9911796707
TMI BlogForeign Exchange Management (Deposit) (Amendment) Regulations, 2012X X X X Extracts X X X X X X X X Extracts X X X X ..... n exercise of the powers conferred by clause (f) of sub-section (3) of section 6, sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification No. FEMA 5/2000-RB dated May 3, 2000) namely:-- 1. Short Title & Commencement: - (i) These Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rior approval of the Reserve Bank, Escrow accounts for securities with SEBI authorised Depository Participants. These facilities will be applicable for both issue of fresh shares to the non-residents as well as transfer of shares from/to the non-residents." (ii) After Schedule 8, the following schedule, as per the Annex to these regulations, shall be added and the same shall be numbered as Schedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (E), dated 15/02/2008; (l) G.S.R. 442(E), dated 23/06/2009. ANNEX SCHEDULE 9 (See Sub Regulation (2B) of Regulation 5) Terms and conditions for opening of Escrow Account 1. The Escrow account in INR would be maintained only with an AD Category-I bank in India as Escrow agent. The Escrow account may be opened jointly and severally. Further, securities kept/linked with such Escrow accounts may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a or abroad); or (ii) Remittance of consideration for refund to the initial remitter of funds in case of failure/non-materialization of the FDI transaction for which the Escrow account was opened. 6. The underlying FDI transaction for which the Escrow account is opened should be compliant with extant FEMA provisions. Further, for the purposes of FDI reporting, date of transfer of funds into the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account shall remain operational for a maximum period of six months only and the account shall be closed immediately after completing the requirements as outlined above or on completion of six months from the date of opening of such account, whichever is earlier. In case the Escrow account is required to be maintained beyond six months, specific permission from the Reserve Bank has to be sought. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
