Regulation 17B - Investments by partnership firm without prior approval of Reserve Bank - Foreign Exchange Management (Transfer Or Issue of Any Foreign Security) Regulations, 2000

Has been superseded vide Notification No. 120/2004 dated 7/7/2004 17B. Investments by partnership firm without prior approval of Reserve Bank (1) A partnership firm registered under the Indian Partnership Act, 1932 which is engaged in providing professional services specified in the Schedule, may make investment in foreign concerns engaged in similar activity, by way of remittance from India and/or capitalization of fees/other entitlements due to it from such foreign concerns Provided that:- a. such investments do not exceed US$ 1 (one) million or its equivalent in one financial year, b. the investing firm is a member of the respective All India professional organization/body; and c. a report containing (i) name, full address, registration and membership particulars of the investing firm, (ii) full details of investment abroad, (iii) date and amount of remittance/amount of capitalization of fees/other entitlements due to the investing firm, (iv) name and address of the foreign concern together with its line of activity, (v)identification number , if already allotted by the Reserve Bank, is submitted to the Reserve Bank through the authroised dealer within 30 days of making such investments."