Export of goods to Russia/Indian direct investment in JV/WOS outside India
Export of goods to Russia/Indian direct investment in JV/WOS outside India
It
has been decided to amend directions to authorised dealers as stated in the
following paragraphs :
1. Export
of goods to the Russian Federation on consignment basis against repayment of
State Credits - Attention of authorised dealers is drawn to A.D. (G.P. Series)
Circular Nos. 5, 9 and 3, dated 31st May, 24th July, 1999 and 10th April, 2000
respectively, regarding export of goods to the Russian Federation on
consignment basis against repayment of State Credits. It has now been decided
to permit export of instant coffee, on consignment basis to the Russian
Federation against repayment of State Credits. The procedure for availing of
this facility for this item would be the same as explained in the above
referred Circular No. 5 dated 31st May 1999.
2. Indian
Direct Investment in Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS)
outside India - In partial modification of A.P. (DIR Series) Circular No. 3,
dated June 22, 2000, authorised dealers are advised that henceforth the copies
of forms ODA and ODR should be forwarded to the Chief General Manager, Exchange
Control Department (Overseas Investment Division), Reserve Bank of India,
Central Office, 3rd Floor, Amar Building, Mumbai - 400 001 immediately after
the investments are made under Regulations 6, 9 and 11 of the Notification No.
FEMA 19/RB-2000, dated 3rd May, 2000. Instructions relating to submission of
form ODR contained in the annexure to the Circular A.P. (DIR Series) No. 3,
dated June 22, 2000 may be modified accordingly. Necessary amendments to the
instructions for filing up the form ODA in regard to the aforesaid change are
being issued separately.
3. Authorised
dealers may bring the contents of this circular to the notice of their
constituents concerned.
4. The
directions contained in this circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any
contravention or non-observance of these directions is subject to the penalties
prescribed under the Act.