COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

RBI ups stake limit to 61 pc for NRIs, OCBc in unlisted manufacturing cos

The Reserve Bank of India today introduced a 61 per cent scheme for issue of shares to non-resident Indians and overseas corporate bodies in unlisted companies engaged in manufacturing activity other than activities listed in Annexure III to the statement of the Industrial Policy 1991.

General permission of the scheme has been granted vide notification number FERA 190/98-RB dated December 2, 1998, enabling such companies to issue and export share certificates to the NRI/OCB investors without seeking prior permission of the RBI. This will be subject to reporting requirements consequent to the introduction of the 51 per cent scheme. The 40 per cent scheme introduced earlier has been withdrawn.

UNI

Business news