Investments abroad

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keerthi (Querist)
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08 January 2015 Dear all,

One of our client(Pvt co. in India ) wants to open WOS in US . Initially, transfer of USD 10000 towards share application money will be made .

Can anyone guide what are rules as per FEMA , RBI & if any applicable on this .

thanks
Keerthi

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 January 2015 Please see the link.

http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9071

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keerthi

keerthi (Querist)
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19 January 2015 Sir,

Thanks. Is it mandatory to have UIN by RBI . If yes , what is procedure & time limit to have this ?

Thanks
Keerthi

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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01 August 2024 Yes, in India, obtaining a Unique Identification Number (UIN) from the Reserve Bank of India (RBI) is mandatory for certain entities, particularly those involved in activities such as remittances, foreign exchange transactions, or operating as Authorized Dealers.

### **Procedure to Obtain a UIN from RBI:**

1. **Eligibility Check:**
- **Entities Requiring UIN:** Entities such as Authorized Dealers (ADs), banks, and certain other organizations engaged in foreign exchange transactions or cross-border activities need to obtain a UIN.
- **Purpose:** The UIN is primarily used to track and monitor foreign exchange transactions and compliance with regulatory requirements.

2. **Application Process:**
- **Form Submission:** The application for UIN is generally submitted to the RBI through the respective Regional Office or through an online platform, depending on the type of entity and the specific RBI guidelines.
- **Documents Required:** The application typically requires the submission of certain documents such as the entity's registration certificate, compliance details, and other relevant documents as specified by RBI guidelines.
- **Online Application:** Some applications can be submitted online through the RBI's official website or dedicated portals, depending on the type of UIN and the nature of the entity's operations.

3. **Approval and Issuance:**
- **Review Process:** The RBI will review the application and documents submitted. This process may include verification of the entity's credentials and compliance status.
- **Time Limit:** The time taken to issue a UIN can vary depending on the type of entity and the completeness of the application. It is advisable to check with the RBI or the relevant Regional Office for specific timelines.

4. **Contacting RBI:**
- **Regional Offices:** For specific procedures and requirements, contacting the nearest RBI Regional Office or checking the RBI's official website for updated procedures and forms is recommended.

### **Summary:**

- **Mandatory Requirement:** Yes, obtaining a UIN from RBI is mandatory for entities involved in specified activities.
- **Procedure:** Submit the application along with required documents to the RBI, either online or through a Regional Office.
- **Time Limit:** The time to process and issue a UIN may vary; contacting the RBI directly or checking their official website for current timelines is advisable.

If you need more detailed guidance or have specific queries related to your entity, contacting the RBI directly or consulting with a professional in financial compliance might be beneficial.