The Reserve Bank of India (RBI) has clarified its position following an announcement earlier this month, which stated that Overseas Corporate Bodies (OCBs) (often used by non-resident Indians (NRIs) to invest in the country) had been derecognised as an eligible class of investor under the foreign exchange regulations.
In a statement, the RBI explained that: "The overseas entities owned by non-resident Indians (NRIs) can enjoy all the facilities available to any foreign investor, including automatic route for foreign direct investment."
It continued: "The Reserve Bank has clarified that derecognition of OCBs as a separate category of investor meant withdrawal of special facilities made available to OCBs and that entities owned by NRIs would continue to enjoy all the facilities available to other foreign investors."
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