Foreign Direct Investment – Reporting of issue / transfer of ‘participating interest/right’ in oil fields to a non resident as an Foreign Direct Investment transaction .

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..... sfer of 'participating interest/right' in oil fields to a non resident as an Foreign Direct Investment transaction Attention of Authorized Dealers Category -I (AD Category-I) banks is invited to Regulations 9 and 10 and para 9 of Schedule I to the Foreign Exchange Management (Transfer of Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA .....

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..... eceipt of consideration for issue of shares to a non resident or issue of shares to the non-resident). 2. It has now been decided, in consultation with the Government, to treat the issue / transfer of 'participating interest/ rights' in oil fields to a non- resident as Foreign Direct Investment (FDI) transaction under the extant FDI policy and the FEMA regulations. Accordingly, these transactions .....

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..... ipating interest/ rights' will be reported as 'other' category of instruments under Para 4 of Form FC-GPR. 3. Necessary amendments to the Foreign Exchange Management (Transfer of Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA 20/2000-RB dated May 3, 2000 are being notified separately. 4. AD Category - I banks may bring the contents of .....

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