Investment by Navratna Public Sector Undertakings (PSUs), OVL and OIL in unincorporated entities in oil sector abroad

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..... porated entities in oil sector abroad Attention of the Authorised Dealer (AD - Category I) banks is invited to the Notification No. FEMA. 120/RB-2004 dated July 7, 2004 [ Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 ] (the Notification), as amended from time to time, and A.P. (DIR Series) Circular No. 59 dated May 18, 2007 and para 3(i) of A.P. .....

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..... . 3. All the other terms and conditions prescribed under the Circulars and Notification under reference shall remain un-changed. 4. AD - Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act (F .....

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