|
Indian Direct Investment in Joint Ventures/Wholly Owned Subsidiaries
Outside India
A. P. (DIR Series) Circular No. 43 dated 30th April 2002
Attention of authorised dealers is invited to Foreign Exchange Management
(Transfer or Issue of any Foreign Security) Regulations, 2000 notified by the
Reserve Bank vide Notification No. FEMA 19/ RB - 2000 dated 3rd May
2000 as amended from time to time.
2.
With a view to streamlining the monitoring mechanism for overseas direct
investment by Indian parties, it has been decided that authorised dealers may
designate select branches at different centres to undertake foreign exchange
transactions in connection with overseas direct investment under Regulation 6
and 17B of Notification No. FEMA19/ RB - 2000 dated May 3, 2000.
3.
A list of such branches may be forwarded to Chief General Manager,
Reserve Bank of India, Exchange Control Department, Overseas Investment
Division, Central Office, Mumbai-400 001, at an early date for record.
4.
Authorised Dealers may bring the contents of this Circular to the notice
of their constituents concerned.
5.
The directions contained in this circular have been issued under Section
10 (4) and Section 11 (1) of the Foreign Exchange Management Act 1999 (42 of
1999).
|