Foreign Direct Investment reporting: VPN accounts for e Biz access must be procured and prepaid, with records maintained for compliance. AD Category I banks must obtain individual VPN accounts from NIC for e Biz access, with each account coterminous with the Class 2 digital signing certificate (maximum two years), pay the prescribed advance to NICSI via NEFT/RTGS to the designated ICICI account, submit the Payment Reference Form and supporting user documentation, and maintain records of connections, amounts remitted and reconciliation information; reconciliation issues are to be addressed with NICSI. The directions are issued under the Foreign Exchange Management Act.
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 Direct Investment reporting: VPN accounts for e Biz access must be procured and prepaid, with records maintained for compliance.
AD Category I banks must obtain individual VPN accounts from NIC for e Biz access, with each account coterminous with the Class 2 digital signing certificate (maximum two years), pay the prescribed advance to NICSI via NEFT/RTGS to the designated ICICI account, submit the Payment Reference Form and supporting user documentation, and maintain records of connections, amounts remitted and reconciliation information; reconciliation issues are to be addressed with NICSI. The directions are issued under the Foreign Exchange Management Act.
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