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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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.

yes rbi approval is necessary

u can contact me

i have gone through that procedure

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

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.