TMI BlogIndian Direct Investment outside IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... Reserve Bank has vide its Notification No.FEMA 40/2001-RB dated March 2, 2001 (copy enclosed) amended the said Regulations. The salient features of the amendments are given in the following paragraphs a) Investments by Corporates - Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS) -Limits and Eligibility i. Under the Automatic Route as per Regulation 6 of the Notification dated 3 rd May, 2000, Indian parties may now invest in Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS) outside India, anamount not exceeding US $ 50 mn. or its equivalent in a financial year , (additional amount of US $ 25 mn. for investments in Myanmar and SAARC countries, other than Nepal, Bhutan and Pakistan) as against existing limit of US $ 50 mn. in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o have exhausted the limits available to them under sub-regulation (2) of Regulation 6 of Notification No.FEMA 19/RB-2000 dated 3 rd May, 2000, on an application submitted to it in form ODI , along with necessary documents/particulars. d) Investments by Firms Firms in India registered under the Indian Partnership Act, 1932, have also been permitted to make direct investments outside India in terms of Regulations 17A and 17B introduced through the Notification No.FEMA 40/2001-RB dated March 2, 2001. Investment proposals of the firms, in terms of Regulation 17A, will be considered by Reserve Bank, on application in form ODI (to the extent applicable), keeping in view factors, among others, prima facie viability of the overseas ventu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the automatic route, keeping in view the aforesaid revised guidelines and forward the form ODA along with the report of remittance in form ODR (in duplicate) to the Reserve Bank of India, Exchange Control Department, Central Office, Overseas Investment Division, Mumbai 400 001 immediately after the investments are made. Remittances may also be allowed for overseas investment by Indian parties on the basis of letter of approval issued by Reserve Bank, upto the amount of block allocation of foreign exchange, subject to terms and conditions stipulated therein. While allowing remittances in respect of individual overseas concerns under the scheme of block allocation, authorised dealers may obtain necessary information in form ODA a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose, authorised dealers may obtain an application in form ODA (to be filled up to the extent applicable) from the partnership firm along with the documents indicated at clauses 1(b) and (c) of the proviso to Regulation 17B and a certificate from a Chartered Accountant showing the details of all investments made during the financial year. Authorised dealers, after effecting the remittance towards such investments, may forward the form ODA along with the particulars of remittance in form ODR , with superscription "Remittance by partnership firm under Regulation 17B", to Reserve Bank of India, Exchange Control Department, Overseas Investment Division, Central Office, Mumbai 400 001. v) As in the case of additional investment in an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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