Foreign remitance
This query is : Resolved
11 January 2014
Dear members,
Can a indian private company own a wholly owned subsidiary outside India by purchasing the entire share capital of the company. and the payment is made from normal bank account> is there any clause of making a payment from RFC A/c or the company has to take permission for payment from RBI
Can a indian private company own a wholly owned subsidiary outside India by purchasing the entire share capital of the company. and the payment is made from normal bank account> is there any clause of making a payment from RFC A/c or the company has to take permission for payment from RBI
CA Hardik Bunha
(Expert)
11 January 2014
IT IS NOT A CAPITAL TRANSACTION HENCE NO PERMISSION IS REQUIRED.
BUT PERMISSION WILL BE REQUIRED IF PAYMENT EXCEDDS SOME EXTENT.
BUT PERMISSION WILL BE REQUIRED IF PAYMENT EXCEDDS SOME EXTENT.
11 January 2014
but the payment is for the capital contribution of the foreign entity. and what is that extent any assumption
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