FEMA – Outbound Investments, External Commercial Borrowings And Deposit Regulations

1. FEMA – OutboundInvestments, External Commercial Borrowings And Deposit Regulations CA Shabbir Motorwala 7 February 2014

2. Contents • Foreign Exchange Regulations • Outbound Investments • External Commercial Borrowings • Deposits

3. Outbound Investments

4. Outbound - framework under FEMA • Overseas Direct Investments (ODI) - General Statutory framework • Section 6 of FEMA 1999 - Capital Account Transactions • FEM (Transfer or Issue of any Foreign Security) Regulations, 2004 (‘FEMA 120’) • Master Circular on Outbound Investments dated 1 July 2013 (updated as on 22 October 2013) • AP (DIR Series) Circulars issued by RBI from time to time especially after the Master Circular • FAQs issued by the RBI (latest version on RBI website - 22 October 2013) • Portfolio Investments - Also relevant for Individuals: • Liberalised Remittance Scheme (‘LRS’) - Portfolio Investment Scheme (‘PIS’) (FEMA 1) • Master Circular on Miscellaneous Remittances (Currently updated till 5 September 2013 on RBI website) • FAQs issued by RBI (latest version on RBI website - 13 November 2013)

5. Who can make Overseas Direct Investment (‘ODI’) outside India? • An Indian Party who is: • a company incorporated in India; or • a body created under an Act of Parliament: or • a partnership firm registered under the Indian Partnership Act, 1932 • any other entity in India as may be notified by the Reserve Bank • An Individual – Person Resident Outside India • Special cases (primarily under approval Route) • Proprietary Firm • Trust / Society • Un-incorporated Entities • LLPs – not permitted?

6. What is the meaning of ODI? • Investment by an Indian Party by way of contribution to the capital or subscription to the MOA of a foreign entity or by way of purchase of existing shares of a foreign entity by: • Investment through stock exchange or • Private placement in that entity or • Market purchase • Investment in a Joint Venture or Wholly Owned Subsidiary abroad, • But does not include Portfolio Investment

7. What are the routes for ODI? Routes for ODI Automatic Route Approval Route Authorised Dealer Prior approval of RBI • Specifically prohibited activities – Real Estate and Banking Business Real Estate Business means buying and selling of real estate or trading in Transferable Development Rights but does not include development of townships, construction of residential/commercial premises, roads or bridges

8. What are the conditions for ODI under Automatic route? • An Indian Party can make direct investment in JVs / WOSs outside India (Pakistan under Approval Route) without any RBI approval if: • Overseas JVs / WOSs to be engaged in bonafide business activity except real estate and banking (Investment in Financial Sector should comply with additional conditions) • Indian party not on RBI’s Exporters’ Caution list / list of defaulters / under investigation by an Authority • Overall ceiling of financial commitment in all JVs / WOSs is 100% of net worth as on last audited Balance Sheet subject to certain exceptions (reduced from 400% w.e.f August 14, 2013) • Submission of Form APR in respect of all its overseas investments • Indian Party to approach the designated AD Bank with an application in Form ODI with prescribed documents • AD Bank to submit Form ODI online with RBI for generation of UIN • Valuation imperatives to be complied with (see next slide)

9. What are the additional conditions for ODI in Financial Sector? • Financial service sector not defined in the regulations • Guidance can be taken from Inbound Regulations and ODI form • E.g. Banks, NBFC, Insurance, Asset management etc. • Trading in Commodities Exchanges overseas and setting up JV/WOS for trading in overseas exchanges will be reckoned as Financial services activity • Additional conditions to be satisfied for ODI in financial services sector: • Registration with appropriate regulatory authority in India • Track record of net profits in preceding 3 years from financial services activity • Approval from concerned regulators in India and abroad for such investment • Compliance with prudential norms relating to capital adequacy norms as prescribed by the concerned regulatory authority in India

10. ODI - What are the regulations under Automatic route? • Valuation imperatives: • Incase of partial / full acquisition of existing foreign company and where the investment is more than USD 5 Mn, valuation of shares by Category 1 Merchant Banker registered with SEBI; or Investment Banker / Merchant Banker outside India registered with appropriate regulatory authority in the host country; • Valuation required even for additional investment in WOS if shares issued at premium or discount (as per FAQ) • In all other cases a Chartered Accountant / Certified public Accountant. • Valuation guidelines also relevant for Approval Route

11. ODI – How to compute networth? • Networth = Paid up capital + Free Reserves (in case of corporates) • For calculation of Net worth of the Indian party following to be considered: • Net worth of the Indian Investing company • Net worth of its Indian Holding company which holds at least 51% stake therein subject to letter of disclaimer* • Net worth of its Indian Subsidiary Company –holding of at least 51% and subject to letter of disclaimer* * The facility not available to partnership firms.

