Liberalised Remittance Scheme requires prior regulatory approval for banks marketing foreign currency deposit schemes with mandatory disclosures. All banks, Indian and foreign, including those without an operational presence in India, must obtain prior regulatory approval before marketing schemes in India that solicit foreign currency deposits for overseas branches or act as agents for overseas mutual funds or other foreign financial service providers. The requirement is imposed to ensure adequate disclosures and to protect the interests of resident individuals investing under the Liberalised Remittance Scheme while preserving the residents' freedom to undertake permissible capital account transactions under the Scheme.
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.
Liberalised Remittance Scheme requires prior regulatory approval for banks marketing foreign currency deposit schemes with mandatory disclosures.
All banks, Indian and foreign, including those without an operational presence in India, must obtain prior regulatory approval before marketing schemes in India that solicit foreign currency deposits for overseas branches or act as agents for overseas mutual funds or other foreign financial service providers. The requirement is imposed to ensure adequate disclosures and to protect the interests of resident individuals investing under the Liberalised Remittance Scheme while preserving the residents' freedom to undertake permissible capital account transactions under the Scheme.
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