All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
ISSUE
AND TRANSFER OF CHARES IN FAVOUR OF NON-RESIDENTS OF REP
TRAVEL BASIS – REMITTANCE OF SALE PROCEEDS
In
terms of the instructions contained in F.E.
Circular No.5 dated the 10th January, 1994,
the designated authorized dealer is required to furnish,
among others, the particulars of the buyer of shares and
the letter/proceeds Realization Certificate if shares are
sold to another non-resident. It is clarified that the requirements
of sub-paras (iii)
& (v)
of Para 2
of the aforesaid circular do not apply to the quoted shares
of the listed companies. Accordingly, sub-paragraphs (iii)
and (v)
of paragraph 2
of the aforesaid F.E. Circular are amended as under:-
(iii)
The full stop after the word "shares" in the
second line is deleted and words "if the shares are
not quoted on Stock Exchanges" added.
(v)
The word "unquoted" may be added after the words
"In case the" in the 1st line.
2. Other instructions
shall remain unchanged.
