10B.9
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Repatriation of Capital Investment in India
Repatriation of investments made in India is permissible (except where investment was permitted on specific condition that it will not be eligible for repatriation), provided the disinvestment has been made with the approval of Reserve Bank (See paragraph 10B.8). Applications for repatriation of the capital investment should be made to Reserve Bank through an authorised dealer stating the full particulars of the investment, number and date of Reserve Banks approval for disinvestment, documentary evidence in support of disinvestment proceeds and No Objection/Tax Clearance Certificate from the Indian Income Tax authorities. In cases of sale/transfer of shares and debentures acquired with repatriation rights, repatriation of sale proceeds of bulk holdings (i.e. shares/bonds/debentures exceeding Rs. one lakh in face value or 5% of the companys paid-up capital, whichever is lower) will be permitted only on production of a certificate from a chartered accountant or the concerned companys secretary stating that shares with necessary transfer forms duly signed have been received/lodged with the company for registration in favour of the transferee.