Mode of payment for overseas investment clarified: permissible channels include banking remittances, account funds, swaps, ADR/GDR proceeds and ECBs. Regulation 8 prescribes permissible modes of payment for residents making Overseas Investment: remittance through banking channels; funds held in accounts maintained under the Act; swap of securities; proceeds of American Depository Receipts or Global Depositary Receipts including stock-swaps; and proceeds of external commercial borrowings raised in accordance with the Act and applicable rules for making ODI or meeting a financial commitment by way of debt by an Indian entity.
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Provisions expressly mentioned in the judgment/order text.
Mode of payment for overseas investment clarified: permissible channels include banking remittances, account funds, swaps, ADR/GDR proceeds and ECBs.
Regulation 8 prescribes permissible modes of payment for residents making Overseas Investment: remittance through banking channels; funds held in accounts maintained under the Act; swap of securities; proceeds of American Depository Receipts or Global Depositary Receipts including stock-swaps; and proceeds of external commercial borrowings raised in accordance with the Act and applicable rules for making ODI or meeting a financial commitment by way of debt by an Indian entity.
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