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RBI proposes to revise Reporting Procedure for FDIs

The Reserve Bank of India today released on its website for comments and feedback, the revised procedure for reporting the transfer of shares/convertible debentures, by way of sale, from resident to non-resident and vice versa under the Foreign Direct Investment Scheme. The procedure has been revised to capture the details of investment in a more comprehensive manner. The revised procedure also proposes to introduce KYC check on the remitter/investor. Comments/feedback on the proposals contained in the draft guidelines may be sent by December 26, 2008 by email or to the Chief General Manager-in-Charge, Reserve Bank of India, Foreign Exchange Department, Foreign Investment Division, Central Office Building, 11th Floor, S. B. Singh Marg, Mumbai-400001.

Alpana Killawala
Chief General Manager

Press Release : 2008-2009/934

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