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Foreign remitance

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(Querist)
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
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CA Hardik Bunha

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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.
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Rutesh

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Rutesh (Querist)
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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