Investment ceiling exemption: SEZ units may use EEFC account balances to fund foreign security investments beyond the limit. The Second Amendment clarifies that the ceiling of US $50 million does not apply to financial commitments by a unit located in a Special Economic Zone where the investment is made out of balances held in its EEFC account maintained under the foreign currency accounts regulations, creating a source of funds based exemption within Regulation 6.
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.
Investment ceiling exemption: SEZ units may use EEFC account balances to fund foreign security investments beyond the limit.
The Second Amendment clarifies that the ceiling of US $50 million does not apply to financial commitments by a unit located in a Special Economic Zone where the investment is made out of balances held in its EEFC account maintained under the foreign currency accounts regulations, creating a source of funds based exemption within Regulation 6.
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