FOREIGN EXCHANGE MANAGEMENT ACT Sample Clauses

The Foreign Exchange Management Act (FEMA) clause governs the regulation and management of foreign exchange transactions in accordance with Indian law. It typically requires parties to ensure that any dealings involving foreign currency, cross-border payments, or investments comply with FEMA provisions and obtain necessary approvals from regulatory authorities when required. This clause is crucial for ensuring that all financial transactions involving foreign exchange are legally compliant, thereby reducing the risk of penalties and facilitating smooth international business operations.
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FOREIGN EXCHANGE MANAGEMENT ACT. The Allottee/s clearly and unequivocally confirm/s that in case remittances related to the Total Consideration and/or all other amounts payable under this Agreement for the said Apartment are made by non-resident/s/foreign national/s of Indian origin, then it shall be the sole responsibility of the Allottee/s to comply with the provisions of the Foreign Exchange Management Act, 1999 (“FEMA ”) or statutory enactments or amendments thereof and the rules and regulations thereunder and/or any other Applicable Laws including that of remittance of payments, acquisition/sale or transfer of immovable property/ies in India and provide to the Promoter with such permission/approvals/no objections to enable the Promoter to fulfill its obligations under this Agreement. Any implications arising out of any default by the Allottee/s shall be the sole responsibility of the Allottee/s. The Promoter accepts no responsibility in this regard and the Allottee/s shall keep the Promoter fully indemnified for any harm or injury caused to it for any reason whatsoever in this regard. Whenever there is a change in the residential status of the Allottee/s, subsequent to the signing of this Agreement, it shall be the sole responsibility of the Allottee/s to intimate in writing to the Promoter immediately and comply with all the necessary formalities, if any, under the Applicable Laws.
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FOREIGN EXCHANGE MANAGEMENT ACT. The Allottee, if being a resident outside of India, shall solely be responsible for complying with the necessary requirements as laid down in the Foreign Exchange Management Act, 1999 (“FEMA”), Reserve Bank of India Act, 1934 and its rules and regulations or any statutory amendments, modifications made thereto and all other applicable laws relating to remittance of payments, acquisition/sale/transfer of immovable properties in India and provide the Company with such documentary permissions and approvals which would enable the Company to fulfill its obligations under this Agreement. Any refund for such resident outside of India, or transfer of any security, if provided in terms of this Agreement, shall be made only in accordance with provisions of FEMA or any statutory enactments or amendments thereto and the rules and regulations of the Reserve Bank of India or any other applicable law. The Allottee understands and agrees that in the event of any failure to comply with prevailing exchange control regulations issued by the Reserve Bank of India or any other applicable law, the Allottee shall be exclusively liable for any action under FEMA or any other applicable law, as amended from time to time, and the Company accepts no responsibility in this regard. The Allottee shall keep the Company fully indemnified and harmless in this respect. In the event of any change in the residential status of the Allottee subsequent to the execution of this Agreement, it shall be the sole responsibility of the Allottee to intimate the same in writing immediately to the Company and to comply with all applicable regulations and statutory requirements relating thereto.
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FOREIGN EXCHANGE MANAGEMENT ACT. The Purchaser clearly and unequivocally confirm/s that in case remittances related to the Total Consideration and/or all other amounts payable under this Agreement for the Apartment/Flat are made by non- resident/s/foreign national/s of Indian origin, shall be the sole responsibility of the Purchaser/s to comply with the provisions of the Foreign Exchange Management Act, 1999 (“FEMA”) or statutory enactments or amendments thereof and the rules and regulations thereunder and/or any other Relevant Laws including that of remittance of payments, acquisition/sale or transfer of immovable property/ies in India and provide to the Developer/Owner with such permission/approvals/no objections to enable the Developer/Owner to fulfill its obligations under this Agreement. Any implications arising out of any default by the Purchaser/s shall be the sole responsibility of the Purchaser/s. The Developer/Owner accepts no responsibility in this regard and the Purchaser/s shall keep the Developer/Owner fully indemnified for any harm or injury caused to it for any reason whatsoever in this regard. Whenever there is a change in the residential status of the Purchaser/s, subsequent to the signing of this Agreement, it shall be the sole responsibility of the Purchaser/s to intimate in writing to the Developer/Owner immediately and comply with all the necessary formalities, if any, under the Relevant Laws.
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FOREIGN EXCHANGE MANAGEMENT ACT. (FEMA) (a) If the PURCHASER(S) is the resident outside India or having Non Resident Indian (NRI) status, shall solely be responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act (FEMA), Reserve Bank of India (RBI) Act and Rules / Guidelines made / issued there under and all other applicable laws including that of remittance of payments, acquisition / sale, transfer of immovable properties in India. The PURCHASER(S) shall also furnish the required declaration the PROMOTER in the prescribed format, if necessary. In case any such permission is ever refused or subsequently found lacking by any Statutory Authority / PROMOTER, the amount paid towards Sale Consideration paid will be refunded by the PROMOTER as per the Cancellation Process without any interest and the allotment cancelled forthwith and the PROMOTER will not be liable in any manner on such account. All refunds to Non-Resident Indians (NRI) and Persons of Indian Origin (PIO), if any, shall, however, be made in Indian Rupees and PURCHASER(S)alone shall be liable to get all the necessary permission for getting the refund of the amount paid towards the Sale Consideration as mentioned above from the concerned authorities. (b) In case of foreign remittance, the net amount credited to bank shall be taken as amount received and necessary bank charges shall be borne by the PURCHASER(S). The date in which such credit is made to the bank account of PURCHASER(S) will be considered as date of payment and no other date. PURCHASER(S) shall provide to the PROMOTER copy of the SWIFT message /MT-103 to trace the remittance in India.
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