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of <h1>RBI Amends Foreign Exchange Management Regulations: New Certification Rules for Overseas Investments in Certain Jurisdictions.</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004, effective from November 14, 2017. This amendment modifies Regulation 15, specifically sub-regulation (v). It requires that the statutory auditors of an Indian party certify that the host country's law does not mandate auditing of the joint venture or wholly-owned subsidiary's accounts, allowing for unaudited accounts in the Annual Performance Report. However, this exemption does not apply to entities in jurisdictions under Financial Action Task Force observation or requiring enhanced due diligence.
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