What is the exact definition of OCB. For example, a US incorporation in which a an NRI and an Indian national are holding equal shares can be defined as a OCB. In such a case, can this OCB make a FDI in a recently formed Indian private limited company through automatic route. or does this require an FIPB approval. Or is this impossible. I seek the help of expert company secretaries and auditors to get a clarification. we are planning for such an arrangement
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OCB investment in a recently formed company
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Dear Sir,
OCBs have been derecognized as a class of Investors in India with effect from September 16, 2003. Erstwhile OCBs which are incorporated outside India and are not under the adverse notice of RBI can make fresh investments under FDI Policy as incorporated non-resident entities, with the prior approval of Government of India if the investment is through Government route (FIPB); and with the prior approval of RBI if the investment is through Automatic route.
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