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December 15, 2001 		Feedback  
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RBI allows forex remittance under ESOPs

The Reserve Bank of India has permitted authorised dealers to allow remittance of foreign exchange by employees of wholly-owned subsidiaries or branch offices of the foreign company or a company in which the shareholding of a foreign company is not less than 51 per cent for purchasing shares of a foreign company offered under the employees' stock option scheme.

Such remittances are allowed provided the ESOPs are offered at a concession and subject to the ceiling prescribed, the RBI said in Mumbai on Saturday.

The central bank said that such remittances for acquisition of shares under ESOP will be allowed irrespective of whether the concession is being borne by the foreign company, its wholly-owned subsidiary or office in India or a company in which the foreign share holding is not less than 51 per cent.

UNI


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