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of <h1>Navaratna PSUs can now invest in foreign oil sector ventures via automatic route, easing prior RBI approval requirement.</h1> Navaratna Public Sector Undertakings (PSUs) are now permitted to invest in unincorporated entities in the oil sector abroad through the automatic route, simplifying the previous requirement for prior Reserve Bank approval. This applies to investments in exploration and drilling for oil and natural gas. The decision-making authority for such investments depends on the amount involved and includes the PSU's Board of Directors, the Empowered Committee of the Secretaries, or the Cabinet Committee on Economic Affairs. Authorized Dealer Category - I banks can facilitate these remittances, provided the investment is approved by the appropriate authority and supported by a certified Board Resolution.
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