[INDIAN ECONOMIC NEWS] Good morning, everyone. I’m Byeongyeon Yoo staff of Kamaindia Pvt. Ltd.
Here I have an important Indian economic news to share with you which is as undermentioned.
MUMBAI: Only companies with a proven track record will be allowed to invest in overseas subsidiaries and joint ventures. Such investments — under which a company in India can automatically remit up to four times its net worth abroad — have been misused by many to move capital and divert borrowed funds out of the country.
This was indicated by officials of Reserve Bank of India (RBI) in a meeting held a fortnight ago to discuss the rules on overseas direct investment (ODI) with advisers ..
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