Supplementary LLP agreement: FEMA clause for admission of a non-resident partner

Insert as a separate clause in the supplementary LLP agreement, and renumber

Clause [__]: Foreign investment

1. Status. [Name of non-resident partner] ("the Foreign Partner") is a person resident outside India within the meaning of the Foreign Exchange Management Act, 1999. The LLP carries on the business of [activity] (NIC [LLP's NIC code]), a sector in which foreign investment up to 100% is permitted under the automatic route without FDI-linked performance conditions, and its capital contribution is accepted under Schedule VI to the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 ("the Rules").

2. Contribution. The Foreign Partner shall contribute Rs [Foreign partner's capital contribution (Rs)] to the capital of the LLP, entitling it to [__]% of the profits and capital. The contribution shall be received by inward remittance through banking channels, or by debit to a repatriable account of the Foreign Partner maintained with an Authorised Dealer bank in India, and not from any NRO account. The amount is not less than the fair price determined by [name, CA / CMA] by certificate dated [Date of fair price certificate].