femaonline created by nribanks.com		home || press release index

Foreign Exchange Management Act Date: Aug 22, 2003 RBI ROs to permit Share Transfer from Residents to Non-residents With a view to reducing procedural delays, the Reserve Bank of India has delegated the work of granting permission for transfer of shares of Indian companies by way of sale by residents in favour of non-residents to its regional offices(Ros).   Applications/requests seeking such permission may now be submitted to that regional office of the Reserve Bank under whose jurisdiction the company whose shares have to be transferred from resident to non-resident is located.   The Reserve Bank of India regulates the transfer of shares of Indian companies by way of sale by residents in favour of non-residents in terms of regulation 10(A)(b) of RBI Notification No.FEMA 20/2000-RB dated May 3, 2000.   Alpana Killawala General Manager Press Release : 2003-2004/250