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TMI BlogForeign Exchange Management [Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)] Regulations, 2003X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations:- Short title and commencement 1.(1) These Regulations may be called Foreign Exchange Management (Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)) Regulations, 2003. (2) They shall come into force from the date of their publication in the Official Gazette. 2. For the purpose of these Regulations - i. 'Act' means the Foreign Exchange Management Act 1999 ; ii. 'Account' means Savings, Current, Recurring, Fixed Deposit opened and maintained under Non-Resident (External) Account Scheme (NRE Account), Foreign Currency (Non-Resident) Account Banks Scheme (FCNR-B Account) or Non-Resident (Ordinary) Account Scheme (NRO Account); iii. 'Deposit' includes deposit of money with a bank, company, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prevail. Withdrawal of general permission and unwinding of investments 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 repatriated forthwith; d) an existing NRO (Saving) Account held or maintained in the name of an OCB shall be closed and balances transferred to non-interest bearing NRO (Current) Account. The disposal of balances in such NRO (Current) account shall require specific approval of the Reserve Bank ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all offer equity or preference shares or convertible debentures on right basis to an OCB; d) where any offer on right basis made to an OCB before the date of commencement of these Regulations, 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 foreign exchange or in Rupees made in accordance with the Regulations as applicable, is outstanding on the date of commencement of these Regulations, such borrowing or loan sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 5 , the words 'or an overseas corporate body (OCB),' '/Overseas Corporate Bodies(OCBs)' shall be deleted. Foreign Exchange Management (Deposit) Regulations, 2000 In Regulation 5 (1)(i) and (ii) , in Regulation 8(2) , in Schedule 1 , in Schedule 2 , in Schedule 7 , the words 'or an overseas corporate body', 'and Overseas Corporate Bodies (OCBs)', 'and OCBs', `/OCBs' shall be deleted Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 In Regulation 5(3)(ii) and (4) , in Regulation 9(2)(ii) , in item Nos 2 and 6 of Annexure 'B' to Schedule 1 , in Schedule 3 (paragraph 3), in Schedule 4 , in Schedule 5 the words '/OCBs', ..... X X X X Extracts X X X X X X X X Extracts X X X X
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