Clarification - Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors / Non-Resident Indian limits for investments under the Portfolio Investment Scheme.
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Foreign investment limits: companies must notify the regulator and certify compliance before raising aggregate FII/NRI ceilings. When an Indian company raises the aggregate FII or NRI investment limit to the applicable sectoral or statutory ceiling, it must immediately intimate the Reserve Bank and submit a Company Secretary's Certificate certifying compliance with the Foreign Exchange Management Act and Foreign Direct Policy. The regulator monitors ceilings daily, uses an operational cut-off below the legal limit to caution designated bank branches, requires reporting of proposed purchases by link offices, and grants clearances on a first-come-first-served basis until the limit is reached, after which purchases are stopped and public notice issued.
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.
Foreign investment limits: companies must notify the regulator and certify compliance before raising aggregate FII/NRI ceilings.
When an Indian company raises the aggregate FII or NRI investment limit to the applicable sectoral or statutory ceiling, it must immediately intimate the Reserve Bank and submit a Company Secretary's Certificate certifying compliance with the Foreign Exchange Management Act and Foreign Direct Policy. The regulator monitors ceilings daily, uses an operational cut-off below the legal limit to caution designated bank branches, requires reporting of proposed purchases by link offices, and grants clearances on a first-come-first-served basis until the limit is reached, after which purchases are stopped and public notice issued.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.