| Date: |
02-12-2002
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| Notification No: |
RBI A P D (Series)Circular No 58/2002
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Indian Direct Investment in SAARC Countries and Myanmar
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|
Indian Direct Investment in SAARC Countries and Myanmar
A.
P. (DIR Series) Circular No. 58 dated 2nd December 2002
Attention
of authorised dealers is invited to the Sub-Regulation 2(i) and (ii) of
Regulation 6 of the Reserve Bank Notification No. FEMA 19/ RB-2000 dated May 3,
2000 as amended from time to time.
2.
As a part of further liberalisation it has been decided to enhance the
existing ceiling for Indian investment in Myanmar and SAARC countries (excluding
Pakistan) under the automatic route to USD 150 million or its equivalent,
against existing limit of USD 100 million and to Rs. 700 crores against existing
limit of Rs. 350 crores for rupee investment in Nepal and Bhutan.
3.
Necessary amendments to the Foreign Exchange Management Regulations, 2000
are being issued separately.
4.
Authorised Dealers may bring the contents of this circular to the notice
of their concerned constituents.
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).
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