FEMA
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 January 2011
Can a NRI transfer funds in indian rupees to his NRE account and that funds will be further transferred to the companys capital account as share application money. If yes, whether any intimation to rbi of the receipt of funds in INR towards capital is required??
16 January 2011
As per FEM (Remittance of Asset) Regulation 2000, an NRI/PIO are allowed to repatriated USD 1 Million per F.Y. from the balance held in NRO Account for bona fide reason by following prescribed procedure.
But, practicably, some bank says Repatriation means NRO to foreign Bank Account, other say NRO to NRE and RBI is silent about it.
Further, for your 2nd query as to whether you can transfer the said funds to Indian Company as Share Capital, the answer is yes provided You may transfer the as FDI if the sector cap is not applicable with automatic/FDI approval route.
OR may transfer money in accordence with Schedule 4 of FEM (Transfer and Issue of Security by person resident outside India) Regulation
Regards
Juzer
But, practicably, some bank says Repatriation means NRO to foreign Bank Account, other say NRO to NRE and RBI is silent about it.
Further, for your 2nd query as to whether you can transfer the said funds to Indian Company as Share Capital, the answer is yes provided You may transfer the as FDI if the sector cap is not applicable with automatic/FDI approval route.
OR may transfer money in accordence with Schedule 4 of FEM (Transfer and Issue of Security by person resident outside India) Regulation
Regards
Juzer
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