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of <h1>RBI Updates FEMA Regulations: LLPs Now Classified as 'Indian Parties' for Overseas Direct Investments Effective May 7, 2014.</h1> The Reserve Bank of India has updated its regulations to classify Limited Liability Partnerships (LLPs) as 'Indian Parties' under the Foreign Exchange Management Act (FEMA) for overseas direct investments. This change allows LLPs registered under the Limited Liability Partnership Act, 2008, to make financial commitments to or on behalf of joint ventures or wholly-owned subsidiaries abroad, in accordance with existing FEMA provisions. Authorized Dealer banks are required to report these financial commitments using Form ODI Part I and II and adhere to current reporting requirements. The circular's directives are issued under FEMA, 1999, and are effective from May 7, 2014.
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