Regulation 12 - Taxes and Remittance of sale proceeds - Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017

12. Taxes and Remittance of sale proceeds 12.1 Taxes All transaction under these regulations shall be undertaken through banking channels in India and subject to payment of applicable taxes and other duties/ levies in India. 12.2 Remittance of sale proceeds (1) No remittance of sale proceeds of an Indian security held by a person resident outside India shall be made otherwise than in accordance with these Regulations and the conditions specified in the relevant Schedule. (2) An authorised dealer may allow the remittance of sale proceeds of a security (net of applicable taxes) to the seller of shares resident outside India - Provided - (i) the security was held by the seller on repatriation basis; and (ii) either the security has been sold in compliance with the pricing guidelines or the Reserve Bank s approval has been obtained in other cases for sale of the security and remittance of the sale proceeds thereof;