https://www.taxtmi.com/circulars?id=2039 OCBs have been derecognised and general permissions withdrawn; OCBs defined by at least sixty percent NRI ownership are subject to transitional rules. Those availing facilities before derecognition are barred from fresh investments except where incorporated OCBs not under adverse notice may be treated as foreign entities with prior Government or RBI approval. Existing holdings may be retained and unwound under specified repatriation and reporting requirements; transfers and fresh issues are restricted, deposits and accounts follow conversion or maturity rules, borrowing/lending with residents is prohibited, and limited hedging of existing exposures is permitted. en-us Mon, 08 Dec 2003 00:00:00 +0530 Sat, 04 Oct 2008 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2039 OCBs have been derecognised and general permissions withdrawn; OCBs defined by at least sixty percent NRI ownership are subject to transitional rules. Those availing facilities before derecognition are barred from fresh investments except where incorporated OCBs not under adverse notice may be treated as foreign entities with prior Government or RBI approval. Existing holdings may be retained and unwound under specified repatriation and reporting requirements; transfers and fresh issues are restricted, deposits and accounts follow conversion or maturity rules, borrowing/lending with residents is prohibited, and limited hedging of existing exposures is permitted. Circulars FEMA Mon, 08 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2039