Reserve Bank by its Notification No.FERA.159/94-RB dated 5th October 1994 has granted general permission under Sections 29(1) and 19(4) of FERA 1973 to NRIs/ OCBs to purchase the shares on repatriation basis disinvested by Government of India in certain Public Sector Enterprises (PSEs) and to PSEs to register in their books the overseas address of such NRIs/OCBs, subject to the conditions that

(a) the holding of shares by a NRI or by an OCB, at any time, does not exceed one per cent of the paid up capital of the PSE concerned,

(b) the purchase consideration/bid money is received by way of remittance from abroad through normal banking channels or by transfer of funds held in investors NRE/FCNR accounts, and

(c) the application is submitted alongwith deposit of bid money/purchase consideration at the branch of State Bank of India designated by the Government of India for that purpose in the notice inviting the bids.