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Our Bureau

Mumbai , Jan. 13

FOLLOWING the recent announcements made by the Prime Minister, the Reserve Bank of India has decided to allow Indian corporates and registered partnership firms to invest in joint ventures and wholly-owned subsidiaries overseas up to 100 per cent of their net worth without any separate monetary ceiling.

The existing policy requires applicants to obtain specific approval from the RBI for making investment exceeding $100 million ($10 million for partnership firms) even when their net worth exceeded the monetary ceiling, said an RBI press release.

Indian corporates and registered partnership firms have also been allowed to undertake agricultural activities either directly or through an overseas branch. Such investments were so far permitted only through an overseas joint venture or wholly owned subsidiary. The liberalisation will enable the Indian companies to take advantage of global opportunities, the release said.

More Stories on : RBI & Other Central Banks | Overseas Borrowings | RBI & Other Central Banks

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