Rule 4 - Restriction on receiving investment - Foreign Exchange Management (Non-debt Instruments) Rules, 2019

4. Restriction on receiving investment.- Save as otherwise provided in the Act or rules or regulations made thereunder, an Indian entity or an investment vehicle, or a venture capital fund or a firm or an association of persons or a proprietary concern shall not receive any investment in India from a person resident outside India or record such investment in its books: Provided that the Reserve Bank may, on an application made to it and for sufficient reasons 1 [ **** ] , permit an Indian entity or an investment vehicle, or a venture capital fund or a firm or an association of persons or a proprietary concern to receive any investment in India from a person resident outside India or to record such investment subject to such conditions as may be considered necessary. ************ NOTES:- 1. Omitted vide Notification No. S.O. 2442 (E) dated 27-07-2020 before it was read as and in consultation with the Central Government