ICICI

Any special provision for NRI to became director of company


arun sharma (student)     04 December 2009

arun sharma
student 
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Our client has made a Company in 2007. There are only two directors in the Company both are Indian but for last 5 years having taken the green card at  Malashia and residing there. At the time of incorporation of the Company , they have disclosed their status as resident and not NRI.

After that, they have purchased the AgricultureLand in India and payment have come through NRI A/c in foreign currency and except this, there are no activity in the Company.

Now we have to do the Audit and prepare the ROC record of the Company, pls inform us that

1.      whether there is any requirement to obtain the permission from the RBI to transfer and invest the amount into India.

2.      Whether NRI can become the director of the Company without any permission or there is any requirement to obtain the permission to Incorporate the Company in india or not.

Waiting for the reply

avater

CA. Anuj Gupta (Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)     26 March 2011

CA. Anuj Gupta
Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA 
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As per FEMA NRI or PIO's are not permitted to invest in agricultral property either directly or through the Company route.

 

So now you need to go to RBI in the present case.

 

Also if the NRI invest in India on non reptriation basis then there is no need for any compliances.


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