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of <h1>New Amendment Allows Non-Residents to Invest in Indian Startups via Convertible Notes, Excludes Pakistan and Bangladesh.</h1> The Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment) Regulations, 2016, effective from January 10, 2017, introduces amendments to existing regulations. It defines a 'convertible note' as an instrument issued by a startup, initially as debt, convertible into equity within five years. The amendment allows non-residents, excluding citizens or entities from Pakistan and Bangladesh, to purchase convertible notes from Indian startups for a minimum of 25 lakh rupees. Government approval is required for startups in sectors needing foreign investment approval. The regulation outlines conditions for acquisition, transfer, and reporting of convertible notes.
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