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of <h1>FEMA Regulation 16 allows Indian parties to transfer overseas subsidiary shares with conditions including fair value certification and 90-day repatriation requirement</h1> Regulation 16 of FEMA permits Indian parties to transfer shares in overseas joint ventures or wholly owned subsidiaries through sale to other compliant Indian parties or non-residents. Key conditions include no investment write-offs, stock exchange transactions or fair value certification for unlisted shares, clearance of outstanding dues, one-year operational requirement with submitted reports, and no regulatory investigations. Limited disinvestment below original investment value is allowed for listed entities or those meeting specific criteria. Sale proceeds must be repatriated within 90 days, with documentary evidence submitted to Reserve Bank through authorized dealers.
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