Foreign investment restrictions tighten for land-border and Pakistan-linked ownership, with reporting and approval rules clarified The amendment revises the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 to regulate equity investment in Indian companies, especially where the investor, beneficial owner, or ownership chain involves a country sharing land border with India or Pakistan. It requires Government route investment and prior Government approval in specified restricted cases, applies Reserve Bank reporting where approval is not otherwise required, excludes certain multilateral banks or funds from country attribution, and treats issue or transfer of participating interest or right in oil fields to a person resident outside India as foreign investment subject to Schedule I.
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Foreign investment restrictions tighten for land-border and Pakistan-linked ownership, with reporting and approval rules clarified
The amendment revises the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 to regulate equity investment in Indian companies, especially where the investor, beneficial owner, or ownership chain involves a country sharing land border with India or Pakistan. It requires Government route investment and prior Government approval in specified restricted cases, applies Reserve Bank reporting where approval is not otherwise required, excludes certain multilateral banks or funds from country attribution, and treats issue or transfer of participating interest or right in oil fields to a person resident outside India as foreign investment subject to Schedule I.
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