Remittance through any bank permitted: foreign investors may route funds to designated custodian; KYC and FIRC required. Foreign investors may remit funds through any bank for permitted transactions and transfer those funds to the designated custodian bank via the banking channel. The remittance receiving bank and the beneficiary bank share joint KYC responsibility: the first bank holds remitter and purpose details while the receiving bank holds recipient information. The remittance receiving bank must issue a Foreign Inward Remittance Certificate (FIRC) to the bank receiving the proceeds. Prior circular conditions on hedging of investments apply mutatis mutandis and statutory permissions under foreign exchange law remain applicable.
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.
Remittance through any bank permitted: foreign investors may route funds to designated custodian; KYC and FIRC required.
Foreign investors may remit funds through any bank for permitted transactions and transfer those funds to the designated custodian bank via the banking channel. The remittance receiving bank and the beneficiary bank share joint KYC responsibility: the first bank holds remitter and purpose details while the receiving bank holds recipient information. The remittance receiving bank must issue a Foreign Inward Remittance Certificate (FIRC) to the bank receiving the proceeds. Prior circular conditions on hedging of investments apply mutatis mutandis and statutory permissions under foreign exchange law remain applicable.
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