Common use of COMPLIANCE OF LAWS RELATING TO REMITTANCES Clause in Contracts

COMPLIANCE OF LAWS RELATING TO REMITTANCES. a. If the Allottee(s) is the resident outside India or having Non Resident Indian (NRI) or Oversees Citizen of India (OCI) status, such Allottee(s) clearly and unequivocally confirms he shall be individually and solely responsible for compilation with the necessary formalities as laid down in Foreign Exchange Management Act 1999 (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 or transfer of immovable property/s in India. The Allottee(s) shall also furnish the required declaration to the Promoter / Owner in the prescribed format, with such permission/approvals/no objections to enable the Promoter / Owner to fulfill its obligations under this Agreement. In case any such permission is ever refused or subsequently found lacking by any Statutory Authority / Promoter / Owner, or in case of any implications arising out of any default by the Allottee(s), it shall be the sole liability and responsibility of the Allottee(s).

COMPLIANCE OF LAWS RELATING TO REMITTANCES. a. 3.1 If the Allottee(s) is the resident outside India or having Non Resident Indian (NRI) or Oversees Citizen of India (OCI) status, such Allottee(s) clearly and unequivocally confirms he shall be individually and solely responsible for compilation with the necessary formalities as laid down in Foreign Exchange Management Act 1999 Xxx 0000 (FEMA), Reserve Bank of India (RBI) Act and Rules/ Rules / Guidelines made / issued there under and all other applicable laws including that of remittance of payments, acquisition/sale or transfer of immovable property/s in India. India The Allottee(s) shall also furnish the required declaration to the Promoter / Owner in the prescribed format, with such permission/approvals/no objections to enable the Promoter / Owner to fulfill its obligations under this Agreement. In case any such permission is ever refused or subsequently found lacking by any Statutory Authority / Promoter / OwnerPromoter, or in case of any implications arising out of any default by the Allottee(s), it shall be the sole liability and responsibility of the Allottee(s).

COMPLIANCE OF LAWS RELATING TO REMITTANCES. a. If the Allottee(s) is the resident outside India or having Non Resident Indian (NRI) or Oversees Citizen of India (OCI) status, such Allottee(s) clearly and unequivocally confirms he shall be individually and solely responsible for compilation with the necessary formalities as laid down in Foreign Exchange Management Act 1999 Xxx 0000 (FEMA), Reserve Bank of India (RBI) Act and Rules/ Rules / Guidelines made / issued there under and all other applicable laws including that of remittance of payments, acquisition/sale or transfer of immovable property/s in India. India The Allottee(s) shall also furnish the required declaration to the Promoter / Owner in the prescribed format, with such permission/approvals/no objections to enable the Promoter / Owner to fulfill its obligations under this Agreement. In case any such permission is ever refused or subsequently found lacking by any Statutory Authority / Promoter / OwnerPromoter, or in case of any implications arising out of any default by the Allottee(s), it shall be the sole liability and responsibility of the Allottee(s).

COMPLIANCE OF LAWS RELATING TO REMITTANCES. a. 3.1 If the Allottee(s) is the resident outside India or having Non Resident Indian (NRI) or Oversees Citizen of India (OCI) status, such Allottee(s) clearly and unequivocally confirms he shall be individually and solely responsible for compilation with the necessary formalities as laid down in Foreign Exchange Management Act 1999 (FEMA), Reserve Bank of India (RBI) Act and Rules/ Rules / Guidelines made / issued there under and all other applicable laws including that of remittance of payments, acquisition/sale or transfer of immovable property/s in India. India The Allottee(s) shall also furnish the required declaration to the Promoter / Owner in the prescribed format, with such permission/approvals/no objections to enable the Promoter / Owner to fulfill its obligations under this Agreement. In case any such permission is ever refused or subsequently found lacking by any Statutory Authority / Promoter / OwnerPromoter, or in case of any implications arising out of any default by the Allottee(s), it shall be the sole liability and responsibility of the Allottee(s).

COMPLIANCE OF LAWS RELATING TO REMITTANCES. a. If the Allottee(s) is the resident outside India or having Non Resident Indian (NRI) or Oversees Citizen of India (OCI) status, such Allottee(s) clearly and unequivocally confirms he shall be individually and solely responsible for compilation with the necessary formalities as laid down in Foreign Exchange Management Act 1999 (FEMA), Reserve Bank of India (RBI) Act and Rules/ Rules / Guidelines made / issued there under and all other applicable laws including that of remittance of payments, acquisition/sale or transfer of immovable property/s in India. India The Allottee(s) shall also furnish the required declaration to the Promoter / Owner in the prescribed format, with such permission/approvals/no objections to enable the Promoter / Owner to fulfill its obligations under this Agreement. In case any such permission is ever refused or subsequently found lacking by any Statutory Authority / Promoter / OwnerPromoter, or in case of any implications arising out of any default by the Allottee(s), it shall be the sole liability and responsibility of the Allottee(s).