It has been recently decided to allow existing or new companies (private or public limited) engaged or proposing to engage in the following activities to issue equity shares / convertible debentures to non-residents of Indian nationality / origin upto 100% of the new issue with repatriation benefits.

• Development of serviced plots and construction of built up residential premises.

• Real estate covering construction of residential and commercial premises including business centres and offices.

• Development of townships.

• City and region level urban infrastructure facilities including roads and bridges.

• Manufacturing of building materials.

• Financing of housing development.

• Overseas Corporate Bodies predominantly owned by NRIs (OCBs) are not eligible to invest on repatriation basis in the above areas.

• Repatriation of original investment will be allowed with prior permission of Reserve Bank only after a lock-in period of three years from the date of issue of equity shares / convertible debentures.

Applications for issue of shares / convertible debentures may be made by the Indian companies in form ISD (R) to :

The Controller,
Exchange Control Department,
FID (II), Reserve Bank of India,
Central office, Bombay - 400 023, giving full details of the projects etc.

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