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of <h1>RBI Prohibits Direct Investments in Non-Cooperative Countries, Updates FEMA Regulations to Align with FATF Objectives.</h1> The circular issued by the Reserve Bank of India (RBI) prohibits Indian parties from making direct investments in overseas entities located in countries identified by the Financial Action Task Force (FATF) as 'Non-Cooperative Countries and Territories.' This decision aligns with FATF objectives and updates Regulation 6 of FEMA Notification No. FEMA.120/RB-2004. Necessary amendments have been made through Notification No. FEMA 382/2016-RB. Authorized Dealer Category I banks are instructed to inform their clients about this prohibition, and relevant updates will be made to Master Direction No.15/2015-16. These directions are issued under the Foreign Exchange Management Act, 1999.
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