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Mr. Madhurendra Nath Jha, Senior Partner Paras Kuhad & Associates
However, if the applicant had ever been a citizen of Pakistan or Bangladesh he/she will not be eligible for OCI
Cont.
Direct Investment Opportunities: NRIs can open any business in India. Neither is there any specific bar under Company Law nor are they accorded any preferential treatment over other foreign and Indian Citizens. Issues Relating to Borrowing & Lending: The Issues and Limitations relating to borrowings and Lending has been regulated by Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 issued by the RBI.
NRIS INVESTMENT
Investment by Non Resident Indians is allowed in all categories. Earlier, only the NRIs were permitted to invest in Housing and Real Estate sectors, RBIs Circular known as Press Note 2 of 2005 dated March 3, 2005 and Press Note 4 of 2006 dated February 10, 2006 have vastly widened the field and opened the floodgates for FDI in townships, housing, infrastructure and construction/ development projects.
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B. The investment would further be subject to the following conditions: Minimum capitalization of US$10 million for wholly owned subsidiaries and US$ 5 million for joint ventures with Indian partners. The funds would have to be brought in within six months of commencement of business of the Company. Original investment cannot be repatriated before a period of three years from completion of minimum capitalization. However, the investor may be permitted to exit earlier with prior approval of the Government through the FIPS.
Cont.
C. At least 50% of the project must be developed within a period of five years from the date of obtaining all statutory clearances. The investor would not be permitted to sell undeveloped plots.
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4. Booming middle class - The Indian middle class is estimated at more than 300 million more than the entire population of US. Largely English-speaking Indian middle class represent the future of Indian service sector. All this augurs well for the overall improvement in the standard of living in India. Booming NRI investment - The millions of NRIs are channeling more and more money towards the growth of Indian infrastructure.