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of <h1>RBI Amends Foreign Exchange Regulations: New Rules for Valuing Foreign Investments Over USD 5 Million, Involves Merchant Bankers</h1> The Reserve Bank of India issued the Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2002, effective from its publication date in the Official Gazette. These amendments modify the 2000 regulations, introducing new provisions for the valuation of shares when investing in foreign securities. For investments exceeding USD 5 million, a Category I Merchant Banker registered with SEBI or an equivalent authority abroad must conduct the valuation. For smaller investments, a Chartered or Certified Public Accountant may perform the valuation. Additionally, proprietary concerns in India can apply for general permission to accept foreign shares as payment for services, with specific limits on share value and holding percentages.
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