Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agents.

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Full Text of the Document

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....Seven obsolete FEMA circulars are withdrawn following a review of circulars issued since June 2000. The withdrawn directions concern external commercial borrowings, including overseas rupee-denominated bonds, infrastructure-sector liberalisation, service imports, technical know-how and licence fees, and ECBs by a development finance institution; rupee borrowing and lending through investments by non-residents in specified bonds; and the Money Transfer Service Scheme sub-agent list. Their withdrawal reflects subsequent regulatory amendments, redundancy, overlap or supersession by later directions. Authorised Persons must notify affected constituents, while any permissions or approvals required under other laws remain unaffected.....