Overseas Direct Investment – Liberalisation

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..... e (ESOP) This circular deals with two issues. The first one relates to the issue of notification which incorporates all amendments relating to overseas investment. The second one is a liberalisation in the ESOP scheme. The details are given below : 2. Notification No.FEMA.120/2004-RB dated July 7, 2004 Attention of the Authorised Dealer banks is invited to the Foreign Exchange Management (Transfer .....

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..... ification No.120/2004-RB dated July 7, 2004 is enclosed. 3. Employees Stock Option Scheme (ESOP) In terms of sub-regulation (2) of Regulation (22) of the Notification, ibid, a person resident in India, being an individual, who is an employee or a director of an Indian Office; or branch or a subsidiary of a foreign company in India; or of an Indian company in which foreign equity holding is not les .....

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..... Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment), Regulations, 2004 are being issued separately. 5. Authorised Dealer Banks may bring the contents of this circular to the notice of their constituents and customers. 6. The direction contained in this circular has been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) an .....

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