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Foreign exchange management and partnership

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(Querist)
27 March 2015 Dear professional and students,


Can a company incorporated outside India become a partner in a partnership firm in India?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 March 2015 Yes but permission of RBI is required.

Acquisition of Undertakings in India


11A.4

Foreign companies and foreign nationals(whether resident in India or not) need permission of Reserve Bank under Section 29(1)(b) of FERA 1973 for acquiring the whole or any part of any undertaking in India, of any person or company carrying on any trade, commerce or industry. Applications for the purpose should be made to the Central Office of Reserve Bank (Foreign Investment Division) in form FNC 6.



NOTES:

A.

The association of a foreign company or a foreign national as a partner in an existing partnership firm in India is deemed to be an acquisition of the undertaking in India by the foreign company/foreign national requiring approval of Reserve Bank.
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