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Webinar on New Rules and Regulations on Overseas Direct Investment

In keeping with the spirit of liberalisation and to promote ease of doing business, the Central Government and the Reserve Bank of India (RBI) have been progressively simplifying the procedures and rationalising the rules and regulations under the Foreign Exchange Management Act, 1999. The Government/RBI duly acknowledges the importance and significance of overseas investments by persons resident in India being important drivers of foreign trade, technology transfer etc. This in turn could potentially boost domestic employment, growth, competitiveness of Indian entities in a significant manner. In this direction, significant steps have been taken with operationalisation of a new Overseas Investment regime. On 09 August 2021, draft Foreign Exchange Management (Non-debt Instruments - Overseas Investment) Rules, 2021 and the draft Foreign Exchange Management (Overseas Investment) Regulations, 2021 were released for seeking public comments. On 22 August 2022, the following much awaited legislations (New ODI regime) have been notified/released which shall govern the overseas investments by persons resident in India – * Foreign Exchange Management (Overseas Investment) Rules, 2022 notified by the Central Government * Foreign Exchange Management (Overseas Investment) Regulations, 2022 notified by RBI * Foreign Exchange Management (Overseas Investment) Directions, 2022 issued by RBI It is mentioned that the New ODI regime simplifies the existing framework for overseas investment by persons resident in India to cover wider economic activity and significantly reduces the need for seeking specific approvals, reduce compliance burden and costs. The New ODI regime provides overhaul of the legislation for undertaking overseas investments by persons resident in India on various aspects including and not limited to portfolio investment by resident individual, ODI-FDI structures, gift from non-residents etc. The same needs thorough evaluation and factoring its impact on existing/ future overseas investments. To this end, Dhruva’s partners apprise and discuss the nuances of the New ODI regime and its potential impact on overseas investments by persons resident in India.