No Objection Certificate requirement for certain troubled residents before overseas investment, with deemed approval if authority fails to respond. Rule 10 requires a No Objection Certificate before any financial commitment or disinvestment under the Overseas Investment Rules and Regulations of 2022 for residents whose accounts are non performing, are classified as wilful defaulters, or are under investigation by specified regulators or investigative agencies; applicants must apply in writing to the concerned lender, regulator, or agency, and if that authority fails to furnish the certificate within the prescribed response period it is presumed there was no objection, and the certificate must be addressed to the designated authorised dealer bank with an endorsement to the applicant.
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.
No Objection Certificate requirement for certain troubled residents before overseas investment, with deemed approval if authority fails to respond.
Rule 10 requires a No Objection Certificate before any financial commitment or disinvestment under the Overseas Investment Rules and Regulations of 2022 for residents whose accounts are non performing, are classified as wilful defaulters, or are under investigation by specified regulators or investigative agencies; applicants must apply in writing to the concerned lender, regulator, or agency, and if that authority fails to furnish the certificate within the prescribed response period it is presumed there was no objection, and the certificate must be addressed to the designated authorised dealer bank with an endorsement to the applicant.
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