Can persons resident in India subscribe to bonds (foreign currency/INR) issued by eligible ECB borrowers in overseas centres or IFSCs as permitted in the ECB framework?
External Commercial Borrowings (ECB) and Trade Credits - As on Jun 26, 2023
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Resident subscription ban: Indian residents prohibited from subscribing to overseas ECB bonds; violations attract FEMA penalties. Persons resident in India are prohibited from subscribing to bonds issued by eligible ECB borrowers in overseas centres or IFSCs; authorized dealer banks must ensure residents have no direct or indirect exposure, with exceptions limited to permitted entities such as foreign branches or subsidiaries of Indian banks, and contraventions invite penal action under FEMA.
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.
Resident subscription ban: Indian residents prohibited from subscribing to overseas ECB bonds; violations attract FEMA penalties.
Persons resident in India are prohibited from subscribing to bonds issued by eligible ECB borrowers in overseas centres or IFSCs; authorized dealer banks must ensure residents have no direct or indirect exposure, with exceptions limited to permitted entities such as foreign branches or subsidiaries of Indian banks, and contraventions invite penal action under FEMA.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.