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Wednesday, Aug 03, 2005

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RBI nod not needed for appointing foreign nationals on co boards

Our Bureau

Mumbai , Aug. 2

THE Reserve Bank of India has clarified that its approval is not required for the appointment of a foreign national as a director on the board of directors of an Indian company under the Foreign Exchange of Management Act, 1999.

In a release, RBI also clarified that it has granted Indian companies general powers to make payment in rupees towards sitting fees or commission or remuneration and travel expenses to and from and within India to its non-whole time director, who is resident outside India, and is on a visit to India for company's work.

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