Withdrawal of general permission and unwinding of investments and transactions

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..... stments and transactions 5. On the commencement of these Regulations - (1) a) no fresh account by whatever name called shall be opened or maintained in the name of an OCB. , b) the Regulations specified in column 1 of the Schedule shall be amended as mentioned in Column 2. c) an existing NRE (Saving and Current) Account held or maintained in the name of an OCB shall be closed and balances repa .....

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..... maturity the proceeds shall be credited to NRO (Current) Account; g) no facility of any nature whatsoever shall be granted on the security of an account held in the name of an OCB; h) any loan or other facility granted against the security of a Recurring/Fixed Deposit Account held in the name of an OCB, shall not be renewed and shall be closed by adjustment of the proceeds on maturity of the de .....

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..... ulations, is existing on that date, the OCB may renounce it in favour of any person resident in India or a person resident outside India who is eligible to invest in a security of an Indian company under the Regulations ; 3. a) no person resident in India shall borrow from, or lend to, an OCB either in foreign exchange or in Rupees; b) where any borrowing from or loan to an OCB, whether in forei .....

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