12.8
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Import and Export of Foreign Securities
There are no restrictions on import into India of any security, whether Indian or foreign. Reserve Banks permission is, however, required for taking or sending any security to any place outside India in terms of Section 19(1)(a) of FERA 1973. Persons in India who are holders of foreign securities and wish to send the securities to banks or agents abroad for purposes of sale, transfer, etc., should therefore apply to Reserve Bank through an authorised dealer for the necessary export permit. Permission for export of foreign securities will be granted, provided the authorised dealer gives an undertaking in the case of sale that the foreign currency proceeds of the securities sold will be repatriated to India and in the case of transfer that the securities after transfer will be received back in India within a reasonable period. These restrictions however do not apply to persons holding securities covered under the general permission referred to in paragraph 12.6(i).