12. What is Financial Commitment? • Financial Commitment in any JV / WOS consists of: • 100% of the amount of equity shares; • 100% of the amount of compulsorily and mandatorily convertible preference shares; • 100% of the amount of other preference shares; • 100% of the amount of Loan; • 100% of the amount of guarantee (other than performance guarantee) issued by the Indian Party • 100% of the amount of bank guarantee (BG) issued by a resident bank on behalf of JV or WOS of the Indian party and the BG is backed by a counter guarantee/collateral by the Indian party • 50% of the amount of performance guarantee

13. What are the methods of funding ODI? • Investment in overseas JV/WOS can be funded out of following resources: • Purchase of currency from open market from an AD • Capitalization of export proceeds • Swap of shares – subject to FIPB approval • Proceeds of ECBs / FCCBs* • Exchange of ADRs / GDRs • Proceeds of ADRs / GDRs** • Balance held in EEFC account** *For financial commitment funded by way of External Commercial Borrowings (ECB), the limit of 400% of networth shall apply **Ceiling of 100% of networth will not apply

14. What are restrictions on loan / guarantee to overseas JV / WOS? • Indian party may extend a loan / guarantee to only to an overseas JV / WOS in which it has equity participation else prior RBI approval required • Guarantee can be corporate, personal, primary or collateral, guarantee by promoter company / group company / sister concern / associate company in India • No guarantee can be open ended • Invocation of guarantee in excess of 100% of net-worth – remittance to require prior RBI approval • Guarantees issued prior to August 14, 2013 – limit of 400% applicable • Guarantee to step down subsidiaries • Corporate guarantee on behalf of first level step down operating subsidiaries under the Automatic Route • Corporate guarantee on behalf of second generation and subsequent level step down operating subsidiary to be considered under Approval Route • All corporate guarantees required to be reported in ODI Part II

15. What are the regulations under Approval route? • Cases not covered under Automatic route • Specific application to RBI with necessary documents in Form ODI through the AD (Category I Bank) along with prescribed supportings and documents – see next slide • RBI would inter alia consider the following factors: • Prima facie viability of JV/WOS outside India • Contribution to external trade and other benefits which will accrue to India through such investment • Financial position and business track record of the Indian party and foreign entity • Expertise and experience of the Indian party in the same or related line of activity of the JV / WOS outside India

16. What is the procedure for ODI under Approval route? Plain paper application with Form ODI through AD Bank along with the following documents: • Report from the bankers of the Indian party in sealed or closed cover • Latest Annual Accounts of Indian company along with director’s report • If acquisition of existing foreign company following additional documents • Copy of certificate of incorporation of foreign entity • Latest Annual Accounts of foreign entity along with Director’s Report • Valuation certificate for the shares of the foreign entity • Certified copy of the Board Resolution of Indian company • If investment is in Financial Service sector – Certificate from Statutory Auditors / independent practicing CA for Compliance of the specified additional conditions • Approval from concerned onshore and offshore regulatory authorities to be obtained

17. What are the obligations of the Indian Party? • Receive share certificates / documentary evidence within six months • Repatriate to India all dues receivable form the foreign entity (dividend, royalty, technical fees, etc) within 60 days of its falling due • Submit the Annual Performance report (APR) – Part III of Form ODI within three months of the closing of annual accounts of the JV / WOS. If the law of the host country does not mandatorily require auditing of books, the APR may be submitted by the Indian party based on un-audited annual accounts of the JV / WOS provided: • The statutory auditors of the Indian party certify that “the un-audited annual accounts of the JV / WOS reflect the true and fair picture of the affairs of JV / WOS and • That the un-audited annual accounts of the JV / WOS has been adopted and ratified by the Board of the Indian party. • Post Investment Changes / additional investment in existing JVs/WOSs should be reported to RBI through AD Bank within 30 days from the date of the approval of changes / investments and include the same in APR - Part III of Form ODI

