https://www.taxtmi.com/circulars?id=52391 The circular reduces the automatic-route ceiling for fresh financial commitments by an Indian Party in overseas JVs/WOS and requires prior Reserve Bank approval for commitments beyond the revised limit. Commitments contracted or applications submitted on or before the earlier cutoff remain subject to the prior higher ceiling; AD Category I banks must verify authenticity of pre-cutoff contracts, report such remittances post facto to the Reserve Bank, and note that funding from EEFC accounts, ADRs/GDRs, and eligible ECBs continue to be exempt from the new cap as per existing rules. en-us Wed, 04 Sep 2013 00:00:00 +0530 Wed, 04 Sep 2013 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52391 The circular reduces the automatic-route ceiling for fresh financial commitments by an Indian Party in overseas JVs/WOS and requires prior Reserve Bank approval for commitments beyond the revised limit. Commitments contracted or applications submitted on or before the earlier cutoff remain subject to the prior higher ceiling; AD Category I banks must verify authenticity of pre-cutoff contracts, report such remittances post facto to the Reserve Bank, and note that funding from EEFC accounts, ADRs/GDRs, and eligible ECBs continue to be exempt from the new cap as per existing rules. Circulars FEMA Wed, 04 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52391