Prior Permission from Reserve Bank in certain cases

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Reserve Bank, on an application, may permit a person resident in India to acquire foreign securities :- 1 (a) A person resident in India being an individual may acquire foreign securities as qualification shares issued by a company incorporated outside India for holding the post of a director in the company :- provided that (i) the number of shares so acquired shall be the minimum required to be h .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... employees/directors of an Indian promoter company of shares of a Joint Venture or Wholly Owned Subsidiary outside India of the Indian promoter company, in the field of software:- Provided that - i. the consideration for purchase does not exceed US10,000 or its equivalent per employee in a block of five calendar years, ii. the shares so acquired do not exceed 5% of the paid-up capital of the Joint .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X