Withdrawal of OCB general permission restricts OCB banking and investment privileges and mandates account closure and repatriation. The Regulations withdraw the general permission for Overseas Corporate Bodies (OCBs) to transact under FEMA, prohibit opening new accounts and new investments, require closure or conversion of specified existing accounts with repatriation or restricted disposal of balances, bar residents from borrowing from or lending to OCBs and prevent renewal of outstanding loans, while permitting limited forward contract hedges for specified existing investments and account balances and amending FEMA regulations to delete OCB references.