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of <h1>FDI Reporting Changes for Oil Field Interests: New Requirements for Banks under FEMA Regulations 9 and 10.</h1> The circular addresses the reporting requirements for the issue or transfer of 'participating interest/right' in oil fields to non-residents, now classified as Foreign Direct Investment (FDI) transactions under existing FDI policy and FEMA regulations. Authorized Dealer Category-I banks must report these transactions as FDI in accordance with Regulations 9 and 10 of the Foreign Exchange Management (Transfer of Issue of Security by a Person Resident outside India) Regulations, 2000. These transactions should be categorized as 'other' under revised forms FC-TRS and FC-GPR. Amendments to the relevant regulations will be notified separately. The circular is issued under the Foreign Exchange Management Act, 1999.
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