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of <h1>RBI Amends Foreign Exchange Regulations: Increases Investment Limits for JVs and Subsidiaries in Myanmar and SAARC Countries</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000, effective January 15, 2003. The amendments modify Regulation 6, sub-regulation (2), allowing a maximum commitment of US$ 150 million for Joint Ventures or Wholly Owned Subsidiaries in Myanmar and SAARC countries (excluding Nepal, Bhutan, and Pakistan) per financial year. Additionally, the financial limit in clause (ii) is revised from Rupees 350 crores to Rupees 700 crores. These changes are part of the ongoing adjustments to the regulations originally published in May 2000.
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