Question ID :
44760
OCI Holder are partners and holding 99%
A partnership firm floated with 3 partners out of which 2 partners are Overseas Citizen of India and both of them contributed 99% of capital and profit sharing also 99%.
Please clarify whether OCI can float partnership firm and contribute 99% capital and what are the compliances to be made
Posted by
E VARALAKSHMI
on
Dec 16, 2024
Filed Under
MISC.
You can float a Partnership Firm in India, with two as NRIs and one as Resident India. However, according to the Foreign Exchange Management Act (FEMA), a Non-Resident Indian (NRI) investing in a partnership firm in India needs to obtain permission from (RBI) if they intend to repatriate the funds invested.
Under Automatic Route: NRI/PIO can invest in a partnership firm on a non-repatriation basis without prior approval from RBI.
Under Approval Route: If the NRI/PIO wants to repatriate the funds, they need to seek prior permission from RBI before making the investment
Posted by
Rupakula Rajasekhar on
Dec 31, 2024
Answer ID :
85550
yes....but repatriation possible only with approval of RBI
Posted by
SIVADAS CHETTOOR on
Jan 02, 2025