10C.30
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Recording of Overseas Address by Indian Companies
In terms of Section 19(4) of FERA 1973, permission of Reserve Bank is required to be obtained by Indian companies for recording in their registers/books, the overseas address of the holder of securities, consequent on change of his status from resident to non-resident. By its Notification No. FERA 122/92-RB dated 17th September 1992, Reserve Bank has granted general permission to companies in India to enter the overseas address in such cases provided the company obtains an undertaking from the holder of any security that he will not seek repatriation of any income, dividend or sale proceeds of the security. The dividend/interest earned on such securities or sale proceeds thereof should, therefore, be credited only to the Ordinary Non-resident Rupee (NRO) Account of the holder with a bank in India.
Note: See paragraph 10C 24A regarding repatriation of income/interest earned during the financial year 1994-95 and onwards.