NEW DELHI: The Reserve Bank is considering easing the fund transfer normsfor incorporation of companies by non-residents so as to promote foreign direct investment.
Under the new norms being contemplated by the RBI, consultants will be allowed to open bank accounts for the specific purpose of incorporating a company on behalf of the non-residents wanting to set up business entity in India.
The issue was recently discussed at a high level meeting presided over by Department of Economic Affairs Secretary Arvind Mayaram. The meeting was also attended by DIPP Secretary Saurabh Chandra, Chief Economic Advisor Raghuram Rajan and RBI officials.
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