RBI Approval

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Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2010 I am a UK resident & OCI. I am planning to start an import exprt business of electronic items. For this purpose do I need to take prior RBI approval? If yes what is the procedure thereof?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

27 September 2010 DEAR ANONYMOUS,

PLEASE CLARIFY IS YOUR OFFICE WILL IN INDIA OR NOT?

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2010 yes office in India, I am now settled in India just my Citizenship is of UK. But I hold OCI.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

28 September 2010 mam,
actually, import export business starts after issuing the iec code.

in my opinion ,
(1)open your account in bank,, name of company which you business started .(nature of concern depends on your choice,

(2) dgft, issue the IEC code, AS PER dgft appendix-2A,

In case of NRI interest/holding with repatriation benefits in the firm/company, please furnish

i. RBI Approval Number
ii. RBI Approval Date

FOR more information Notification No. 20/2000/RBI dated. 3rd May, 2000.

RBI APPROVAL IS MANDATORY.

FOR MORE INFO:- LOG ON TO :-

(1) https://dgft.gov.in/dgftcla/database/faqiec.pdf

(2)https://dgftcom.nic.in/
(3) Notification No. 20/2000/RBI dated. 3rd May, 2000.

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