Irrevocable Payment Commitment ensures custodian bank guarantees payment obligations to stock exchange for buy transactions. Regulation 2 defines the Act as the Foreign Exchange Management Act, 1999, and an Authorised Dealer as a person authorised under section 10(1) of the Act; undefined terms take their meanings from the Act. It also defines Irrevocable Payment Commitment (IPC) as an irrevocable confirmation issued by a custodian bank in favour of a stock exchange or its clearing corporation on behalf of customers to meet payment obligations arising from a buy transaction.
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.
Irrevocable Payment Commitment ensures custodian bank guarantees payment obligations to stock exchange for buy transactions.
Regulation 2 defines the Act as the Foreign Exchange Management Act, 1999, and an Authorised Dealer as a person authorised under section 10(1) of the Act; undefined terms take their meanings from the Act. It also defines Irrevocable Payment Commitment (IPC) as an irrevocable confirmation issued by a custodian bank in favour of a stock exchange or its clearing corporation on behalf of customers to meet payment obligations arising from a buy transaction.
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