RBI Approval

This query is : Resolved

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)
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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)
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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) http://dgft.gov.in/dgftcla/database/faqiec.pdf

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

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