Grant of IEC No. to Companies having non-resident interest - DGFT - 39/(RE-98)/1998-1999

POL CIR NO. 39/(RE-98)/1998-1999 Dated 25-9-1998 Grant of IEC No. to Companies having non-resident interest Under-the current EXIM Policy and procedures, Companies having non-resident interest and intending to repatriate the profits are required to produce a copy of RBI approval while applying for grant of Importer- Exporter Code no. It has come to the notice of this Office that some Companies having Foreign Collaboration approval by Secretariat for Industrial Approvals, Ministry of Industry , have claimed that approval of RBI is not necessary in their case. In this connection , it is clarified that as per in Note 1 below Appendix 2 A (Format for IEC application ) RBI approval must be submitted with full details of repatriation benefits and non-resident investment while applying for grant of an IEC No. This issues with the approval of Director General of Foreign Trade. Sd/ (Rajan Sudesh Ratna) Dy. Director General of Foreign Trade F.No.39(179)/97-02/PC-1