Raja Rajeswari S
20 January 2010 at 13:19
Kindly clarify over the following:
FEMA regulations:
1.Investment in Partnership Firm / Proprietary Concern
A Non-Resident India17(NRI) or a Person of Indian Origin18 (PIO) resident outside India can invest by way of contribution to the capital of a firm or a proprietary concern in India on non-repatriation basis provided;
i. Amount is invested by inward remittance or out of NRE / FCNR(B) / NRO account maintained with Authorised Dealers / Authorised banks.
ii. The firm or proprietary concern is not engaged in any agricultural / plantation or real estate business (i.e. dealing in land and immovable property with a view to earning profit or earning income there from) or print media sector.
iii. Amount invested shall not be eligible for repatriation outside India.
2.Investments with repatriation benefits
NRIs / PIO may seek prior permission of Reserve Bank19 for investment in sole proprietorship concerns / partnership firms with repatriation benefits. The application will be decided in consultation with the Government of India.
3. Investment by non-residents other than NRIs / PIO
A person resident outside India other than NRIs / PIO may make an application and seek prior approval of Reserve Bank20, for making investment by way of contribution to the capital of a firm or a proprietorship concern or any association of persons in India. The application will be decided in consultation with the Government of India.
I) As per the above clause 2, what is the procedure( forms to filed) to get approval from the GOI to avail the repatriation benefits by NRI/POI? Can he repatriate the income earned over the investment without any GOVT approval?
II) As per the above clause 3, what is the procedure( forms to filed) to get approval from the GOI to enalbe a person outside India other than NRI/POI to invest in a partnership concern in India? Can this guy repatriate the invsetment and earnings without Govt's approval? If not, how to get permission for such repatriation?
kindly brief me the procedure to get approval for the above two cases .
regards
RAJA RAJESWARI S
Raja Rajeswari S
19 January 2010 at 19:24
1)Can a person other than a NRI/POI make investment in india by way of capital contribution in a partnership firm? If so what is the procedure to get approval?
2)CAn above person repatriate the invsetment and the income earned over it? What is the procedure to get approval for the above?
3)CAn the above person give funds in the form of loan to the partnerhip firm in India? If so, how to proceed to get such loan and what interest should we pay and what are the pay channels?
Kindly clarify
regards
MEHTA KETAN P
14 January 2010 at 14:27
SIR,
I IMPORTS INDUSTRIAL SEWING MACHINES AND SPARES FOR CHINA.
CATEGORY UNDER IMPORT IS 84.52.30.90
CUSTOMS SAYS THERE IS NO NEED FOR M.R.P
UNDER YOUR SECTION .
BUT VIGILANCE DEPT FROM M.R.P SECTION
IS NOT SURE FOR THE SAME .
PLEASE HELP
THERY HAVE COLLECT MY SAMPLE AND ASK FOR EXPLANATION
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