Overseas Direct Investments by proprietorship concern / unregistered partnership firm in India - Review

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..... a - Review Attention of the Authorised Dealer (AD - Category I) banks is invited to the provisions of the Notification No. FEMA.120/RB-2004 dated July 7, 2004 [ Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004 ] (the Notification), as amended from time to time. 2. Keeping in view the changes in the definition / classification of the exp .....

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..... rm in India has a proven track record, i.e., the export outstanding does not exceed 10% of the average export realisation of the preceding three years and a consistently high export performance; The Authorised Dealer bank is satisfied that the proprietorship concern / unregistered partnership firm in India is KYC (Know Your Customer) compliant, engaged in the proposed business and has turnover .....

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..... ), which is effective from the date of publication in the Gazette i.e. January 05, 2015. 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 (FEMA), 1999 (42 of 1999) and are without .....

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