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Issue of Convertible Notes by startup companies

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..... 1 [6D. Issue of Convertible Notes by startup companies (1) A person resident outside India (other than an individual who is citizen of Pakistan or Bangladesh or an entity which is registered / incorporated in Pakistan or Bangladesh), may purchase convertible notes issued by an Indian startup company for an amount of twenty five lakh rupees or more in a single tranche. Explanation: .....

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..... dia shall receive the amount of consideration by inward remittance through banking channels or by debit to the NRE / FCNR (B) / Escrow account maintained by the person concerned in accordance with the Foreign Exchange Management (Deposit) Regulations, 2016 , as amended from time to time. Provided that an escrow account for the above purpose shall be closed immediately after the requirements ar .....

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