Prior Permission of the Reserve Bank for Direct Investment by a Proprietary Concern in India

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.... Reserve Bank for a Proprietary Concern in India to accept shares A proprietary concern in India may apply to the Reserve Bank through the authorised dealer in Part I of the Form ODI, as prescribed by the Reserve Bank from time to time, for permission to accept shares of a company outside India in lieu of fees due to it for professional services rendered to the said company. Provided that (a)....

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....due to it for professional services rendered to the said company. Provided that: - (a) the value of the shares accepted from each company outside India shall not exceed fifty per cent of the fees receivable by the Indian concern from that company; and, (b) the Indian concern's shareholding in any one company outside India by virtue of shares accepted as aforesaid shall not exceed ten per....