Prohibition on issuing foreign securities: residents may only issue foreign convertible bonds under prescribed permissions and reporting requirements. Residents of India are generally barred from issuing or transferring foreign securities, with a specific exception permitting Indian companies and parliamentary bodies to issue Foreign Currency Convertible Bonds (FCCBs) subject to tiered permissions: adherence to Schedule II conditions for issues within a lower threshold, Reserve Bank approval in a prescribed form for larger issues, and Government approval for the largest issues. Entities receiving Government approval must, within thirty days, report to the Reserve Bank with the approval copy, total issue amount, investor details and bank certification of repatriated or NRE/FCNR-debited funds.
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.
Prohibition on issuing foreign securities: residents may only issue foreign convertible bonds under prescribed permissions and reporting requirements.
Residents of India are generally barred from issuing or transferring foreign securities, with a specific exception permitting Indian companies and parliamentary bodies to issue Foreign Currency Convertible Bonds (FCCBs) subject to tiered permissions: adherence to Schedule II conditions for issues within a lower threshold, Reserve Bank approval in a prescribed form for larger issues, and Government approval for the largest issues. Entities receiving Government approval must, within thirty days, report to the Reserve Bank with the approval copy, total issue amount, investor details and bank certification of repatriated or NRE/FCNR-debited funds.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
