partnership
This query is : Resolved
05 June 2009
IS IT POSSIBLE FOR A NRI TO ENTER INTO PARTNERSHIP WITH A RESIDENT, IN INDIA. IS ANY SPECIAL PERMISSION FROM RBI REQUIRED FOR THAT IF SO WHAT R THEY
PLS...... ANS........
PLS...... ANS........
09 June 2009
Yes, an NRI can enter into a partnership with a resident of India provided that such partnership firm is not engaged in any agricultural/plantation activity or real estate business, print media.
Also the amount invested by an NRI as above has to be received either by way of inward remittance through normal banking channels or an account maintained with an authorized dealer in accordance with FEMA regulations as indicated such investment made is provided to be not eligible for repatriation outside India.
However where an investment has been made out of NRSR account i.e. Non-resident special rupee account by NRI, the investment made in the firm as capital or the profits arising out of such investment can be credited to such account.
The FEMA regulations also provide later on that the firm in which the NRI has made investment can make a payment of the investment to the NRI or credit the profits accrued on the investment so made.
NO express RBI permission is required if the investment is mobilized in the prescribed format.
Also the amount invested by an NRI as above has to be received either by way of inward remittance through normal banking channels or an account maintained with an authorized dealer in accordance with FEMA regulations as indicated such investment made is provided to be not eligible for repatriation outside India.
However where an investment has been made out of NRSR account i.e. Non-resident special rupee account by NRI, the investment made in the firm as capital or the profits arising out of such investment can be credited to such account.
The FEMA regulations also provide later on that the firm in which the NRI has made investment can make a payment of the investment to the NRI or credit the profits accrued on the investment so made.
NO express RBI permission is required if the investment is mobilized in the prescribed format.
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