Automatic route for Navaratna PSU investments in overseas oil exploration permitted, subject to competent authority approval and reporting. AD Category I banks may permit remittances by Navaratna PSUs for investment in unincorporated overseas oil and natural gas exploration entities after verifying that the proposal is approved by the appropriate competent authority (Board of Directors, ECS, or CCEA as applicable) and supported by a certified Board resolution; such investments are allowed under an automatic route and remain subject to the usual reporting requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Automatic route for Navaratna PSU investments in overseas oil exploration permitted, subject to competent authority approval and reporting.
AD Category I banks may permit remittances by Navaratna PSUs for investment in unincorporated overseas oil and natural gas exploration entities after verifying that the proposal is approved by the appropriate competent authority (Board of Directors, ECS, or CCEA as applicable) and supported by a certified Board resolution; such investments are allowed under an automatic route and remain subject to the usual reporting requirements.
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