RBI has inserted a new restriction vis-à-vis making investment overseas. As per the notification no. 382 / 2016 RBI, an Indian Party cannot make direct investment via new set up or acquire investments (directly as JV/WOS or indirectly as Step Down Subsidiary) for entities located in the countries identified by the Financial Action Task Force (FATF) as “non co-operative countries and territories” as per list available on FATF website () or as notified by the Reserve Bank of India from time to time.
Fema (transfer or issue of any foreign security) (second amendment) regulations, 2016 (382 of 2016) (02012017).pdf from GAURAV KR SHARMA
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