Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Non-resident companies must provide RBI approval for IEC applications under Note 1, Appendix 2A, per EXIM Policy.</h1> Companies with non-resident interests seeking an Importer-Exporter Code (IEC) must submit Reserve Bank of India (RBI) approval when applying, as per the current Export-Import (EXIM) Policy. This requirement includes details of repatriation benefits and non-resident investments. Despite some companies with foreign collaboration approvals claiming exemption from this requirement, the Directorate General of Foreign Trade (DGFT) clarifies that RBI approval is mandatory, as specified in Note 1 of Appendix 2A of the IEC application format. This directive is issued with the approval of the Director General of Foreign Trade.
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