Common use of Residents Clause in Contracts

Residents. 32.1 As per RBI guidelines, the Cardholder need not submit documentary evidence like invoice/bills for the use of the Card(s) or Card Account(s) for the permitted purposes as per the exchange control regulations, if the remittance involved is less than the permissible limit or its equivalent and prima facie meets the exchange control regulations. 32.2 As per RBI guidelines, in case the amount on the Card Account during visits abroad exceeds the Cardholder's foreign exchange entitlements, the Cardholder should provide documentary evidence for the usage of foreign exchange utilised. The Bank is authorised to report the matter to the regional office of the exchange control department giving full details. 32.3 As per Exchange Regulations, the Cardholder is not required to get his passport endorsed for every foreign currency transaction; however should the regulations change, the Cardholder acknowledges that it is his sole responsibility to comply. The Bank, however, is not obliged to fill up or submit any documents on behalf of the Cardholder and shall not be responsible or liable for any consequences for non-compliance of the same by the Cardholder.

Residents. 32.1 33.1 As per RBI guidelines, the Cardholder need not submit documentary evidence like invoice/bills for the use of the Card(s) or Card Account(s) for the permitted purposes as per the exchange control regulations, if the remittance involved is less than the permissible limit or its equivalent and prima facie meets the exchange control regulations. 32.2 33.2 As per RBI guidelines, in case the amount on the Card Account during visits abroad exceeds the Cardholder's foreign exchange entitlements, the Cardholder should provide documentary evidence for the usage of foreign exchange utilised. The Bank is authorised to report the matter to the regional office of the exchange control department giving full details. 32.3 33.3 As per Exchange Regulations, the Cardholder is not required to get his passport endorsed for every foreign currency transaction; however should the regulations change, the Cardholder acknowledges that it is his sole responsibility to comply. The Bank, however, is not obliged to fill up or submit any documents on behalf of the Cardholder and shall not be responsible or liable for any consequences for non-compliance of the same by the Cardholder.