Overseas Direct Investment by Registered Trust / Society - Relaxation

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..... Overseas Direct Investment by Registered Trust / Society - Relaxation - News and Press Release Dated:- 14-8-2008 - News - Foreign Exchange Management (Transfer or issue of any foreign security) regulations, 2004 govern the provisions related to Direct Investment outside India . This regulation allows Investment outside in various circumstances in different forms and manners. Regulation .....

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..... 6 provides that Indian party may make direct investment in a Joint Venture or Wholly Owned Subsidiary outside India subject to certain conditions and procedures. Vide circular no. 53 dated 27-6-2008 , RBI stated that, "Registered Trusts and Societies engaged in manufacturing / educational sector to make investment in the same sector(s) in a Joint Venture or Wholly Owned Subsidiary outside Ind .....

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..... ia, with the prior approval of the Reserve Bank." For this purpose, the eligible persons were required to stratify the criteria as per annexure to the circular 53 dated 27-6-2008 . RBI is still required to issue a notification to incorporate in the regulations. Now, wide circular no. 7 dated 13/8/2008, RBI has allowed Registered Trusts and Societies which have set up hospital(s) in Indi .....

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..... a to make investment in the same sector(s) in a Joint Venture or Wholly Owned Subsidiary outside India, with the prior approval of the Reserve Bank. The other terms and conditions as specified in circular no. 53 dated 27-6-2008 will remain same. We wish that RBI would issue suitable notification to amend the provision of Foreign Exchange Management (Transfer or issue of any foreign security .....

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..... ) regulations, 2004 without any further delay to avoid any litigations. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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