Remittance limits for overseas offices raised allowing higher initial and recurring expense remittances under existing conditions. AD Category I banks may authorise increased remittances for initial and recurring expenses for overseas branches, offices or representatives under prescribed financial tests, and such authorised remittances may be used by Indian companies with overseas offices to acquire immovable property abroad for business and staff residential purposes, subject to existing terms and any other legal approvals; regulatory amendments will be issued separately.
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Provisions expressly mentioned in the judgment/order text.
Remittance limits for overseas offices raised allowing higher initial and recurring expense remittances under existing conditions.
AD Category I banks may authorise increased remittances for initial and recurring expenses for overseas branches, offices or representatives under prescribed financial tests, and such authorised remittances may be used by Indian companies with overseas offices to acquire immovable property abroad for business and staff residential purposes, subject to existing terms and any other legal approvals; regulatory amendments will be issued separately.
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