18. How can one disinvestment from an overseas JV/WOS? (1/3) • Transfer by way of sale of shares of a JV/ WOS to another Indian Party or to a non-resident allowed subject to the following conditions: • Sale does not result in write-off of the investments made; • Shares of the listed JV/WOS – sale through a stock exchange; • Unlisted shares – share price is not less than the value certified by a CA/CPA as the fair value based on latest audited financial statements of the JV/WOS • Indian party does not have any outstanding dues like dividend, technical know-how fees, royalty, consultancy, commission or other entitlements, and/or export • Overseas concern has been in operation for at least one full year and the APR and accounts has been submitted to RBI • Indian party is not under investigation by CBI/ DoE/ SEBI/ IRDA or any other regulatory authority in India • The Indian party to submit details of the disinvestment through its AD within 30 days from date of disinvestment

19. How can one disinvestment from an overseas JV/WOS? (2/3) • Transfer by way of sale of shares of JV / WOS involving write off of the investment: • Disinvestments without prior approval of the RBI, where the amount repatriated on disinvestment is less than the amount of the original investments is permitted in the following cases: • JV/ WOS is listed in overseas stock exchange • Where the Indian Party is listed on a stock exchange in India and has net worth of not less than Rs. 100 Cr • Where the Indian Party is an unlisted company and the investment in the overseas venture does not exceed USD 10 million • Where the Indian Party is a listed company with net worth of less than Rs.100 crore but investment in an overseas JV/WOS does not exceed USD 10 million • An Indian Party, which does not satisfy the conditions stated above, shall have to apply to RBI for prior permission

20. How can one disinvestment from an overseas JV/WOS? (3/3) • Restructuring of Balance Sheet • Indian parties which have overseas WOS/ have at least 51% stake in JV, may write off capital (equity/preference shares) or other receivables such as loans, royalty, technical know-how fees and management fees in respect of such JV/ WOS, even while such JV/ WOS continues to function as under: • Listed Indian Companies – up to 25%of the equity investment in JV/ WOS under the Automatic Route; and • Unlisted Indian Companies – up to 25% of the equity investment in JV/ WOS under the Approval Route • Reporting to RBI within 30 days of such restructuring/ write-off: • Certified copy of Balance Sheet showing the loss in JV/ WOS • Projections for next 5 years indicating consequential benefit of such restructuring / write-off

21. Can Resident Individuals invest outside India? • Resident Individuals are granted general permission to purchase / acquire securities: • Out of funds held in Resident Foreign Currency (‘RFC’) account • Bonus shares on securities held • Foreign currency resources outside India (when not permanently resident in India, etc) • Under Gift or Inheritance • To acquire share under cashless ESOP issued by a company outside India provided no remittance from India • To purchase shares under ESOP (several conditions stipulated) • To acquire of shares of a foreign company offered as consideration for professional services rendered to the foreign company (within LRS ceiling) • To acquire qualification shares on becoming director of overseas company – within LRS ceiling • To acquire right shares provided original holding is as per the law • To acquire shares of JV / WOS of Indian Company engaged in Software by the Employees / Directors (USD 10,000 in a block of five calendar years plus other conditions)

22. Can Resident Individuals invest outside India? • ODI by Resident Individual • Covers strategic investments as compared to portfolio investments covered under LRS • The investment by Resident Individuals would be restricted to limits under the Liberalized Remittance Scheme – currently USD 75,000 • Even if investment is from EEFC / RFC account • JV / WOS to be located in non-FATF countries and to be an operating entity (real estate / banking / financial services business prohibited) • JV / WOS not allowed to set-up or acquire step down subsidiary • Valuation guidelines, reporting requirements and other conditionalities (Form ODI, etc) applicable

23. What are the regulations under LRS? • LRS available to all Resident individuals (RI) including minors (singularly or jointly) • RI can remit overseas up to USD 75,000 per financial year for any permissible current / capital account transaction. • RI can acquire and hold shares or any other asset outside India without prior approval of RBI using the LRS. (cannot acquire immoveable property) • RI can open, hold and maintain foreign currency accounts with a bank outside India for remittances under the scheme without the prior approval of RBI. • Income and sum remitted need not be brought back into India and can be reinvested overseas • Remittances inter alia not permitted for: • Remittance directly or indirectly to Bhutan, Nepal, Mauritius or Pakistan; • Remittances to specified non- cooperative countries / territories or those identified by the Financial Action Task Force as ‘non-co-operative Countries or Territories’ • Remittance by a resident individual for setting up a company abroad (post setting up by any other PROI, fresh issue or acquisition of shares is fine)

