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of <h1>Master Circular Summarizes Guidelines for Indian Residents Investing in Foreign JVs and WOS Under FEMA 1999.</h1> The Master Circular consolidates existing guidelines on direct investments by residents in Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS) abroad, as per the Foreign Exchange Management Act 1999 and related regulations. It provides a comprehensive overview of the rules governing these investments, referencing the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004. This circular, addressed to banks authorized to deal in foreign exchange, includes a sunset clause and will be replaced by an updated version on July 1, 2012.
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