Withdrawal of general permission for overseas corporate bodies removes OCB references across FEMA regulations. The amendments remove all textual references to Overseas Corporate Bodies (OCBs) and excise the general permission previously applicable to OCBs by ... Summary
Foreign Exchange Management (Borrowing And Lending In Rupees) Regulations, 2000
Withdrawal of general permission for overseas corporate bodies removes OCB references across FEMA regulations.
The amendments remove all textual references to Overseas Corporate Bodies (OCBs) and excise the general permission previously applicable to OCBs by deleting terms such as 'OCB' and 'Overseas Corporate Body' from specified regulations, schedules and annexures across several FEMA instruments, including rules on borrowing or lending in foreign exchange and rupees, deposits, transfers or issues of securities by nonresidents, and derivative contracts.
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