FOREIGN EXCHANGE MANAGEMENT ACT Sample Clauses

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 Owner/Developer with such permission/approvals/no objections to enable the Owner/Developer 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 Owner/Developer accepts no responsibility in this regard and the Purchaser(s) shall keep the Owner/Developer 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 Owner/Developer immediately and comply with all the necessary formalities, if any, under the Relevant Laws.
Sample 1
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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.
Sample 1
FOREIGN EXCHANGE MANAGEMENT ACT. (FEMA) 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. In case any such permission is ever refused or subsequently found lacking by any Statutory Authority / THDCL, the amount paid towards sale consideration will be refunded by THDCL as per rules without any interest and the allotment cancelled forthwith and THDCL will not be liable in any manner on such account.
Sample 1

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