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of <h1>RBI Circular: Trusts and Societies in Manufacturing or Education Can Invest Overseas with Prior Approval.</h1> The circular issued by the Reserve Bank of India (RBI) addresses the policy on overseas direct investment by registered trusts and societies. It allows these entities, engaged in manufacturing or educational sectors, to invest in joint ventures or wholly-owned subsidiaries abroad, subject to prior RBI approval. Eligible trusts must be registered under the Indian Trust Act, 1882, and societies under the Societies Registration Act, 1860. Both must be KYC compliant, engaged in legitimate activities, and free from regulatory scrutiny. The circular mandates that applications be submitted through Authorized Dealer Category-I banks, which will verify compliance before forwarding them to the RBI.
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