shares wher transferred by way of gift from a resident Indian to anNRI without prior approval of RBI. The transfer is registered in accordance with the comapnies act. But with respect to FEMA its violation!! What can be done >??
1 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 17 August 2009
You can make an application to RBI for compounding of offence (Pl. see attached file.).
Attached File : 27 power of rbi to compound.pdf downloaded: 208 times
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