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of <h1>India Tightens Investment Rules for Neighboring Countries; Government Approval Needed for Certain Investments.</h1> The Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020, issued by the Ministry of Finance, amends the 2019 rules under the Foreign Exchange Management Act, 1999. Effective upon publication, the amendment stipulates that entities or beneficial owners from countries sharing land borders with India must obtain government approval for investments. Specifically, Pakistani citizens or entities can invest only through the government route, excluding sectors like defense, space, and atomic energy. Additionally, any transfer of ownership leading to restricted beneficial ownership also requires government approval.
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