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

COMPLIANCE OF LAWS RELATING TO REMITTANCES. 3.1 The Purchaser/s, if resident outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999, Reserve Bank of India Act, 1934 and Rules and Regulations made thereunder or any statutory amendments (s)/ modification (s) made thereof and all other applicable laws including that of remittance of payment acquisition/sale/transfer of immovable properties in India etc. and provide the Vendors / Confirming Party with such permission, approvals which would enable the Vendors / Confirming Party to fulfill its obligations under this Agreement. Any refund, transfer of security, if provided in terms of the Agreement shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or statutory enactments or amendments thereof and the Rules and Regulations of the Reserve Bank of India or any other applicable law. The Purchaser/s understands and agrees that in the event of any failure on his/her part to comply with the applicable guidelines issued by the Reserve Bank of India, he/she may be liable for any action under the Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time.

COMPLIANCE OF LAWS RELATING TO REMITTANCES. 3.1 The Purchaser/s, if resident outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999, Reserve Bank of India Act, 1934 Act,1934 and Rules and Regulations made thereunder there under or any statutory amendments (s)/ modification (s) made thereof and all other applicable laws including that of remittance of payment acquisition/sale/transfer of immovable properties in India etc. and provide the Vendors Vendor / Confirming Party with such permission, approvals which would enable the Vendors Vendor / Confirming Party to fulfill its obligations under this Agreement. Any refund, transfer of security, if provided in terms of the Agreement shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or statutory enactments or amendments thereof and the Rules and Regulations of the Reserve Bank of India or any other applicable law. The Purchaser/s understands and agrees that in the event of any failure on his/her part to comply with the applicable guidelines issued by the Reserve Bank of India, he/she may be liable for any action under the Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time.

COMPLIANCE OF LAWS RELATING TO REMITTANCES. 3.1 The Purchaser/sAllottee, if resident residence outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999Act,1999 ('FEMA'), Reserve Bank of India Act, 1934 ('RBI' Act) and the Rules and Regulations Regulation made thereunder or any statutory amendments (s)/ modification (s) or modifications made thereof and all other others applicable laws including that of remittance of payment acquisition/sale/payment, acquisition/ sale/ transfer of immovable properties in India etc. and provide the Vendors / Confirming Assignor/First Party with such permission, approvals approval which would enable the Vendors / Confirming Assignor/First Party to fulfill its obligations under this Agreement. Any refund, transfer of security, if provided in terms of the Agreement shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or statutory enactments or amendments thereof and the Rules and Regulations Regulation of the Reserve Bank of India or any other applicable law. The Purchaser/s Allottee understands and agrees that in the event of any failure on his/his/ her part to comply with the applicable guidelines issued by the Reserve Bank of India, he/he/ she may be liable for any action under the Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time.