Overseas direct investment accounts now allowed abroad subject to host country routing, use for JV/WOS investments and prompt repatriation. Indian parties may open, hold and maintain a Foreign Currency Account abroad for overseas direct investment where the host country mandates routing through a designated account. Eligibility requires compliance with FEMA overseas direct investment provisions and host-country rules. Remittances to the account must be used only for equity investment in JV/WOS; dividends and other entitlements must be repatriated to India within thirty days of credit. Annual debits/credits must be reported to the designated AD bank with a statutory auditor's certificate of compliance. The account must be closed immediately or within thirty days of disinvestment or cessation.
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.
Overseas direct investment accounts now allowed abroad subject to host country routing, use for JV/WOS investments and prompt repatriation.
Indian parties may open, hold and maintain a Foreign Currency Account abroad for overseas direct investment where the host country mandates routing through a designated account. Eligibility requires compliance with FEMA overseas direct investment provisions and host-country rules. Remittances to the account must be used only for equity investment in JV/WOS; dividends and other entitlements must be repatriated to India within thirty days of credit. Annual debits/credits must be reported to the designated AD bank with a statutory auditor's certificate of compliance. The account must be closed immediately or within thirty days of disinvestment or cessation.
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 
