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of <h1>RBI Amends Foreign Exchange Regulations: Changes to ARC Investments, Regulation 5, and Schedule 1 Effective Jan 2013</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management Regulations concerning the transfer or issue of securities by persons residing outside India. Effective from January 17, 2013, these amendments include the deletion of a proviso in Regulation 5, sub-regulation 2, and changes to Schedule 1, specifically regarding Asset Reconstruction Companies (ARCs). Foreign investments in ARCs are permitted only through the Government Route and must comply with FDI regulations. Additionally, no sponsor can hold more than 50% of an ARC's shareholding, and FIIs can invest up to 74% in security receipts issued by ARCs, with individual investments capped at 10% unless otherwise specified.
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