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RESERVE BANK OF INDIA (RBI)

November 29, 2011
  1. External Commercial Borrowings (ECB) Policy:RBI Vide its circular: RBI/2011 -12/273 A.P. (DIR Series) Circular No. 51 dated 23rd November, 2011 has notified that in lieu of the borrowers experiencing difficulties in raising ECBs within the existing all-in-cost ceiling in the global financial markets, it has been decided to revise the all-in-cost ceiling for ECB. The details of the circular are available at External Commercial Borrowings (ECB) Policy.The enhancement in all-in-cost ceiling is applicable up to March 31, 2012 and subject to review thereafter. The change in the all-in-cost ceiling will come into force immediately and all other aspects of ECB policy remain unchanged.
  2. Reporting of issue / transfer of ‘participating interest/right’ in oil fields to a non resident as an Foreign Direct Investment transaction:RBI Vide RBI/2011-12/259 A.P. (DIR Series) Circular No. 45 dated 16th November 2011 has notified that all issue/transfer of ‘participating interest/ rights’ in an oil fields to non-residents will be treated as a FDI transaction and will have to be reported as per the extant FDI policy and the FEMA regulations. The details of the circular are available at FDI – Reporting of Issue / Transfer of ‘Participating Interest/Right’ in Oil Fields to a Non-Resident as an FDI Transaction.
  3. Foreign Direct Investment – Transfer of Shares: RBI has vide RBI/2011-12/247 A.P. (DIR Series) Circular No. 43 dated 4th November 2011, liberalized and rationalized the procedures and policies governing FDI in India and decided to allow Transfer of shares from a Non Resident to Resident under the FDI scheme and Transfer of shares from Resident to Non Resident without the prior approval of the Reserve Bank subject to certain conditions being fulfilled as detailed in the circular ForeignDirect Investment– Transfer of Shares.
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