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Issue of Licence for Holding Foreign Securities

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Full Text of the Document

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....tion 19 of the Foreign Exchange Regulation Act, 1973, persons resident in India were required to obtain holding licence for acquisition of foreign securities. However, under the Foreign Exchange Management Act, 1999, there is no obligation on residents to obtain holding licence. 2. It is, therefore, clarified that no holding licence for acquisition of foreign securities by a person resident in In....

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