Overseas direct investment limits revised; pre-existing financial commitments before the cutoff remain grandfathered under the automatic route. The circular reduces the automatic-route ceiling for fresh financial commitments by an Indian Party in overseas JVs/WOS and requires prior Reserve Bank approval for commitments beyond the revised limit. Commitments contracted or applications submitted on or before the earlier cutoff remain subject to the prior higher ceiling; AD Category I banks must verify authenticity of pre-cutoff contracts, report such remittances post facto to the Reserve Bank, and note that funding from EEFC accounts, ADRs/GDRs, and eligible ECBs continue to be exempt from the new cap as per existing rules.
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.
Overseas direct investment limits revised; pre-existing financial commitments before the cutoff remain grandfathered under the automatic route.
The circular reduces the automatic-route ceiling for fresh financial commitments by an Indian Party in overseas JVs/WOS and requires prior Reserve Bank approval for commitments beyond the revised limit. Commitments contracted or applications submitted on or before the earlier cutoff remain subject to the prior higher ceiling; AD Category I banks must verify authenticity of pre-cutoff contracts, report such remittances post facto to the Reserve Bank, and note that funding from EEFC accounts, ADRs/GDRs, and eligible ECBs continue to be exempt from the new cap as per existing rules.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
