Renewal of fixed deposits from ECB proceeds is prohibited under FEMA and cannot be extended after the permitted period. Fixed deposits created from External Commercial Borrowings proceeds that remain pending utilisation may not be renewed after the completion of the maximum permitted period; renewal is not permitted under the applicable FEMA guidance and FAQ position.
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.
Renewal of fixed deposits from ECB proceeds is prohibited under FEMA and cannot be extended after the permitted period.
Fixed deposits created from External Commercial Borrowings proceeds that remain pending utilisation may not be renewed after the completion of the maximum permitted period; renewal is not permitted under the applicable FEMA guidance and FAQ position.
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