Common use of FEMA Clause in Contracts

FEMA. THAT the PURCHASER, if resident outside India, shall be solely responsible to comply with the provisions of the Foreign Exchange Management Act, 1999 (FEMA), and / or all applicable provisions notified by the Government from time to time, including those pertaining to remittance of payment(s) for acquisition of immovable property in India. PURCHASER shall furnish the required declaration to SIMOCO SYSTEMS on the prescribed format, if necessary. All refunds to Non-Resident Indians (NRI) and foreign citizens of Indian origin, shall, however, be made in Indian Rupees.

FEMA. THAT the PURCHASERThe Buyer, if resident outside IndiaNon Resident Indian, himself shall be solely responsible to comply with the provisions of the Foreign Exchange Management Act, . 1999 (FEMA), and / or all applicable other necessary provisions as laid down and notified by the Government or concerned Statutory Authorities from time to time, including those pertaining to remittance of payment(s) for acquisition of immovable property in India. PURCHASER The Buyer shall also furnish the required declaration to SIMOCO SYSTEMS the First Party and Second Party on the prescribed format, if necessary. All refunds to Non-Non- Resident Indians (NRI) and foreign citizens of Indian origin, shall, however, be made in Indian RupeesRupees only.