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of <h1>RBI Allows Indian Firms to Issue Bonus Shares to Non-Residents Under Court-Approved Schemes Per FEMA 1999 Guidelines.</h1> The Reserve Bank of India (RBI) has clarified that Indian companies can issue non-convertible or redeemable bonus preference shares or debentures to non-resident shareholders from their general reserves. This issuance must be part of a Court-approved Scheme of Arrangement under the Companies Act and requires no objection from the Income Tax Authorities. Previously, such permissions were granted on a case-by-case basis. The RBI has amended the relevant regulations, and Authorized Dealer Category-I banks are instructed to inform their constituents. These directions are issued under the Foreign Exchange Management Act, 1999, and do not override other legal requirements.
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