Transmission of shares to nri

Querist : Anonymous (Querist) 18 November 2011 This query is : Resolved
A resident Indian holds shares in an Indian Company in which FDI is not permitted/is subject to FIPB approval. On his death, shares are to be transmitted to his descendant who is an NRI. Normally, the NRI descendant could not have owned the shares of the Indian Company due to FDI Policy. Can the shares be transmitted to him due to death of shareholder? Will it not be a breach of FEMA?

Follow Query

Report Abuse