Mumbai: The Reserve Bank of India has proposed stringent norms on overseas direct investments (ODI) by India Inc, reports CNBC-TV18 quoting sources. It is learnt that the central bank is looking for multi-layered business structures for ODI under approval route.
According to sources, proposal mooted to be part of Foreign Exchange Manage-ment Act (FEMA) guidelines is made to avoid treaty shopping by local firms.
Overseas investment by Indian companies fell marginally to $ 2.67 billion in April from $ 2.77 billion in March, as per RBI data. Adani Port and Special Economic Zone, Varun Shipping Company, House of Pearl Fashions, Escorts Heart Institute and Research Center, JSW Steel were among the major overseas investing companies during the month of April.