Two NRI""s propose to form a company in India and bring in their investment into the said company to carry on the business activity of importing various gift items from abroad and sell them locally in India through a Website to the local customers (Individual, other entities) on retail trading basis.

Please clarify whether for the aforesaid activity and investment approval of FIPB is required or the same can be covered under Schedule 4 (Investment by NRI on repatriation basis) of transfer or issue of security regulations, without obtaining approval FIPB.

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