagpur and Amravati Branch of ICAI and Chandrapur andWardha CPE Chapter of ICAI, conducted a study circle meet titled “Fundamentals of FEMA and Opportunities” recently. CA Sudha Bhushan, Mumbai, the expert speaker, highlighted that FEMA is a small act with minimum sections but with a bucket full of opportunities. “However only those professionals who dig deep into the act can unleash the full potential,” she pointed out and went on to state that it is not like Income Tax Act but more of transactionbased Act.
She covered the various professional opportunities available in the area which included certification, advisory, transaction structuring, due diligence and compounding. She talked about foreign exchange transaction, its categorisation into current and capital account transactions, other concepts like NonResident Indian (NRI), Person of Indian Origin (PIO), Overseas Citizenship of India (OCI), NRE, NRO, FCNR(B), escrow accounts and various other deposits, giving explanation with various practical case studies. CA Saket Bagdia, Chairman of Nagpur Branch, stated that the challenging aspect of international taxation and various complications and implications involved in it. With the rise in international transactions, it is imperative for every professional to understand the related laws as well as compliances under FEMA. The opportunities are many but one needs to study and apply the knowledge properly to excel in any field, he said. CA Jitendra Saglani, Vice Chairman of Nagpur Branch of ICAI and Chairman of Nagpur Branch of WICASA, said, “Ignorance is the basic cause of fear. FEMA is one of the important areas of international taxation that is often ignored and hence the session had been organized to remove that fear.”
The session was very interactive and insightful, with an attendance of more than 70 participants from various parts including Nagpur,Wardha, Chandrapur and Amravati. At the outset, CA Anjum Gaus, Chandrapur CPE Chapter Convener, introduced CA Sudha Bhushan and CA Pawan Jajoo, Vice Chairman & WICASA Chairman of Amravati Branch, and proposed a formal vote of thanks. The session was conducted by team comprising – Bagdia;Vice-Chairman of Branch andWICASA Chairman, CA Jiten Saglani; in joint association with Amravati Branch represented by Vice Chairman & WICASA Chairman, CA Pawan Jajoo; Chandrapur CPE Chapter Convener, CA Anjum Gaus and Wardha CPE Chapter Convener, CA Pravin Dhiran.