DECLARATION-cum-UNDERTAKING (Under the Foreign Exchange Management Act, 1999)
I hereby declare that this transaction does not involve and is not designed for the purpose of any contravention or evasion of the provisions of the Foreign Exchange Management Act, 1999 ("the Act")or any rule, regulation, notification, direction or order made thereunder.
The total amount of foreign exchange drawn by me from all sources during the current financial year, including the present transaction, does not exceed USD 250,000 or equivalent and I certify that the source of funds for making the said transaction belongs to me and the foreign exchange will not be used for prohibited purposes.
I also hereby declare the source of the fund for remittance made towards capital account transactions are not out of borrowed funds.
The foreign exchange purchased by me is for the purpose indicated by me in this transaction on the digibank internet banking channel.
I also hereby agree and undertake to give such information/documents as will reasonably satisfy you about this transaction.
I also understand that if I fail or refuse to comply with any requirement or make unsatisfactory compliance, DBS Bank India Limited (“Bank”) shall refuse to undertake the transaction and shall, if it has reason to believe that any contravention/evasion is contemplated by me, report that matter to the Reserve Bank of India or other statutory authority.
I am an individual Resident in India as defined in Foreign Exchange Management Act (FEMA), 1999, and eligible to draw foreign exchange under provisions of Liberalised Remittance Scheme (LRS) as notified by Reserve Bank of India. I am not a Foreign National Resident of India as per FEMA/ NRI / PIO.
The remittance does not constitute a transaction listed in Schedule I or Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time.
The remittance is only for the purpose as provided in this transaction on the digibank internet Banking Channel.
I am responsible for adhering to the definition of relatives as prescribed by RBI from time to time for remittances made under ‘maintenance of close relatives’ and in case of 'Gift' purpose the beneficiary is a Non-Resident.
The remittance does not constitute any of the following:
Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000.
Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty.
Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market.
Remittance for trading in foreign exchange abroad.
Capital account remittances, directly or indirectly, to countries identified by the Financial Action Task Force (FATF) as “non- cooperative countries and territories”, from time to time.
Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
Gifting by a resident to another resident, in foreign currency, for the credit of the latter’s foreign currency account held abroad under LRS.
The remittance is not intended and will not be used for trading in foreign currency, or, dealing in Bitcoins or any other virtual currency or cryptocurrency.
I will not route any cryptocurrency related transactions and the Bank may close my account in case of any breach.
The remittance is not intended and will not be used for any purpose that is prohibited or restricted under the Foreign Exchange Management Act, 1999 or any rules, regulations, guidelines circulars, notifications, directions or orders issued under the said Act.
I declare and undertake that the information provided by me for the purpose of remittance is true, correct, accurate and complete and I understand that I shall be solely responsible and liable for any false, incorrect, inaccurate or incomplete detail provided by me.
I undertake to provide such documents/details which will satisfy the Bank about this transaction in accordance with my above declaration.