Prohibition on Indian Party from making direct investment in countries identified by the Financial Action Task Force (FATF) as “Non Co-operative countries and territories”

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..... rom making direct investment in countries identified by the Financial Action Task Force (FATF) as Non Co-operative countries and territories Attention of the Authorised Dealer Category - I (AD Category I) banks is invited to Regulation 6 of FEMA Notification No. FEMA.120/RB-2004 dated July 07, 2004 , as amended from time to time. 2. At present, there is no restriction on an Indian Part .....

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..... is circular to the notice of their constituents and customers concerned. 5. Master Direction No.15/2015-16 dated January 01, 2016 is being updated to reflect the changes. 6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any .....

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