Master Circular on Direct Investment by Residents in Joint Venture (JV)/ Wholly Owned Subsidiary (WOS) Abroad - FEMA - 01/2009-10 - RBI-21

RBI/2009-10/21 Master Circular No. 01/2009-10 July 1, 2009 To, All Banks Authorised to Deal in Foreign Exchange Madam / Sir, Master Circular on Direct Investment by Residents in Joint Venture (JV)/ Wholly Owned Subsidiary (WOS) Abroad Direct investments by residents in Joint Venture (JV) and Wholly Owned Subsidiary (WOS) abroad are being allowed, in terms of clause (a) of sub-section (3) of section 6 of the Foreign Exchange Management Act 1999, (42 of 1999) read with FEMA Notification 120/RB-2004 dated July 7, 2004, (GSR 757 (E) dated November 19, 2004), viz. Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 , as amended from time to time. 2. This Master Circular consolidates the existing instructions on the subject of "Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad" at one place. The list of underlying circulars/notifications is furnished in the Appendix. 3. This Master Circular is issued with a sunset clause of one year. This circular will stand withdrawn on July 01, 2010 and be replaced by an updated Master Circular on the subject. Yours faithfully, ( Salim Gangadharan) Chief General Manager Click here to download Master Circular