RBI simplifies of overseas investment

Mumbai, Sep 5: The Reserve Bank of India on Friday, Sep 5 said companies investing in a foreign entity need not submit to it share certificates or any other document as an evidence of the investment.

Simplifying the procedures, which entailed the investors in foreign entities to submit documents to the RBI here or its regional office, the Apex Bank in a circular said the share certificates or any other document as evidence of investment, where share certificates are not issued shall, henceforth, be submitted to and retained by the designated AD Category- I bank, who would be required to monitor the receipt of such documents and satisfy themselves about the bonafides of the documents so received.

A certificate to this effect should be submitted by the designated AD Category- I bank to the Reserve Bank.

UNI