Transfer of shares from non-resident to resident

This query is : Resolved

YOGESH (Querist)
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24 August 2015 Query on FEMA compliances

Dear Sirs,

Question :- We have one Wholly owned Subsidiary in Singapore . The said subsidiary is proposed to be wound up. The query is that the said subsidiary holds shares in one of our Indian Group company. Now the situation is that the said investment needs to be transferred from WOS to its Parent Company(our company). So, what are the FEMA compliances need to be followed to transfer shares from the Foreign Subsidiary to Indian Parent Company. What are the specific guidelines needs to be followed. Please guide us with your valuable reply.

Thanks……

Guest

Guest (Expert)

19 September 2015 According to Para 11 of mastercircular on FDI, remittance of sale proceeds can be made to non resident seller (WOS in your case) provided NOC and Tax clearance certificate from Income tax is obtained.