Terms & Conditions - FEMA Compliance

Welcome to Bizeneed India Private Limited. These Terms & Conditions govern the engagement between you ("Client", 'you', or 'your') and Bizeneed India Private Limited ("Company", 'we', 'us', or 'our') for Foreign Exchange Management Act (FEMA) compliance advisory and Reserve Bank of India (RBI) reporting services. These terms are framed in strict accordance with the Foreign Exchange Management Act, 1999 (FEMA), the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015, the Prevention of Money Laundering Act, 2002, and all other applicable laws and regulations. Please read these Terms carefully before engaging our services. By initiating an engagement, providing documents, or making any payment, you agree to be bound by these Terms in their entirety.

• These Terms govern all engagements for FEMA compliance advisory and RBI reporting services facilitated by Bizeneed
• Bizeneed acts as a technology-enabled intermediary connecting clients with qualified compliance professionals
• By initiating a service engagement, you confirm you have read, understood, and agree to these Terms
• If you act on behalf of another individual or entity, you represent that you have the authority to bind them to these Terms
• All services are subject to FEMA provisions, RBI regulations, and periodic amendments thereto
• Questions regarding these Terms should be directed to legal@bizeneed.in

Bizeneed provides comprehensive FEMA compliance advisory and RBI reporting services including advisory on FEMA provisions applicable to cross-border transactions, inbound and outbound investments, and foreign currency accounts; preparation and submission of RBI forms and reports as required under FEMA regulations including Form FEMA-R (Return), Form FC-GPR (Foreign Collaboration), Form FC-TRS (Transfer of Securities), and APR (Annual Performance Report); guidance on Liberalised Remittance Scheme (LRS) limits and compliance requirements; assistance with ECB (External Commercial Borrowing) reporting and compliance; advisory on FDI (Foreign Direct Investment) regulations and reporting; preparation of pricing justifications and other compliance documentation; and ongoing compliance monitoring and advisory services. We do not provide legal representation before RBI or any other regulatory authority.

• Advisory on FEMA provisions applicable to cross-border transactions, inbound and outbound investments
• Preparation and submission of RBI forms including FEMA-R, FC-GPR, FC-TRS, APR, and other required reports
• Guidance on Liberalised Remittance Scheme (LRS) limits, requirements, and compliance procedures
• Assistance with External Commercial Borrowing (ECB) reporting and regulatory compliance
• Advisory on Foreign Direct Investment (FDI) regulations, reporting requirements, and timelines
• Preparation of pricing justifications, valuation reports, and other FEMA compliance documentation
• Ongoing compliance monitoring, periodic reporting, and regulatory update advisories
• Assistance with foreign currency account compliance and reporting requirements

You are required to provide all necessary documents and information accurately and promptly to facilitate FEMA compliance and RBI reporting. This includes complete and accurate details of all cross-border transactions; supporting documentation such as invoices, agreements, shipping bills, and bank remittance advices; RBI-mandated forms and declarations; PAN card and other identification documents; details of foreign currency accounts and their transactions; source of funds documentation for inbound remittances; purpose code and beneficiary details for outward remittances; and any other documents or information requested by Bizeneed or required under FEMA regulations. You must complete KYC procedures as required. You must notify Bizeneed of any changes in business structure, authorised signatories, or overseas entities involved in transactions.

• Provide complete and accurate details of all cross-border transactions including purpose, amount, and counterparty information
• Submit supporting documentation including invoices, agreements, shipping bills, bank remittance advices, and exchange contracts
• Complete and submit all RBI-mandated forms and declarations within specified timelines
• Provide PAN card, identity proof, address proof, and other KYC documents as required
• Disclose details of all foreign currency accounts, their balances, and transaction history
• Provide source of funds documentation for all inbound foreign remittances
• Furnish purpose code and beneficiary details for all outward remittances as per RBI guidelines
• Notify Bizeneed promptly of any changes in business structure, authorised signatories, or overseas entities
• Ensure all information and documents provided are genuine, accurate, and complete in all respects

Service fees for FEMA compliance and RBI reporting are as communicated during the engagement and become binding upon your acceptance. Fees may be structured on a per-transaction basis, per-form basis, or on a periodic retainer basis depending on the scope of services. Government fees, filing charges, courier charges, courier charges for physical document submission, and any third-party charges are billed separately and are payable in addition to our service fees. Late payments may attract interest at 18% per annum calculated from the due date until the date of actual payment. We reserve the right to suspend services for accounts with overdue payments exceeding 30 days. All fees are subject to applicable taxes unless otherwise specified. Fees for compliance review services are non-refundable once the review has been initiated.

• Service fees are as communicated during engagement and are binding upon your acceptance
• Fees may be structured on a per-transaction, per-form, or periodic retainer basis depending on scope
• Government fees, filing charges, courier charges, and third-party charges are billed separately
• Late payments attract interest at 18% per annum calculated from the due date to the date of actual payment
• Services may be suspended for accounts with overdue payments exceeding 30 days
• All payments must be made through official payment channels integrated with the Platform
• Refunds, if applicable, are governed by our Refund Policy available at /refund-policy

The typical timeline for FEMA compliance review and RBI reporting services is 10-20 working days from the date of receipt of all required documents and payments. The timeline may vary based on the complexity of transactions, the number of forms to be filed, the responsiveness of the client in providing required information, and any additional compliance checks required. We will provide an estimated timeline at the time of engagement, but we do not guarantee specific completion dates. RBI reporting deadlines as mandated under FEMA regulations are binding obligations of the client, and delays in compliance may attract penalties from RBI. We will make reasonable efforts to meet all statutory timelines and will notify you promptly of any potential delays.

