Gujarat Chamber of Commerce and Industry in association with Institute of Chartered Accountants of India, Ahmedabad Chapter and Institute of Company Secretaries of India, Ahmedabad Chapter organized a Workshop on “Money Laundering & FEMA” on 21st February,2015 at GCCI premises. Shri Cyril Shroff, Managing Partner, Amarchand & Mangaldas & Suresh A Shroff & Co.,Mumbai, Shri J.P. Singh, Enforcement Director, Shri Anup Shah, Managing Partner, M/s. P.P.Shah & Co., Mumbai and Ms. Shaneen Parikh, Partner, AMSS were the esteemed speakers at the Workshop.

In his welcome address, Shri Rakesh R. Shah, President, Gujarat Chamber of Commerce & Industry welcomed the esteemed speakers and highlighted that it is of prime importance to understand the legal aspects of Money Laundering & FEMA since lot of Gujarati entrepreneurs are involved in global businesses. Mr. Mukesh Shah, Chairman, Finance & Banking Committee-GCCI gave the theme address where he shared details about the scope and extend the prevention of Money Laundering Act.

The inaugural session was followed by two technical sessions which were chaired by Shri Cyril Shroff. In the first technical session, Mr. Tushar D. Shah, Secretary, Institute of Company Secretaries of India introduced the two speakers. In this session Shri J.P. Singh, Enforcement Director and Ms. Shaneen Parikh, Partner, AMSS gave a detailed presentation, along with case studies, on various practical and legal implications of the Prevention of Money Laundering Act.

In the second technical session, Mr. Satyendra Jha, Hon. Secretary, Institute of Chartered Accountants of India, Ahmedabad Chapter introduced the two speakers. In this session Shri Anup Shah, Managing Partner, M/s. P.P. Shah & Co., Mumbai gave a detailed presentation about Inbound Investments and dealt with issues in sensitive sectors such as NBFCS and Infrastructure, various types of instruments, pricing guidelines, reporting and compliance, recent trends and developments.

Shri Cyril Shroff, Managing Partner, AMSS explained in detail about the aspects of outbound investment such as permissible source of funding and ceiling, procedures of setting overseas offices, investment under LRS, Round Tripping Issues etc.

The technical sessions were followed by a panel discussion where the speakers responded to queries raised by the participants. The program concluded with Vote of Thanks by Mr. Chetan Patel, Regional Council Member of ICSI.