Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who

With a view to liberalizing the procedure further, it has been decided to raise the limit of USD 100,000 for advance remittance for alladmissible current account transactions for import of services without bank guarantee to USD 500,000 or its equivalent. AD Category – I banks may frame their own guidelines to deal with such cases as per the policy approved by the bank’s Board of Directors. RBI/2008-09/ 158 ,A.P.(DIR Series) Circular No. 15, September 08, 2008

A. P. (DIR Series) CIRCULAR NO 50 /RBI., Dated: June 3, 2008 Export of Goods and Services- Realisation and Repatriation of Export Proceeds-Liberalisation.  Attention of Authorised Dealer Category – I (AD Category- I) banks is invited to the provisions of sub-regulation (1) of Regulation 9 of the Notification No.FEMA.23 /2000-RB dated May 3, 2000, as [...]

DEPB Scheme Extended Till May 2009. Income Tax Benefit To 100% EOUs Under Section 10-B Of It Act Being Extended For One Year Beyond 31stmarch 2009. New Export Promotion Council For Telecom Sector . 5% Additional Duty Credit For Export Of Toys And Sports Goods

Investments overseas by an Indian company – Indian company” is defined to mean a company incorporated in India. It is permitted to undertake agricultural operations overseas including purchase of land incidental to such activity either directly or indirectly through its overseas offices vide Regulation 6A of FEM (Transfer or issue of any Foreign Security) (Amendment) Regulations 2004. An Indian company is not permitted to own or possess an agricultural land or carry out any agricultural activities in Karnataka as per the provisions of Section 79A and B of the Karnataka Land Reforms Act, 1961.

The Reserve Bank of India has issued a circular dated 14 December 2007, laying down the directions for issuance of shares under Foreign Direct Investments and refund of advance remittances. With effect from November 29, 2007, equity instruments should be issued or advance remittances should be refunded within 180 days of receiving the money.

Exchange Earner’s Foreign Currency (EEFC) Account- Liberalisation -1. Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Regulation 4 of Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000 notified vide Notification No.FEMA.10/2000- RB dated 3rd May, 2000 and as amended from time to time, in terms of which a person resident in India is permitted to open and maintain with an authorized dealer in India a Foreign Currency Account known as Exchange Earner’s Foreign Currency (EEFC) Account subject to the terms and conditions of the Exchange Earner’s Foreign Currency Account Scheme specified in the Schedule to the above mentioned Notification.

Reimbursement of state taxes to exporters under the new scheme replacing the duty entitlement pass book (DEPB) scheme — the popular yet controversial duty reimbursement scheme — will be on the basis of the rates prevailing on April 1, 2007. Although the Centre is in no mood to accommodate any increase in taxes which states [...]

It has been decided to enhance the existing limit of USD 100,000 per financial year to USD 200,000 per financial year (April – March) with immediate effect. Accordingly, AD Category – I banks may now allow remittance up to USD 200,000, per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both.

It is clarified that Domestic Venture Capital Funds registered with SEBI, have been permitted to invest in equity and equity-linked instruments only of off-shore Venture Capital Undertakings. Accordingly, Domestic Venture Capital Funds registered with SEBI, desirous of making investments in off-shore Venture Capital Undertakings may approach SEBI for prior approval.