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of <h1>RBI Updates Definition of 'Group Company' for FDI: Key Changes for Category-I Banks Under FEMA 1999.</h1> The Reserve Bank of India issued a circular to Category-I Authorised Dealer banks regarding the definition of 'group company' in the context of Foreign Direct Investment (FDI) in India. The definition includes enterprises that either hold at least 26% of voting rights or can appoint over 50% of the board of directors in another enterprise. This update aligns with the Foreign Exchange Management Regulations and follows amendments notified in October 2013. Banks are instructed to inform their clients of these changes, which are issued under the Foreign Exchange Management Act, 1999.
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