Rohit Soans (Article Assistant) (28 Points)
18 October 2013Is it possible for a Non Resident to become a designated partner in a LLP. (Assuming he brings in FDI and has an NRO account.).Is this possible without prior approval from FIPB?
Kiran
(Service)
(28 Points)
Replied 19 October 2013
Dear Rohit,
According to me there should not be any problem. If the money is coming from NRO account, that means money is not coming from outside and since it is an NRO account of repatriation of funds wont be possible.
this should not classify as FDI (which other wise requires FIPB approval under the extant regulation)
Views of other learned members are awaited.
Regards,
Kiran
CAclubindia
