| Date: |
09-12-2014
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| Notification No: |
RBI/2014-2015/344 A.P.(DIR Series) Circular No.48
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-2015/344 |
| Subject: |
Overseas Investments by Alternative Investment Funds (AIF)
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RBI/2014-2015/344
A.P.(DIR Series) Circular No. 48
December 09, 2014
To
All Category-I Authorised Dealer Banks
Madam / Sir,
Overseas Investments by Alternative Investment Funds (AIF)
Attention of the Authorised Dealer (AD - Category I) banks is invited to
Regulation 26 of
Notification No. FEMA.120/RB-2004 dated July 7, 2004 [Foreign
Exchange Management (Transfer or Issue of any Foreign Security) (Amendment)
Regulations, 2004] (the Notification), as amended from time to time and the
provisions under
A.P.(DIR Series) Circulars No. 49 and
50 dated April 30, 2007
and May 04, 2007 respectively.
- On a review, it has been decided to permit an Indian Alternative
Investment Fund (AIF), registered with Securities and Exchange Board of
India (SEBI), to invest overseas in terms of the provisions issued under the
A.P. (DIR Series) Circulars No. 49 and
50 dated April 30, 2007 and May 04,
2007 respectively.
- Necessary amendments to the Notification ibid has been issued vide
Notification No. FEMA.326/RB-2014 dated November 12, 2014 (copy enclosed)
and effective from the date of publication in the Gazette i.e. November 21,
2014.
- AD - Category I banks may bring the contents of this circular to
the notice of their constituents and customers concerned.
- The directions contained in this circular have been issued under
Sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999
(42 of 1999) and are without prejudice to permissions/approvals, if any,
required under any other law.
Yours faithfully,
(C D Srinivasan)
Chief General Manager
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