Foreign investment in Credit Information Companies - Amendment to the FDI Scheme - આરબીઆઈ - Reserve Bank of India
Foreign investment in Credit Information Companies - Amendment to the FDI Scheme
RBI/2007-2008/302 April 28, 2008 To, All Category – I Authorised Dealer Banks Madam / Sir, Foreign investment in Credit Information Companies Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to Schedule I to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide FEMA Notification No. 20/2000-RB dated May 3, 2000, as amended from time to time. 2. It has been decided in consultation with the Government of India to allow foreign investment in Credit Information Companies in compliance with the Credit Information Companies (Regulations) Act 2005 and subject to the following : i) The aggregate Foreign Investment in Credit Information Companies would be 49%. A copy of the Press Note 1 (2008 series) dated March 12, 2008 issued by the Government is enclosed. 3. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 4. Necessary amendments to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 are being issued separately. 5. The directions in this circular have been issued under Sections 10(4) and 11(1) of Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Salim Gangadharan) |