10A.2
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Shares of Indian Companies held by Non-residents at the commencement of FERA 1973
In terms of Section 29(4)(a) of FERA 1973, non-resident individuals (including Indian nationals), firms, companies, etc. holding shares of Indian companies which were acquired before the commencement of the Act i.e. 1st January 1974, had to take permission of Reserve Bank for continuing to hold the shares. Reserve Bank had issued holding licences in these cases indicating the eligibility of the non-resident holder in regard to repatriation or non-repatriation of the capital or income earned thereon depending upon the condition imposed in this regard while permitting the original investment.