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Anyone Aware of RBI Rule - related to IEC Code

Anjali Saigal (Accountant) (125 Points)

14 May 2008

I want to Apply for IEC code but if one of the directors is a foreigner I need A RBI approval so I am in A fix as not anyone from RBI is ready to give me that ....they say that rule has changed but I need the notifiation no Does anyone have that

Anjali

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12 Replies

SSA JI (Ca Final ) (1970 Points)
Replied 14 May 2008

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Vinod Kashyap (XBRL Training) (451 Points)
Replied 09 June 2008

I don't think you need any approval of RBI for obtaining IEC Code even if there is a Foreign Director in the Company. Any Company registered in India can have an IEC code. You may simply apply for IEC Code in the Form available.

CA Nitin Wadhwani (Chartered Accountant) (4469 Points)
Replied 10 July 2008

yes rbi approval is necessary

u can contact me

i have gone through that procedure

Anjali Saigal (Accountant) (125 Points)
Replied 10 July 2008

Hi,

Please let me know the procedure .....

But I was told by RBI officer whom I met in person that it is not required As per FEMA notification no 16 ...which allows payment outside

still if you can help me I will be obliged

Anjali

CA Nitin Wadhwani (Chartered Accountant) (4469 Points)
Replied 10 July 2008

it may not be necessary as per fema act

but a letter containing complete details of that NRI director with approval of rbi on it is submitted along with other requisite documents

if there is no nri director then a no nri interest letter is to be submitted

if u r having further problems

then u can contact me to get through it.

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(Guest)

Hi,

I have to submit RBI approval no. for IEC for my company with both NRI directors and repatriation facility. company has been registered in INDIA.

Is RBI approval necessary

Anjali Saigal (Accountant) (125 Points)
Replied 01 August 2008

I was told by the RBI as per FEMA notification no 16 which allows current account transactions we dont require RBI approval

But to be on a safer side I had written to RBI , Exchange Control Dept, BKC, And submitted a request asking for approval , and then after a month they send me a letter stating approval not required so I submitted the same to IEC code and now am waiting for them

Make sure you send some one in person at BKC to give to RBI the letter else they will say not recd

Pratik K (Student) (3406 Points)
Replied 22 December 2008

thans for info frineds

Param (Accountant) (22 Points)
Replied 18 November 2009

Hi Anjali Saigal ,

We are also undergoing the same issue of RBI approval, possible to have the content of RBI letter which will help us in great extend.

Thanks in Advance

Sanyukta B (Student Others) (30 Points)
Replied 12 December 2012

Dear All,

I was looking for a sample RBI Approval letter online and was unable to find it. Is there a particular format? What is the procedure to secure an RBI Approval Letter?

Thanks in advance.