RPC [Paragraph 10 C.21(v)] Application from an overseas company/partnership firm/ society/trust or any other corporate body predominantly owned by non-residents of Indian nationality/origin for permission under Section 29 (1)(b) of Foreign Exchange Regulation Act, 1973 to purchase shares of Indian companies through stock exchange/s in India with benefits of repatriation of capital invested and income earned thereon Instructions: 1. The application should be completed in duplicate and submitted to the Chief General Manager, Exchange Control Department (Foreign Investment Division- NRI Cell), Reserve Bank of India, Central Office, Mumbai - 400 001 through a designated branch of an authorised dealer in India. Under the Portfolio Investment Scheme, only certain branches have been designated to undertake the work relating to investments. In order to facilitate such investments, it would be advisable if the applicant's account is maintained with the same branch of the bank through which this application is submitted. 2. This form may be used for permission to purchase debentures also. 3. Applicants wishing to purchase shares/debentures witho t repatriation benefits should submit a separate application on form NRC to the above office of Reserve Bank through the same designated branch. 4. To qualify for necessary permission for investment in shares/debentures, at least 60% ownership of the applicant company/firm/society should either directly or indirectly be with individuals of Indian nationality/origin resident outside India. In the case of trust, at least 60% of the beneficial interest must either directly or indirectly be held irrevocably by individuals of Indian nationality/origin resident outside India. 5. For the purpose of the facility of investment in shares and securities, a person (not being a citizen of Pakistan or Bangladesh) shall be deemed to be of 'Indian origin', if (i) he, at any time, held Indian passport, or, (ii) he or either of his parenets or any of his grandparents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 (57 of 1955). A spouse (not being a citizen of Pakistan or Bangladesh) of an Indian citizen or of a person of Indian origin is also deemed to be a person of Indian origin. Documentation: 6. A certificate (in original) of a recent date in form OAC/OAC1 from an overseas Auditor/Chartered Accountant/Certified Public Accountant. 1. (i) Name and full address of the (i) Applicant (ii) Whether the applicant is a (ii) company, partnership firm, society or trust (iii) Place of incorporation/ (iii) Registration (iv) Date of incorporation/ (iv) Registration (v) Percentage of ownership of the (v) applicant company/firm/society/ (irrevocable beneficial interest in case of a trust) held directly or indirectly by individuals of Indian nationality/origin resident outside India 2. Name and address of the bank branch In India through which the applicant Desires to purchase shares/debentures 3. Source of funds from which payment For shares/debentures to be purchased Will be made: (i) By remittance from abroad (i) (ii) From non-resident bank account (ii) in India (a)Nature of account viz., (a) NRE/FCNR account (b)Account number (b) (c) Name and address of the (c) bank branch maintaining the Account 4. Whether the applicant already holds Any shares/convertible debentures in Indian companies with benefits of Repatriation/without benefits of Repatriation. If so, please attach a complete list of such shares/ Convertible debentures indicating the Name and address of the company, Total number and face value of the Shares/convertible debentures held We solemnly declare that the particulars given above are true and correct to the best of our knowledge and belief. We agree and undertake to ensure that our total holding of equity shares/preference shares/convertible debentures in any one Indian company that may be allowed to be purchased through stock exchange/s (including the equity shares/preference shares/convertible debentures already held, if any, in that company) with repatriation benefits shall, at no time, exceed one per cent of the paid-up equity capital/paid-up value of each series of convertible debentures of that company. We undertake that if the ownership interest of the individuals of Indian nationality/origin resident outside India in our company/firm/society falls below the level of 60% at any time in future, we shall inform such a change to the designated bank mentioned in column 2 of this application and the Reserve Bank of India promptly. (In the case of trust, this undertaking would relate to any change in the beneficial interest of individuals of Indian nationality/origin resident outside India.) Place: Stamp Date: (Signature of Authorised Official) Name: Designation (To be completed by the designated bank) We hereby certify that the applicant is our bona fide constituent. We al o ndertake to ensure that shares/debentures will be purchased through recognised stock exchange/s in India in conformity with the relevant Exchange Control regulations and we shall comply with the terms and conditions as may be stipulated by the Reserve Bank while granting its permission to purchase shares/debentures on behalf of the applicant. Date: Stamp (Signature of Authorised Official) Designation: Name and Address of Designated Bank
