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        FEMA

        Regulation 5 - Withdrawal of General Permission and Unwinding of Investments and Transactions

        Foreign Exchange Management [Withdrawal of General Permission To Overseas Corporate Bodies (OCBS)] Regulations, 2003

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        Withdrawal of general permission bars OCBs from opening accounts, makes them unwind deposits and restricts investments. Withdrawal of general permission requires closure or conversion of OCB bank accounts with repatriation or transfer of balances, prohibition on granting facilities secured by OCB accounts, and non renewal of loans secured by OCB deposits. OCBs cannot make fresh investments; existing investments may only be transferred to eligible NRIs or sold on a recognised exchange at market rates; OCBs cannot participate in rights issues, and residents are barred from lending to or borrowing from OCBs with outstanding loans not to be renewed or accrue interest after due date.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Withdrawal of general permission bars OCBs from opening accounts, makes them unwind deposits and restricts investments.

                                Withdrawal of general permission requires closure or conversion of OCB bank accounts with repatriation or transfer of balances, prohibition on granting facilities secured by OCB accounts, and non renewal of loans secured by OCB deposits. OCBs cannot make fresh investments; existing investments may only be transferred to eligible NRIs or sold on a recognised exchange at market rates; OCBs cannot participate in rights issues, and residents are barred from lending to or borrowing from OCBs with outstanding loans not to be renewed or accrue interest after due date.


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