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of <h1>RBI Amends Foreign Exchange Regulations: Limits Financial Commitments in Joint Ventures to 100% Net Worth; Approvals Needed for Pakistan Investments</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004. Effective from August 14, 2013, these amendments limit the total financial commitment of an Indian party in joint ventures or wholly owned subsidiaries to 100% of its net worth, subject to Reserve Bank discretion. The amendments specify components of financial commitments, including remittances, capitalization of export proceeds, and guarantees. Investments in Pakistan now require approval under regulation 9. Additionally, the withdrawal of foreign exchange from authorized dealers is capped at 100% of the Indian party's net worth, requiring Reserve Bank approval if exceeded.
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