MANU/APDR/0119/2014

Ministry : Reserve Bank of India

Department/Board : RBI A.P. DIR (Series)

Circular No. : A. P. (DIR Series) Circular No. 48
                   RBI/2014-2015/344

Date : 09.12.2014

Notification/ Circulars Referred : Notification No. FEMA.120/RB-2004 dated July 7, 2004 MANU/RFEM/0035/2004;A.P.(DIR Series) Circulars No. 49 MANU/APDR/0039/2007;50 MANU/APDR/0047/2007;Notification No. FEMA.326/RB-2014 dated November 12, 2014 MANU/RFEM/0040/2014

Citing Reference:
Notification No. FEMA.120/RB-2004 dated July 7, 2004 MANU/RFEM/0035/2004  Referred

A.P.(DIR Series) Circulars No. 49 MANU/APDR/0039/2007  Referred

50 MANU/APDR/0047/2007  Referred

Notification No. FEMA.326/RB-2014 dated November 12, 2014 MANU/RFEM/0040/2014  Referred

To

All Category-I Authorised Dealer Banks

Madam / Sir,

Overseas Investments by Alternative Investment Funds (AIF).

Attention of the Authorised Dealer (AD - Category I) banks is invited to Regulation 26 of Notification No. FEMA.120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004] (the Notification), as amended from time to time and the provisions under A.P.(DIR Series) Circulars No. 49 and 50 dated April 30, 2007 and May 04, 2007 respectively.

2. On a review, it has been decided to permit an Indian Alternative Investment Fund (AIF), registered with Securities and Exchange Board of India (SEBI), to invest overseas in terms of the provisions issued under the A.P. (DIR Series) Circulars No. 49 and 50 dated April 30, 2007 and May 04, 2007 respectively.