24. What are the other regulations for outbound investments? • Mutual Funds • Aggregate ceiling for overseas investment by Mutual Funds registered with SEBI is $7 bn • A limited number of qualified Indian Mutual Funds are permitted to invest cumulatively upto $1 bn in Overseas Exchange Traded Funds • Domestic Venture Capital Fund (‘DVCF’) • SEBI registered DVCF may invest in equity and equity linked instruments of off-shore Venture Capital Undertakings, subject to an overall limit of $500 mn • Accordingly, DVCF desirous of availing of this facility may approach SEBI for necessary permission • Other cases • Overseas listed portfolio investments (shares, etc) by listed Indian company (till 50% net-worth)

25. What are the regulations ODI by Registered Trust / Society? • Trust / Society, with prior approval from RBI, are allowed to set up JV / WOS outside India subject to following conditions: • engaged in manufacturing / educational / hospital sector • Trust / Society should be registered under Indian Trust Act / Societies Registration Act • Trust deed / MOA permits proposed investment • Proposed investment approved by trustees / governing body of the Trust / Society • AD is satisfied that the trust / society Is KYC compliant and engaged in bonafide activity • Trust / Society has been in existence atleast for a period 3 years • Not come under adverse notice of Regulatory / Enforcement agency like DoE / CBI etc.

26. What are the regulations for ODI by Proprietorship concern / unregistered partnership? • Proprietary concerns and unregistered partnership firms, with prior approval from RBI, are allowed to set up JV / WOS outside India subject to following conditions: • Recognized star export house with proven track record i.e. export outstanding does not exceed 10% of average export realization of preceding three years • AD is satisfied that the exporter is KYC compliant • Exporter is not on the caution list of RBI / adverse notice from any Government agency like Directorate of Enforcement (DoE) and CBI • Amount of proposed investment outside India does not exceed: • 10% of the average of 3 financial years export realization or • 200% of net owned funds of the firm whichever is lower

27. External Commercial Borrowings

28. What is the framework under FEMA? Statutory Framework • Section 6 Sub-section 3 of Foreign Exchange Management Act,1999 • Regulations – FEMA 3 /2000-RB on Foreign Exchange Management (Borrowing and Lending in Foreign Exchange) • Other Notifications • RBI Master Circular No. 12/2013-14 – 1 July 2013 (Updated as on 20 September 2013) • Circulars issued by RBI from time to time.

29. What are the key concepts for ECB? • The following are the key six essential concepts to be considered for ECB: • Eligible borrowers • Recognised lenders • End use (purpose of borrowing) • Amount and Maturity • All-in-cost ceilings (rate of interest, etc) • Procedure and filings

30. What is covered under the ambit of ECB? • Pure loans / debts • Loans from overseas investor / group companies • Bank Loans • Supplier’s Credit • Buyer’s Credit • Securitized Instruments [Floating Rate Notes and Fixed Rate Bonds, Non-Convertible, Optionally Convertible or Partly Convertible Preference Shares] • Foreign Currency Convertible Bonds (FCCB) • Foreign Currency Exchangeable Bonds(FCEB). • Redeemable or Optionally Convertible Preferences Shares

31. What are the available routes for ECB? Automatic Route • No approval of the Reserve Bank of India (‘RBI’) / Government of India • Obtain Loan Registration Number (‘LRN’) from the RBI (Form 83) • Monthly filings with RBI (Form ECB 2) Routes available Approval Route • Approval of RBI through Authorized Dealer Bank (‘ADB’) required (Form ECB) • Obtain LRN from the RBI (Form 83) • Monthly filings with RBI (Form ECB 2)

32. Who are Eligible Borrowers under Automatic Route? • Indian Corporate(s) in Real-Industrial Sector, Infrastructure Sector, Units in Special Economic Zone; and those in specified Service sectors i.e. Hotels / Hospitals / Software. • Units in SEZ for own requirement • Non Banking Finance Companies (‘NBFC’) – Industrial Finance Companies, • NBFC – Asset Finance Companies • Micro Finance Institutions and Non-Government Organizations engaged in micro finance activities subject to conditions • Holding Companies / Core Investment Companies (CICs) regulated by RBI, subject to conditions for project use in SPVs – Capex • SIDBI Individuals, Trusts and Non-profit making organizations not eligible to raise ECB

