Indian Direct Investment in SAARC Countries and Myanmar
AP (DIR Series) (2002-2003) Circular No. 58, dated 2-12-2002
Attention
of authorised dealers is invited to sub-regulation 2(i) and (ii)
of Regulation 6 of the Reserve Bank Notification No. FEMA 19/RB-2000, dated May
3, 2000 as amended from time to time.
2. As a
part of further liberalisation it has been decided to enhance the existing
ceiling for Indian investment in Myanmar and SAARC countries (excluding
Pakistan) under the automatic route to US $ 150 million or its equivalent,
against existing limit of US $ 100 million and to Rs. 700 crores against
existing limit of Rs. 350 crores for rupee investment in Nepal and Bhutan.
3. Necessary
amendments to the Foreign Exchange Management Regulations, 2000 are being
issued separately.
4. Authorised
Dealers may bring the contents of this circular to the notice of their
concerned constituents.
5. 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).