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Govt simplifies overseas investment rules to ensure ease of doing business
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IANS | 22 Aug, 2022
The government has simplified the overseas investment rules with the aim
of enhancing the 'ease of doing business' sentiment.
It
has simplified the existing framework for overseas investment by
aligning it with the current business dynamics and introducing greater
clarity on overseas direct investment and overseas portfolio investment.
This
has been done by bringing various overseas investment related
transactions, which were earlier under approval route, within automatic
route, a statement issued by the Finance Ministry said.
"In view
of the evolving needs of businesses in India, in an increasingly
integrated global market, there is need of Indian corporates to be part
of the global value chain," the statement added while explaining the
rationale behind the move.
In consultation with the Reserve Bank
of India (RBI), the government undertook a comprehensive exercise to
simplify these regulations.
The draft Foreign Exchange
Management (Overseas Investment) Rules and draft Foreign Exchange
Management (Overseas Investment) Regulations were also put in the public
domain for consultations.
Extant regulations pertaining to
overseas investments and acquisition and transfer of immovable property
outside India have been subsumed within these rules and regulations, the
statement said.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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