FOREIGN EXCHANGE MANAGEMENT (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) REGULATIONS, 2000 (From Regulation 1 to Regulation SCHEDULE 11)
Remittance of sale proceeds permitted only where repatriation basis, exchange sale or RBI approval, and tax clearance produced. An authorised dealer may allow remittance of net sale proceeds of an Indian security to a non-resident seller only where the security was held on a repatriation basis, the sale occurred on a recognised Indian stock exchange at the ruling market price or Reserve Bank approval was obtained for other sales, and a no objection/tax clearance certificate from the Income Tax authority has been produced.
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.
Remittance of sale proceeds permitted only where repatriation basis, exchange sale or RBI approval, and tax clearance produced.
An authorised dealer may allow remittance of net sale proceeds of an Indian security to a non-resident seller only where the security was held on a repatriation basis, the sale occurred on a recognised Indian stock exchange at the ruling market price or Reserve Bank approval was obtained for other sales, and a no objection/tax clearance certificate from the Income Tax authority has been produced.
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