Transfer of shares from non-resident to resident
This query is : Resolved
24 August 2015
Query on FEMA compliances
Dear Sirs,
Question :- We have one Wholly owned Subsidiary in Singapore . The said subsidiary is proposed to be wound up. The query is that the said subsidiary holds shares in one of our Indian Group company. Now the situation is that the said investment needs to be transferred from WOS to its Parent Company(our company). So, what are the FEMA compliances need to be followed to transfer shares from the Foreign Subsidiary to Indian Parent Company. What are the specific guidelines needs to be followed. Please guide us with your valuable reply.
Thanks……
Dear Sirs,
Question :- We have one Wholly owned Subsidiary in Singapore . The said subsidiary is proposed to be wound up. The query is that the said subsidiary holds shares in one of our Indian Group company. Now the situation is that the said investment needs to be transferred from WOS to its Parent Company(our company). So, what are the FEMA compliances need to be followed to transfer shares from the Foreign Subsidiary to Indian Parent Company. What are the specific guidelines needs to be followed. Please guide us with your valuable reply.
Thanks……
Guest
Guest
(Expert)
19 September 2015
According to Para 11 of mastercircular on FDI, remittance of sale proceeds can be made to non resident seller (WOS in your case) provided NOC and Tax clearance certificate from Income tax is obtained.
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