Export of securities to any place outside India requires permission of Reserve Bank. Persons in India who are holders of foreign securities and wish to send the securities to banks or agents abroad for purposes of sale, transfer, etc. should apply to Reserve Bank through an authorised dealer for the necessary export permit. Permission for export of foreign securities will be granted, provided the authorised dealer gives an undertaking in the case of sale that the foreign currency proceeds of the securities sold will be repatriated to India and in the case of transfer that the securities after transfer will be received back in India within a reasonable period. In regard to rupee securities held by non-residents, general permission for export of the share/debenture certificates is granted by Reserve Bank at the time of granting approval for the non-resident investment. NOTES: A. These restrictions do not apply to export of securities outside India by a person who has returned to India after a continuous stay of not less than one year abroad in respect of securities acquired or held in pursuance of Reserve Bank Notification No. FERA. 118/92-RB dated 7th September 1992.
B. Unit Trust of India has been granted general permission by Reserve Bank to export certificates covering units purchased by non-resident investors from out of foreign exchange remittances in India or from their non-resident accounts in India.
C. Regulations governing export of life insurance policies are given in Memorandum LIM.
[ANX-I]
ANNEXURE
LIST OF EXPORT PROMOTION COUNCILS AND OTHER GRANTEE ORGANISATIONS
[Paragraph 6A.15(i)]
1. Engineering Export Promotion Council, Calcutta
2. Overseas Construction Council of India, New Delhi
3. Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council, Mumbai
4. Chemicals and Allied Products Export Promotion Council, Calcutta
5. Plastic & Linoleums Export Promotion Council, Mumbai
6. Council for Leather Exports, Chennai
7. Sports Goods Export Promotion Council, New Delhi
8. Gem & Jewellery Export Promotion Council, Mumbai
9. Shellac Export Promotion Council, Calcutta
10. Cashew Export Promotion Council, Kochi
11. Electronics & Computer Software Export Promotion Council, New Delhi
12. The Synthetic & Rayon Textiles Export Promotion Council, Mumbai
13. Cotton Textiles Export Promotion Council, Mumbai
14. Indian Silk Export Promotion Council, Mumbai
15. Apparel Export Promotion Council, New Delhi
16. Wool & Woollen Export Promotion Council, New Delhi
17. Carpet Export Promotion Council, New Delhi
18. Handloom Export Promotion Council, Chennai
19. Export Promotion Council for Handicrafts, New Delhi
20. Indian Diamond Institute, Surat
21. Indian Institute of Packaging, Mumbai
22. Indian Council of Arbitration, New Delhi
23. Indian Institute of Foreign Trade, New Delhi
24. Federation of Indian Export Organisations, New Delhi