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Facilitation Agencies
The main regulatory and facilitation
agencies involved in the matters related to NRIs/OCBs investment
are Reserve Bank of India (RBI), Securities and Exchange Board
of India (SWBI), Authority for Advance Rulings (AAR),
Secretariat for Industrial Assistance (SIA), Ministry of
Commerce and Industry; and Office of the Chief Commissioner
(Investments & NRIs). Briefly their areas of activities are as
under:
Reserve Bank of India (RBI)
Reserve Bank of India regulates the
investment by persons resident outside India. In order to
simplify the regulations and procedures they issue ‘general
permission’ from time to time so that no specific permission is
required for the activities covered under the ‘general
permission’. The specific permission as required under exchange
control manual is granted by Foreign Investment Division-NRI
Cell of RBI Mumbai or Exchange Control Department of the
concerned Regional office of RBI depending upon the nature of
permission required. The permissions are granted in a time bound
manner. RBI maintains a comprehensive Website with latest
updates, notifications, forms at
www.rbi.org.in.
The RBI has introduced the Banking
Ombudsman Scheme since 1995 to provide a mechanism for redressal
of grievances relating to customer services offered by Indian
Banks. Ombudsmen have been appointed to receive complaints
relating to provision of banking services, including complaints
from NRIs having accounts in India in relation to their
remittances from abroad and other bank related matters.
Securities and Exchange Board of India
(SEBI)
The Overseas Investor Cell of SEBI
provides answers to queries on registration procedures,
formalities and other investment related issues pertaining to
SEBI to all overseas investors including NRIs through its
website at
www.sebi.gov.in and
www.sebi.com
Authority for Advance Rulings (AAR)
The Authority for Advance Rulings
enables non-residents to obtain, in advance, a binding ruling on
the issues that could arise in determining their Income Tax
liabilities. Therefore, time consuming and expensive legal
disputes can, thus, be avoided. The Authority is empowered to
determine any question of law or of fact as specified in the
application made before it in respect of a transaction, which
has been undertaken or is proposed to undertaken by a
non-resident.
Any non-resident person individual,
company, firm, association of persons or other body corporate,
can make an application for seeking an advance ruling.
The applicant is entitled to
represent his case before the Authority either personally or
through an authorised representative.
Secretariat for Industrial Assistance (SIA)
SIA has been set up by the Government
of India in the Department of Industrial Policy and Promotion in
the Ministry of Commerce and Industry to provide a single window
for entrepreneurial assistance, investor facilitation, receiving
and processing all applications which require Government
approval, conveying Govt. decisions on applications filed,
assisting entrepreneurs and investors in setting up projects,
(including liaison with other organisations and State Govt.) and
in monitoring implementation of projects. SIA maintains a
comprehensive website at:
http://www.dipp.nic.in
Indian Investment Centre
The Indian Investment Centre – a service
organisation of the government of India advises overseas
investors on setting up industrial projects in India by
providing information regarding investment opportunities in
India, the Government’s industrial policy licensing procedures,
taxation laws and facilities and incentives available. It also
helps them in finding partners in India. The centre also
provides escort services to NRIs.
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