Investment by Navaratna Public Sector Undertakings (PSUs) in unincorporated entities in oil sector abroad

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..... / Sir, Investment by Navaratna Public Sector Undertakings (PSUs) in unincorporated entities in oil sector abroad Authorised Dealer Category - I (AD Category - I) banks are aware that investment in the oil sector (i.e. for exploration and drilling for oil and natural gas, etc.) in an unincorporated entity overseas by an Indian party requires prior approval of the Reserve Bank. 2. Such pro .....

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..... .) in an unincorporated entity overseas after ensuring that the proposal has been approved by the appropriate competent authority, as stated above and is duly supported by a certified copy of the Board Resolution approving such investment. The investments would be subject to the usual reporting requirements. 4. AD Category - I banks may bring the contents of this circular to the notice of their .....

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