33. Who are Eligible Borrowers under Approval Route? • Cases outside the purview of automatic route and limits. • EXIM bank for on-lending and specific purposes • Banks / FIs participating in textile / steel restructuring subject to conditions • Housing Finance Companies for raising FCCB subject to conditions • SPVs set up to finance infrastructure companies / projects • SEZ / National Manufacturing Investment Zone developers for providing infrastructure facility within the SEZ. • Indian Corporate(s) in service sectors other than Hotel, Hospital and Software Sector i.e. mainly R&D, miscellaneous service companies, etc for ECBs from foreign equity holders • Holding Companies / Core Investment Companies (CICs) regulated by RBI, subject to conditions for project use in SPVs – Refinancing of Rupee loans • Multi-State Co-operative Society engaged in manufacturing subject to conditions • Corporates under investigation – in all cases

34. Who are Recognized Lenders – 1/2 a) Under Automatic Route as well as Approval Route • International Banks, International Capital Markets, Multilateral Financial Institutions (e.g. IFC, ADB, CDC), Regional Financial Institutions, Government Owned Development Financial Institutions • Export Credit Agencies, Suppliers of Equipment • Foreign Collaborators b) Under Automatic Route • Foreign Equity Holders (other than erstwhile OCBs) • ECB up to USD 5Mn – directly holds at least 25% paid up equity of borrower company • ECB more than USD 5Mn – Holds 25% paid up capital and ECB Liability – Equity Ratio does not exceed 4:1 (paid-up capital, free reserves, proportionate share premium, etc corresponding to the foreign lender) c) Other organization / Individual - only to NGOs and MFIs engaged in Micro finance sector subject to conditions

35. Who are Recognized Lenders – 2/2 c) Under Approval Route • Foreign Equity Holders (other than erstwhile OCB) if • ECB up to USD 5Mn – directly holds at least 25% paid up equity of borrower company • ECB more than USD 5Mn – Holds 25% paid up capital and ECB Liability – Equity ratio does not exceed 7:1 • Indirect Equity Holder (Provided the indirect equity holding is at least 51%) • Group Company (Provided both the borrower and the lender are subsidiaries of the same parent)

36. How can ECB be utilized? (End-use) Key items under the Automatic Route • Investment such as import of Capital Goods, New projects, Modernization / expansion of existing production units in Real Industrial / Specified Service / Infrastructure sector – the scope of infrastructure recently expanded to included several sectors such as water, sanitation, energy, etc. • Direct investment in overseas JVs / Wholly owned subsidiaries subject to guidelines • Acquisition of shares in disinvestment process for PSU shares • Interest during construction for Indian Companies which are in the Infrastructure sector • Lending to self help groups or for micro credit or for micro finance activity by NGO • Capital Expenditure for maintenance and operations of toll systems for roads and highway • Payment for Spectrum Allocation • Not Permitted - On lending, investment in capital markets or acquiring an Indian Company (or part thereof), Real Estate Sector, Land costs not eligible for service sector

37. How can ECB be utilized? (End-use) Key items under the Approval Route • In addition to as prescribed under the automatic route: • Refinance of Rupee loan availed for spectrum allocation payment subject to conditions • Repayment of rupee loan for specified sectors subject to conditions • Import of services, technical know-how and payment of license fees as part of import of capital goods subject to conditions • General corporate purposes including for working capital and repayment of rupee loans subject conditions only from foreign equity holder (+25%) • Bridge Finance (Infrastructure Co. only), Low Cost Affordable Housing, 3G Spectrum Allocation, etc.

38. How much ECB can be availed and for what duration? Automatic Route Approval Route • Minimum Average Maturity – Weighted Average Method as stipulated: • For ECBs upto USD 20 Mn – should be minimum of 3 years • For ECBs over USD 20 Mn and upto USD 750 Mn – should be minimum of 5 years • For working capital / general corporate purpose ECB – repayment should be after 7 years

39. What can be the borrowing cost of ECB? (All-in-cost ceilings) • Components: • Rate of Interest • Other fees • Expenses in foreign currency • Specific Exclusions: • Commitment fees, • Pre-payment fees, and • Fees payable in Indian Rupees • Withholding Tax paid in Indian Rupees *For the respective currency of borrowing or applicable benchmark

