Overseas Direct Investment- Liberalisation/ Rationalisation. - RBI issued consolidated guidelines relating to transfer of foreign security by way of sales of a JV or WOS outside India with and without write off

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ent- Liberalisation/ Rationalisation Attention of the Authorised Dealer (AD - Category I) banks is invited to the Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004] (the Notification), as amended from time to time, and the following circulars issued thereunder: * A.P. (DIR Series) Circular ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... i. the sale does not result in any write off of the investment made. ii. the sale is to be effected through a stock exchange where the shares of the overseas JV/ WOS are listed; iii. if the shares are not listed on the stock exchange and the shares are disinvested by a private arrangement, the share price is not less than the value certified by a Chartered Accountant / Certified Public Acco....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... under noted cases where the amount repatriated on disinvestment is less than the amount of the original investment: i. in cases where the JV / WOS is listed in the overseas stock exchange; ii. in cases where the Indian Party is listed on a stock exchange in India and has a net worth of not less than Rs.100 crore; iii. where the Indian Party is an unlisted company and the investment in the o....