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FAQs on Overseas Direct Investment

Q.21 Are there any limit on the quantum of market purchases for funding overseas investments under the automatic route ? +

Yes, market purchases together with capitalisation of exports or other entitlements is restricted up to 100% of the net worth of the investing company for investment proposed to be made under the automatic route.

21. While going abroad how much foreign exchange can a person carry?

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. In addition, they can also carry up to US$ 2,000, if already held by them (see item13 above) in accordance with the Regulations.

21. What will be the frequency of issuance of IIBs? +

As indicated in the press release issued by Reserve Bank of India on May 15, 2013, IIBs would be launched on June 4, 2013 and the same would be issued on the last Tuesday of each month during 2013-14. This would also include the last Tuesday of June 2013.

21. Query Whether Passbooks are also to be offered free to BSBDA holders? +

Response

Yes. BSBDA holders should be offered passbook facility free of charge in line with our instructions contained in circulars RPCD.CO.RF.BC.28/07.40.06/2006-07 dated October 11, 2006 and RPCD.CO.RRB.BC.No.29/03.05.28-A/2006-07 dated October 13, 2006.

21. Are the BLAs tradable? +

No, the Bond Ledger Accounts are not tradable.

21. What are the tax implications? +

Existing taxation applicable to Government of India securities issued as part of the market borrowing will be applicable to these securities.

Q.21. Whether LC can be opened for BO in India for export/import of goods & in case of PO, local LC can be open for purchase of goods locally in India (local purchase of goods to execute a project)? +

Ans. Yes

21. Post-implementation of the resolution plan, will the required provisioning change with the change in the outstanding balance of residual debt, which may arise on account of repayment or disbursal of additional amounts?

The lending institutions shall make provisions on the residual debt at the time of implementation of the Resolution Plan, as stipulated in the relevant Resolution Framework. These provisions need to be held, irrespective of changes in the outstanding balance, until the same is reversed in terms of the provisions contained in the relevant Resolution Framework.

21. बीएसबीडीए धारकांना पासबुक्स देखील विनाशुल्क द्यावीत का ?

होय. बीएसबीडीए धारकांना 4 ऑक्टोबर 2006 रोजीचे परिपत्रक DBOD. क्र. Leg. BC.32 /09.07.005 /2006-07. मधील आमच्या सूचनांच्या अनुसार बीएसबीडीए धारकांना पासबुक सुविधा विनाशुल्क द्यायला हवी.

21. Can a Government securities holder nominate an individual other than blood relation as a nominee? +

Yes. A Government securities holder may nominate any one as a nominee provided that the nominee, as an individual or institution, should be eligible to invest in the particular loan as per the specific Government Loan Notification.