As a step towards liberalization and promoting ease of doing business in India, the Department of economic affairs, Ministry of Finance, on August 22, 2022, in consultation with the Reserve Bank of India (“RBI”), notified the Foreign Exchange Management (Overseas Investment) Rules, 2022 (“OI Rules”), Foreign Exchange Management (Overseas Investment) Regulations, 2022 (“OI Regulations”) and the Foreign ExchangeManagement (Overseas Investment) Directions, 2022 (“OI Directions”) (hereinafter collectively referred to as “ODI Framework”). The new OI Framework overhauls the erstwhile FEMA (Transfer or Issue of ForeignSecurity) Regulations, 2004, and FEMA (Acquisition and Transfer of immovable property outside India) Regulations, 2015 (“erstwhile ODI Framework”).
Please refer to the below document or click here to read the full article by Vaishnavi Vyas, published in Lexology.
Vaishnavi is a member of the Corporate team and her key areas of practice includes private equity, mergers and acquisitions and general corporate advisory.