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of <h1>Amended Foreign Exchange Rules 2024: Defines 'control,' clarifies 'startup,' requires approval for equity transfers, and modifies investment rules.</h1> The Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2024, amend the 2019 rules under the Foreign Exchange Management Act, 1999. Key changes include defining 'control' in line with the Companies Act, 2013, and clarifying the definition of a 'startup company.' The amendment requires prior government approval for certain equity transfers and introduces rules for equity swaps between Indian and foreign entities. It also modifies investment rules, including conditions for foreign portfolio investments and White Label ATM Operations. The amendments aim to streamline foreign investment processes and ensure compliance with sectoral conditions and government approvals.
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