Sunday, December 15, 2013

FDI in financial sector – relaxed

The Reserve bank of India (RBI) has decided that the requirement of NoC(s) will be waived from
the perspective of Foreign Exchange Management Act, 1999 and no such NoC(s) need to be filed
along with form FC-TRS. However, any ‘fit and proper/ due diligence’ requirement as regards the non-resident investor as stipulated by the respective financial sector regulator shall have to be complied with.

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