Common use of The Allottee Clause in Contracts

The Allottee. if resident outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act,1999 ('FEMA'), Reserve Bank of India Act, 1934 ('RBI' Act) and the Rules and Regulation made thereunder or any statutory amendments or modifications made thereof and allothers applicable laws including that of remittance of payment, acquisition/ sale/ transfer of immovable properties in India etc. and provide the Vendor with such permission, approval which would enable the Vendor to fulfill its obligations under thisAgreement. 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 Regulation of the Reserve Bank of India or any other applicable law. The Purchaser/Xxxxxxxx understands and agrees that in the event of any failure on his/ herpart to comply with the applicable guidelines issued by the Reserve Bank of India, he/ she may be liable for any action under Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time.

The Allottee. Purchaser, if resident outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act,1999 ('FEMA')Act, 1999, Reserve Bank of India Act, 1934 ('RBI' Act) and the Rules and Regulation Regulations made thereunder or any statutory amendments or amendments/modifications made thereof and allothers all other applicable laws including that of remittance of payment, acquisition/ sale/ payment acquisition/sale/transfer of immovable properties in India etc. and provide the Vendor PROMOTER/DEVELOPER with such permission, approval approvals which would enable the Vendor PROMOTER/DEVELOPER to fulfill its obligations under thisAgreementthis 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 Regulation Regulations of the Reserve Bank of India or any other applicable law. The PurchaserAllottee/Xxxxxxxx Xxxxxxxxx understands and agrees that in the event of any failure on his/ herpart his/her part to comply with the applicable guidelines issued by the Reserve Bank of India, he/ he/she may shall be liable for any action under the Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time.