22 January 2010
Can a foreign partner in a Indian partnership firm authorise any other Indian Partner to execute any documents for loan, registration under VAT, Customs, Central Excise, or any such related matter?
If so, should he get any RBI approval?
Kindly mail the format of Power of attorney and the stamp duty in such cases
22 January 2010
Usually RBI permits foreign investment to individuals through Company only and not Partnership firm unless the individual is NRI / POI.
Considering that you have the approval for foreigner being a partner in the firm or the applicable laws for Foreign Investments have granted a blanket approval for the same, any partner can give a specific power of attorney to another partner to carry out the specific act. However, this will have to be registered before the sub registrar where loan documents will be finally registered or before any official of the Indian Embassy abroad who has the powers equivalent to a sub registrar.
Stamp duty and registration fees is as per state. In case done before embassy there is a separate charge structure prescribed for the same by the GOI.
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