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Mumbai, June 27

The Reserve Bank of India has further liberalised the policy on overseas investments by allowing registered trusts and societies engaged in manufacturing and those working in the field of education to invest abroad. A note issued by the RBI today said that the investment by such trusts or societies can be done only in the same sectors in a joint venture or wholly owned subsidiary, with the prior approval of the RBI. Apart from criteria such as the trust or society being a registered body and the proposal for investment being approved by the trustees, the RBI also said that the institution should have been in existence at least for a period of three years and should not be under the adverse notice of any regulatory or enforcement agency like the Directorate of Enforcement, CBI etc.

— Our Bureau

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