Commercial paper regulatory alignment: deletion of provision permitting deposits by CP issuance, altering company deposit treatment. Sub-regulation (3) of Regulation 6 of the FEMA (Deposit) Regulations, 2016 permitting companies to accept deposits through issuance of Commercial Paper has been deleted to align FEMA Deposit Regulations with other statutes and regulations that treat CPs as money market instruments and exclude CP proceeds from the definition of deposits; FEMA provisions already allow non-resident investment in Indian CPs. Category I Authorised Dealers are to notify constituents; the circular is issued under the Foreign Exchange Management Act and without prejudice to other statutory permissions.
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.
Commercial paper regulatory alignment: deletion of provision permitting deposits by CP issuance, altering company deposit treatment.
Sub-regulation (3) of Regulation 6 of the FEMA (Deposit) Regulations, 2016 permitting companies to accept deposits through issuance of Commercial Paper has been deleted to align FEMA Deposit Regulations with other statutes and regulations that treat CPs as money market instruments and exclude CP proceeds from the definition of deposits; FEMA provisions already allow non-resident investment in Indian CPs. Category I Authorised Dealers are to notify constituents; the circular is issued under the Foreign Exchange Management Act and without prejudice to other statutory permissions.
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 
