Q.46: CAN RESIDENT INDIVIDUALS ACQUIRE SHARES OF A FOREIGN ENTITY IN LIEU OF THE PROFESSIONAL SERVICES RENDERED BY THEM OR IN LIEU OF DIRECTOR’S REMUNERATION UNDER THE GENERAL PERMISSION?

Resident individuals are allowed under General Permission to acquire shares of a foreign entity in part / full consideration of professional services rendered to the foreign entity or in lieu of Director’s remuneration. The limit of acquiring such shares in terms of value shall be within the overall ceiling prescribed for the resident individuals under the Liberalized Remittance Scheme (LRS) in force at the time of acquisition.

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