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TMI BlogOverseas Investments - Liberalisation / RationalisationX X X X Extracts X X X X X X X X Extracts X X X X ..... P. (DIR Series) Circular No. 59 dated May 18, 2007, A. P. (DIR Series) Circular No. 68 dated June 01, 2007, A. P. (Dir Series) Circular No. 11 dated September 26, 2007 and Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time, on Overseas Direct Investments. As announced in the Annual Policy Statement for the Year 2008-09 (paras 131 and 132), the Regulations g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd mineral ores. The investments in excess of 400 per cent of the net worth shall be made only with the prior approval of the Reserve Bank. AD Category - I banks may, therefore, refer such cases to the Reserve Bank in terms of the procedures laid down in A. P. (Dir Series) Circular No. 68 dated June 1, 2007. 3. Investment in Overseas Unincorporated Entities in Oil Sector (i) In terms of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en approved by the competent authority and is duly supported by a certified copy of the Board Resolution approving such investment. Applications by Indian companies, other than by Navaratna PSUs, ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL), for investment in excess of 400 per cent of the net worth of the company as on the date of the last audited balance sheet, in overseas unincorporated entitie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Dir Series) Circular No. 68 dated June 1, 2007]. 4. Capitalisation of Exports In terms of Regulation 11(1) of Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004], as amended from time to time, an Indian Party making direct investment outside India in accordance with the Regulations, by way of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are being issued separately. 6. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 7. The directions contained in this Circular have been issued under Section 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any ot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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