New FDI Regulations Notified by RBI - A Look at Construction Sector & Industrial Parks Policy
The Reserve Bank of India (“RBI”) has come out with new Regulations pertaining to Foreign Investment in India. The RBI vides its notification FEMA 20(R)/ 2017-RB dated 7th November 2017 has issued Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 (“New Regulations”) to govern investment in India by Non Residents by superseding the earlier Regulations in the subject matter being Notification No. FEMA 20/2000-RB and Notification No. FEMA 24/2000-RB both dated May 3, 2000. The said New Regulations has come into effect from 7th November 2017 except provisions of proviso (ii) to sub-regulation 1 of regulation 10 of these Regulations and proviso (ii) to sub-regulation 2 of regulation 10 of these Regulations (pertaining to breach of investment limits by Foreign Portfolio Investors and NRIs respectively) which would come into effect at a later date to be notified. A quick look at the Sector Specific policy that th...