RBI notifies foreign direct investment in limited liability partnerships
The Reserve Bank of India (RBI) has issued a notification amending the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations 2000 (‘FEMA Regulations’), clarifying the procedures relating to foreign direct investment (FDI) in limited liability partnerships (LLPs) established under the Limited Liability Partnership Act 2008 (LLP Act).
FDI in LLPs was notified by the Ministry of Commerce & Industry in May 2011 through Press Note 1 of 2011 to allow FDI in LLPs with prior approval from the Foreign Investment Promotion Board (FIPB), while restricting such investment to sectors that were otherwise open to 100 per cent FDI under the automatic route. However, no immediate corresponding amendment was made to the FEMA Regulations…
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