Credit of FDI sale proceeds to NRE/FCNR(B) accounts permitted under Regulation 11; banks to implement FEMA guidance. Sale proceeds of foreign direct investment in India may be credited to NRE/FCNR(B) accounts of NRIs/PIOs under Regulation 11 of the FEMA (Transfer or Issue of Security) Regulations, 2000; this clarifies that the facility previously reflected in Schedules 3-5-subject to purchase having been by inward remittance or from existing NRE/FCNR(B) funds and applicable taxes-will continue to apply. Authorised Dealer banks are to implement and notify customers. Directions issued under Sections 10(4) and 11(1) of the FEMA, 1999.
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Provisions expressly mentioned in the judgment/order text.
Credit of FDI sale proceeds to NRE/FCNR(B) accounts permitted under Regulation 11; banks to implement FEMA guidance.
Sale proceeds of foreign direct investment in India may be credited to NRE/FCNR(B) accounts of NRIs/PIOs under Regulation 11 of the FEMA (Transfer or Issue of Security) Regulations, 2000; this clarifies that the facility previously reflected in Schedules 3-5-subject to purchase having been by inward remittance or from existing NRE/FCNR(B) funds and applicable taxes-will continue to apply. Authorised Dealer banks are to implement and notify customers. Directions issued under Sections 10(4) and 11(1) of the FEMA, 1999.
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