• Standard processing timeline: 10-20 working days from receipt of complete documentation and payment
• Timelines may vary based on transaction complexity, number of forms, and client responsiveness
• RBI reporting deadlines mandated under FEMA regulations are binding obligations of the client
• Delays in RBI reporting may attract penalties as per FEMA provisions - client is responsible for timely compliance
• We will provide regular updates on the status of compliance activities
• Any changes to timelines will be communicated to you promptly

Both parties agree to maintain the confidentiality of all proprietary and confidential information disclosed during the course of this engagement. Bizeneed commits to protecting your personal data, financial information, transaction details, and documents in accordance with applicable data protection laws including the Information Technology Act, 2000, and the Digital Personal Data Protection Act, 2023. We implement appropriate technical and organizational security measures to safeguard your information. Your data will be processed solely for the purpose of providing our FEMA compliance services and will not be shared with third parties except as required for service delivery or as mandated by law. We will not disclose your confidential information to unauthorized parties without your prior written consent, except where required by RBI regulations, FEMA provisions, or any other applicable law or regulatory requirement.

• Bizeneed commits to protecting personal data, transaction details, and financial information per applicable data protection laws
• Information will be processed solely for the purpose of providing FEMA compliance and RBI reporting services
• Data will not be shared with third parties except as required for service delivery or as mandated by law
• Appropriate technical and organizational security measures are implemented to safeguard your information
• No disclosure of confidential information without prior written consent, except where required by RBI or FEMA regulations
• You may request details of our data handling practices by contacting privacy@bizeneed.in

To the maximum extent permitted under applicable Indian law, including the Information Technology Act, 2000 and the Consumer Protection Act, 2019, Bizeneed India Private Limited's aggregate liability under any service engagement or claim arising from these Terms shall not exceed the service fees paid by you for the specific FEMA compliance service in the preceding 12 months. We shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, loss of data, loss of goodwill, or any other financial loss arising from the use or inability to use our services. We are not liable for penalties, fines, or adverse actions imposed by RBI or any other regulatory authority arising from your failure to comply with FEMA regulations. We are not liable for losses arising from inaccurate, incomplete, or delayed information provided by you. We are advisory service providers only and do not guarantee compliance outcomes.

• Aggregate liability limited to service fees paid for the specific FEMA compliance service in the preceding 12 months
• No liability for indirect, incidental, special, consequential, or punitive damages of any kind
• Not liable for penalties, fines, or adverse actions imposed by RBI or other regulatory authorities
• Not liable for losses arising from inaccurate, incomplete, or delayed information provided by you
• Not liable for losses arising from changes in FEMA regulations or RBI policies after service initiation
• No liability for service interruptions due to force majeure events beyond our reasonable control
• Nothing in these Terms excludes liability for death or personal injury caused by our negligence or for fraud

Either party may terminate the service engagement by providing not less than 7 days' prior written notice to the other party. In the event of termination after compliance work has been initiated, the service fees paid shall not be refundable for work already completed or initiated. Bizeneed may terminate the engagement immediately if you provide false or misleading information, fail to provide required documents within 30 days of request, or breach these Terms in any material manner. Upon termination, we will provide a status update on ongoing compliance activities. Provisions of these Terms that by their nature should survive termination, including confidentiality, limitation of liability, and dispute resolution, shall remain in full force and effect.

• Either party may terminate with not less than 7 days' prior written notice
• Service fees are non-refundable for work already completed or initiated at the time of termination
• We may terminate immediately for provision of false information, failure to provide documents within 30 days, or material breach
• Upon termination, a status update on ongoing compliance activities will be provided
• Access to all related services and support will cease upon termination
• Provisions relating to confidentiality, liability, dispute resolution, and intellectual property survive termination

Any dispute arising from or in connection with these Terms & Conditions or the FEMA compliance and RBI reporting services shall first be attempted to be resolved through good-faith negotiations for a period of 30 days. If the dispute cannot be resolved through negotiation, it shall be referred to arbitration under the Arbitration and Conciliation Act, 1996 before a sole arbitrator appointed by mutual consent. The seat of arbitration shall be New Delhi, Delhi, India, and the language of arbitration shall be English. These Terms shall be governed by and construed in accordance with the laws of India, without regard to its conflict of law provisions. The courts in New Delhi, Delhi, India shall have exclusive jurisdiction over any dispute.

• Disputes shall first be attempted to be resolved through good-faith negotiations for 30 days
• Unresolved disputes are referred to arbitration under the Arbitration and Conciliation Act, 1996
• Arbitrator appointed by mutual consent of both parties
• Seat of arbitration: New Delhi, Delhi, India; Language: English
• The arbitration award shall be final and binding on all parties
• Either party may seek urgent interim or injunctive relief from a court of competent jurisdiction
• These Terms are governed by the laws of India without regard to conflict of law provisions

If you have any questions, concerns, or feedback regarding these Terms & Conditions for FEMA compliance and RBI reporting services, please do not hesitate to contact us. Our team is available to address any queries or clarifications you may need regarding the terms, documentation requirements, timelines, or any other aspect of our services. For general inquiries, service-related questions, or technical support, please reach out through our contact channels. For legal and compliance-related matters, please use the dedicated email address below. We strive to respond to all inquiries within a reasonable timeframe.

• Email: legal@bizeneed.in - for legal, compliance, and terms-related inquiries
• Email: support@bizeneed.in - for general support, technical issues, and service queries
• Registered Office: Bizeneed India Private Limited, New Delhi, Delhi, India
• Grievance Officer: grievance@bizeneed.in - for complaints and dispute resolution
• Response time: We aim to respond to all inquiries within 2-3 business days