Regulation 17C - A Proprietary Concern in India may .................... - Foreign Exchange Management (Transfer Or Issue of Any Foreign Security) Regulations, 2000

Has been superseded vide Notification No. 120/2004 dated 7/7/ 2004 1 [17C. A proprietary concern in India may apply to the Reserve bank in Form ODB for general permission valid for a period of one year to accept shares of a company outside India in lieu of fees due to it for professional services rendered to the said company. Provided that :- a. the value of the shares accepted from each company outside India shall not exceed fifty percent of the fees receivable by the Indian party from that company; and b. the Indian concern s share holding in any one company outside India by virtue of shares accepted as aforesaid shall not exceed ten percent of the paid-up capital of the company outside India, whose shares are accepted. ***************** NOTES:- 1. Inserted vide Notification No. 048/2002 dated 01-01-2002 , w.e.f. 01-01-2002.