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ARTICLE · 21 SEPTEMBER 2022

Key Changes To The Indian Overseas Investment Regime

Lex Orbis
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In keeping with the spirit of liberalisation and to promote ease of doing business, the Central Government and the Reserve Bank of India have been progressively simplifying the procedures and rationalising the rules and regulations under the Foreign Exchange Management Act, 1999.

IndiaFinance and Banking
Mini Raman
Mini Raman
Angelina Talukdar
Angelina Talukdar
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  1. INTRODUCTION

In keeping with the spirit of liberalisation and to promote ease of doing business, the Central Government and the Reserve Bank of India have been progressively simplifying the procedures and rationalising the rules and regulations under the Foreign Exchange Management Act, 1999.1

Consequently, the Government of India, Ministry of Finance (Department of Economic Affairs) on 22nd August 2022 notified the Foreign Exchange Management (Overseas Investment) Rules, 2022 ("OI Rules 2022"), the Foreign Exchange Management (Overseas Investment) Regulations, 2022 ("OI Regulations 2022") and the Foreign Exchange Management (Overseas Investment) Directions, 2022 ("OI Directions 2022". The OI Rules, OI Regulations and the OI Directions are together referred as "New OI Regime"). The New OI Regime supersedes the earlier framework in relation to overseas investments and acquisition of immovable property governed by the Foreign Exchange Management (Transfer or

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