A Indian singer with his pakistani friend want to start a music company business in India.(i.e. any of the following Partnership firm, AOP or Company)can he is allowed to the same or are there are any restriction by Govt,RBI, Income tax or under the FEMA Act to do business with pakistani citizen.
Please provide some write up and provisions of respective Acts if any. Thank you
09 May 2011
The only prohibition placed under FEMA is on Citizen of Pakistan or Entity incorporated in Pakistan. However Citizen or Entity of Pakistan can invest after the Government Approval .
CAclubindia
