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of <h1>RBI Derecognizes Overseas Corporate Bodies as Eligible Investors in India; New Rules Effective September 16, 2003 Per FEMA 101/2003-RB.</h1> The Reserve Bank of India (RBI) announced the derecognition of Overseas Corporate Bodies (OCBs) as eligible investors in India effective September 16, 2003. This decision, conveyed through A.P. (DIR Series) Circular No. 14, led to the withdrawal of permissions under the Foreign Exchange Management Regulations. The RBI issued regulations under Notification No. FEMA 101/2003-RB to formalize this change. FAQs addressing operational issues related to the exit of OCBs have been provided. OCBs are now restricted from making new investments, although existing holdings can be maintained under specific conditions. The circular outlines procedures for handling investments, deposits, and transactions involving OCBs.
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