Monthly Archives: August 2016

USCIS Stakeholders Meeting Report – July 2016

Arnstein & Lehr Attorney Ronald Fieldstone

Ronald R. Fieldstone

This is a follow-up to the USCIS Stakeholder Engagement held in Miami, Florida on July 28.

In attendance from USCIS were the following personnel:

  • Nicholas Colucci, Director
  • Jan Lyons, Economist
  • Lori McKenzie, Deputy
  • Julia Hanson, IPO Deputy
  • Danielle Scott, Chief Intergovernmental Affairs
  • Eddie Pearson, Division Chief
  • David Leckenby, Division Chief
  • Steve Koch, Deputy Director of Miami District Office
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ILN Today Post

Liberalization of deferred payments under FEMA

  1. Introduction 

1.1.          Deferment of payments in share purchase transactions between non-resident buyers and resident sellers till recently required prior approval of the Reserve Bank of India (“RBI”) under Regulation 10 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (“FEMA Transfer Regulations”).

1.2.          Further, authorized dealer banks in India were allowed to open escrow accounts towards payment of share purchase consideration (subject to various terms and conditions specified by RBI), but the escrow account could only be operational for a limited period of 6 months.1 In all other cases of opening/maintaining of escrow accounts for FDI related transactions, prior approval from the RBI was necessary.

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