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TMI BlogRegulation 20A - Overseas Direct Investments by Resident IndividualsX X X X Extracts X X X X X X X X Extracts X X X X ..... nt individual is prohibited from making direct investment in a JV or WOS abroad which is engaged in the real estate business or banking business or in the business of financial services. activity. 2. The JV or WOS abroad shall be engaged in bonafide business activity. 3. Resident individual is prohibited from making direct investment in a JV / WOS [set up or acquired abroad individually or in asso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also be restricted to the limit prescribed under LRS.] 6. The JV or WOS, to be acquired / set up by a resident individual under this Schedule, shall be an operating entity only and no step down subsidiary is allowed to be acquired or set up by the JV or WOS. 7. For the purpose of making investment under this Schedule, the valuation shall be as per Regulation 6(6)(a) of this Notification. 8. The f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year from the date of making first remittance for setting up or acquiring the JV or WOS abroad. 3. The disinvestment proceeds shall be repatriated to India immediately and in any case not later than 60 days from the date of disinvestment and the same may be reported to the designated AD. 4. No write off shall be allowed in case of disinvestments by the resident individuals. D. Reporting Requiremen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be reported by the designated AD to the Reserve Bank in Part IV of Form ODI , as prescribed by the Reserve Bank from time to time, within 30 days of receipt of disinvestment proceeds. ]] -------------------------------------- Notes: 1. Inserted vide NOTIFICATION No. 263/RB-2013 dated March 5, 2013 2. Substituted vide NOTIFICATION No. FEMA 314/RB-2014, dated 3rd July, 2014 , before it was read ..... X X X X Extracts X X X X X X X X Extracts X X X X
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