The Reserve Bank of India through notification dated August 9, 2021 has issued the Draft Foreign Exchange Management (Non-debt Instruments – Overseas Investment) Rules, 2021. The Rules provides the procedure for Overseas Investment, Overseas Direct Investment and Overseas Portfolio Investment. The Rules shall not apply to a property:
- Held by a person resident in India who is a national of a foreign state;
- Acquired by a person resident in India on or before 8th July 1947 and continued to be held by such person with the permission of the Reserve Bank;
- Acquired by a person resident in India on a lease not exceeding five years
The Comments/feedback on the draft rules/regulations are invited from all stakeholders. Comments/feedback may be forwarded through email by August 23, 2021.
