<h1>India Eases Cross-Border Share Swaps and FDI Rules for Global Expansion; Simplifies Definitions for Startups and Control.</h1> The Department of Economic Affairs has amended the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, following the Union Budget 2024-25 announcement. The changes aim to simplify cross-border share swaps, allowing Indian companies to exchange equity instruments with foreign companies, facilitating global expansion through mergers and acquisitions. The amendments also clarify the treatment of downstream investments by OCI-owned entities, align the definition of 'control' with other laws, enable FDI in White Label ATMs, and harmonize the definition of 'startup company.' These efforts aim to enhance the business environment and attract foreign investment.