Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2017 - 369/2017-RB - Foreign Exchange Management

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Exemption from APR filing curtailed where JV/WOS is in FATF observed or enhanced due diligence jurisdictions under RBI prescription. The amendment to Regulation 15 requires Statutory Auditors of the Indian party to certify that the host country does not mandate auditing of the JV/WOS and that APR figures are taken from unaudited overseas accounts. It removes availability of the exemption from filing the APR based on unaudited balance sheets for JV/WOS in FATF-observed jurisdictions, those recommended for enhanced due diligence by FATF, or any other jurisdictions prescribed by the Reserve Bank.

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.

Exemption from APR filing curtailed where JV/WOS is in FATF observed or enhanced due diligence jurisdictions under RBI prescription.

The amendment to Regulation 15 requires Statutory Auditors of the Indian party to certify that the host country does not mandate auditing of the JV/WOS and that APR figures are taken from unaudited overseas accounts. It removes availability of the exemption from filing the APR based on unaudited balance sheets for JV/WOS in FATF-observed jurisdictions, those recommended for enhanced due diligence by FATF, or any other jurisdictions prescribed by the Reserve Bank.

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Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2017 - 369/2017-RB - Foreign Exchange Management

Exemption from APR filing curtailed where JV/WOS is in FATF observed or enhanced due diligence jurisdictions under RBI prescription.

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Exemption from APR filing curtailed where JV/WOS is in FATF observed or enhanced due diligence jurisdictions under RBI prescription.

Topics