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February 2014

A. P. (DIR Series) Circular No. 95 dated January 17, 2014

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Facilities for Persons Resident outside India – Clarification

This circular clarifies that a foreign investor is free to remit funds on cash/TOM/spot basis through any bank of its choice for any permitted transaction. The funds so remitted must be transferred to the designated custodian bank through the banking channel. KYC in respect of the remitter, wherever required, will be the joint responsibility of the bank that has received the remittance as well as the bank that ultimately receives the proceeds of the remittance. The remittance receiving bank is required to issue a FIRC to the bank receiving the proceeds to establish the fact the funds had been remitted in foreign currency.

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