RBI seeks public comments on master circular on FDI

Banking regulator Reserve Bank has invited public comments on draft master circular on foreign investment. The draft circular, on which the RBI has invited public comments by 20th June, covers areas such as acquisition of immovable property, establishment of branch/liasion offices and foreign investment in partnership firms and property concerns. Master circulars, issued by RBI from time to time on various subjects, presents the guidelines in a consolidated form for the guidance of investors, banks and other entities. RBI has earlier proposed to strengthen the guidelines for establishment of branch and liasion offices by foreign companies in the country by imposing additional conditions such as track record of profit, minimum net worth etc. The earlier master circular on foreign investment was issued by the RBI on 2nd July 2007. Usually, the master circulars have a validity of one year.

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