Overseas Investment - Rationalisation

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.... I (AD Category - I) banks is invited to Notification No.FEMA120/RB-2004 dated 7th July, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004] (the Notification), as amended from time to time. 2. In terms of Regulation 15 of the Notification ibid, an Indian party which has acquired foreign security in terms of Regulations in Part I of the Notification ....

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....nt as evidence of investment where share certificates are not issued shall, henceforth, be submitted to and retained by the designated AD Category - I bank, who would be required to monitor the receipt of such documents and satisfy themselves about the bonafides of the documents so received. A certificate to this effect should be submitted by the designated AD Category - I bank to the Reserve Bank....