RBI cuts overseas investment limits to protect rupee

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Through a series of circulars released in August, the Reserve Bank of India (RBI) has substantially limited the ability of Indian companies and resident individuals to invest and remit funds overseas.

The circulars issued by the RBI have introduced amendments to the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 (ODI Regulations) and the liberalized remittance scheme (LRS).

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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.

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