40. What are the powers delegated to AD Bank? • Powers to AD to approve changes in terms and conditions of ECB under both the routes subject to conditions: • Changes in Currency of borrowing • Change in Bankers • Change in the name of the borrower • Changes in recognised lender in case of foreign equity holder and foreign collaborator require prior approval • Cancellation of LRN if ECB is not availed • Change in the permissible end-use of ECB proceeds • Reduction in amount of ECB • Changes / modifications in the drawdown / repayment schedule subject to conditions • Reduction in the all-in-cost of ECB

41. What are regulations for creation of guarantee / security for ECB? • Banks, FIs, NBFCs cannot give any guarantee or Letter of credit or undertaking or letter of comfort for ECB • Security • Choice of Security is left to the parties with AD Bank giving no-objection • Charge could relate to immovable properties or shares • Shares can be shares of borrower company held by promoters as well as in domestic associate companies of borrower • In case of invocation of pledge for shares, transfer should be as per extant FDI policy • In case of enforcement of charge immovable property to be sold only to person resident in India • Issue of corporate or personal guarantee in favor of overseas lender permissible • Several conditionalities prescribed for creation of security or giving of guarantee with respect to period, documentation, transfer, etc.

42. What are conditions / restrictions on parking of ECB proceeds? • Parking of ECB proceeds overseas • ECB proceeds for foreign currency expenditure may be parked overseas or remitted to India pending utilization • Proceeds parked overseas permitted to be invested in the following liquid assets outside India subject to liquidation as and when the funds required in India • Deposits or Certificates of Deposit with credit rating of at least AA- by specified credit rating agency • Treasury bills or monetary instruments with one year maturity • Deposits with overseas branch of Indian banks • ECB for Rupee expenditure to be remitted to India immediately and parking of proceeds overseas is not allowed

43. Can ECB be refinanced, pre-paid, converted? • Refinancing permitted subject to the following conditions: • Fresh ECB is raised at a lower all-in-cost • Outstanding maturity of the original ECB is maintained. • Refinancing of existing ECB by raising a fresh ECB at a higher rate discontinued w.e.f 1 October 2013. • Pre-payment of ECB: • Automatic Route - Up to USD 500 million subject to compliance with minimum average maturity period as applicable • Approval Route - Prepayments exceeding USD 500 million • Conversion of ECB into Equity subject to conditions:* • Activity of the company is covered under automatic route or FIPB approval is obtained • Foreign equity holding post conversion is within sectoral caps • Share pricing should be as per pricing guidelines issued under FEMA - fair value as on date of conversion. • Filing requirements – Form FC-GPR, Form ECB 2 etc. * Conversion of foreign exchange liability should be at the rate prevailing on the date of agreement between parties concerned for such conversion

44. What are the regulations for Trade Credits? • Trade Credits for credit for imports extended by the overseas supplier (suppliers credit) or bank and financial institution (buyers credit) • AD-Bank are authorized to approve Trade Credits and report to RBI • Trade Credit Amount / Eligibility = USD 20 million per import transactions • Trade Credit Maturity • Capital Goods as per foreign trade policy - upto 5 years (earlier only infrastructure sector allowed 5 years and others eligible for 3 years) • Non-capital goods –upto 1 year • Credit period to be from the date of shipment • All-in-cost ceilings – 350 basis points over 6 months LIBOR • AD Bank can issue Letter of Credit / Guarantee / Letter of Undertaking or Comfort but upto 3 years

45. Deposit Regulations

46. What is the framework under FEMA? • Regulations – FEMA 5/2000-RB on Foreign Exchange Management (Deposit) regulations, 2000 amended from time to time • Other Notifications • Circulars issued by RBI from time to time.

47. What are the types of deposits accepted by AD Banks? • Non-resident (External) Account Scheme (‘NRE account’) from a non-resident Indian • Foreign Currency (Non-Resident) Account Banks Scheme (‘FCNR – B account’) from a non-resident Indian • Non-Resident (Ordinary) Account Scheme (‘NRO account’) from any person resident outside India

48. What are the key Features of various deposit schemes? (1/2)

49. Q & A?

50. Thank you! The views in this presentation are personal views of the Presenter. Further, the information contained is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although, the endeavor is to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such / this information without appropriate professional advice which is possible only after a thorough examination of facts / particular situation.