RBI/2008-09/155 A. P. (DIR Series) Circular No. 14 dated September 05, 2008
Old Provision
It has been decided that, henceforth, Share Certificates or any other document which is given as an EVIDENCE of Investment in the foreign entity, to the Indian Party should NOT to be submitted to the Reserve Bank, within six months, or such further period as Reserve Bank may permit, from the date of effecting remittance or the date on which the amount to be capitalised became due to the Indian Party or the date on which the amount due was allowed to be capitalised.
New Provision
The share certificates or any other document as evidence of investment where share certificates are not issued shall, henceforth, be submitted to and retained by the designated AD Category – I bank, who would be required to monitor the receipt of such documents and satisfy themselves about the bonafides of the documents so received.
A CERTIFICATE to this effect should be submitted by the designated AD Category – I bank to the Reserve Bank along with the APR (Part III of Form ODI) as annexed to AP (Dir Series) Circular No 68 dated June 1, 2007.
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