New FAQ Page 2 - ಆರ್ಬಿಐ - Reserve Bank of India
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FAQs on Overseas Direct Investment
An Indian company can make overseas investment in any activity (except those that are specifically prohibited) in which it has experience and expertise. However, for undertaking activities in the financial sector, certain additional conditions specified in Regulation 7 may be adhered to (Please refer to Q.9).
Person going abroad for immigration can draw foreign exchange upto US$ 5,000 or the amount prescribed by the country of emigration from an authorised dealer in India. These amount is only to meet the incidental expenses in the country of migration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank.
Banks can refer to the methodology given in the Approach Paper to assess People, Process and Technology maturity and place themselves in a specific cluster which in turn would help in determining the time lines for implementation of ADF.
Ans. i) Majority of transactions, as possible, should be settled directly through the accounts maintained by AD Category-l banks with banks in the other participating countries and vice versa; only the spill-overs in either direction are required to be settled by the Central Banks in the countries concerned through the Clearing Union. At all times, the balances maintained in the ACU Dollar, ACU Euro and ACU Yen accounts should be commensurate with requirements of the normal business. With effect from July 01, 2016, all eligible current account transactions including trade transactions in “Euro” are permitted to be settled outside the ACU mechanism until further notice. ii) AD Category-l banks are permitted to settle commercial and other eligible transactions in much the same manner as other normal foreign exchange transactions.
NDS-OM Web Module is only an electronic front end for accessing the main NDS-OM system. All instructions/notifications/circulars/press releases issued by RBI, both current and future, relating to CSGL trades would be binding and applicable. Dealing on NDS-OM Web would also be subject to RBI's NDS-OM Guiding Principles.
Ans. Yes, the AD bank should ensure compliance to the extant instructions issued by the Department of Banking Regulation.
Ans. LEI shall be recorded for all non-individual NEFT / RTGS messages / transactions. An indicative list of entity types is given by LEIL at https://www.ccilindia-lei.co.in/Documents/FAQs.pdf.
The tenor of the swap will be for three years or more in line with the tenor of the underlying FCNR (B) deposits. Bank desirous of availing the swap window may approach RBI for the swap, indicating the tenor in number of days.
Yes, Cheque facility is available for operation of the EEFC account.
The basic legal framework for determining rights, responsibilities and liabilities of the parties in connection with collection of USD denominated cheques drawn on US banks are governed by the legal framework as laid down under the US federal and state laws like Uniform Commercial Code (UCC) etc. However, in the event of return of a counterfeit cheque handled through this process, the drawee bank in the US has the right to recover the proceeds from presenting banks within the period stipulated under US Clearing House guidelines.
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