Common use of Exchange Control Obligations Clause in Contracts

Exchange Control Obligations. Awardee understands that Awardee must repatriate any funds received pursuant to the Plan (e.g., proceeds from the sale of Shares, cash dividends) to India. In the case of proceeds from the sale of Shares, Awardee acknowledges that such repatriation must occur within ninety (90) days of receipt and in the case of dividends, Awardee acknowledges that such repatriation must occur within 180 days of receipt. Awardee should obtain a foreign inward remittance certificate (“FIRC”) from the bank where Awardee deposits the foreign currency and maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. Awardee is also responsible for complying with any other exchange control laws in India that may apply to the Stock Award or the Shares acquired under the Plan.

Exchange Control Obligations. The Awardee understands that the Awardee must repatriate any funds received pursuant to the Plan (e.g., proceeds from the sale of Shares, cash dividends) to India. In the case of proceeds from the sale of Shares, the Awardee acknowledges that such repatriation must occur within ninety (90) days of receipt and in the case of dividends, Awardee acknowledges that such repatriation must occur within 180 days of receipt. The Awardee should obtain a foreign inward remittance certificate (“"FIRC”") from the bank where the Awardee deposits the foreign currency and maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. The Awardee is also responsible for complying with any other exchange control laws in India that may apply to the Stock Award Option or the Shares acquired under the Plan.

Exchange Control Obligations. The Awardee understands that the Awardee must repatriate any funds received pursuant to the Plan (e.g., proceeds from the sale of Shares, cash dividends) to India. In the case of proceeds from the sale of Shares, the Awardee acknowledges that such repatriation must occur within ninety (90) days of receipt and in the case of dividends, Awardee acknowledges that such repatriation must occur within 180 days of receipt. The Awardee should obtain a foreign inward remittance certificate (“FIRC”) from the bank where the Awardee deposits the foreign currency and maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. The Awardee is also responsible for complying with any other exchange control laws in India that may apply to the Stock Award Option or the Shares acquired under the Plan.