11 July 2016
Company who have issued shares to Non Resident on Non Repatriable basis need not file FLA. This is an extract from FLA Faq available on RBI website.
Kindly elaborate the meaning. This exemption is available only for Non Resident?? How to compute whether a body Corporate is Resident or Not..
11 July 2016
Shares under non-reptration basis can only be issued to Non Resident Indians (NRI) by because money can be brought into India on none repatriation basis only through NRO account which can be opened by NRI.
FDI from any person/entity other than NRI shall always be on repatriation basis. That FAQ point is bit misleading I guess.
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