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  • DAILY CURRENT AFFAIRS:Loan defaulters and those facing probes need NOC before investing abroad

Loan defaulters and those facing probes need NOC before investing abroad

Tags: Economy/Finance

The Union Ministry of Finance has notified certain changes in the overseas direct investment by a resident in India on 22 August 2022, making it difficult for loan defaulters and those facing probes in India to invest abroad.

 Law governing overseas investment by a resident Indian

At present, the overseas investment by a resident in India is governed by the 

  • Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004, and the
  •  Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015.

Who administers the law related to FEMA 

  • Foreign Exchange Management Act 1999, which was implemented in 2000 is the main law which governs the foreign exchange and its transaction in India. 
  •  In India RBI is the custodian of foreign exchange and it administers the Foreign Exchange Management Act 1999(FEMA).
  • The rules for overseas investment by a resident in India are framed by the Union Ministry of Finance in consultation with the Reserve Bank of India (RBI).

Need of NOC by Loan defaulters 

Certain people will need a No Objection Certificate (NOC) before making overseas investment. They are as follows :

  • Person who has a bank account classified as a non-performing asset, or 
  • is labelled a wilful defaulter by any bank, or 
  • is under investigation by a financial service regulator, the Enforcement Directorate (ED) or the Central Board of Investigation (CBI).

However, if the lenders or the relevant regulatory body or investigative agency fail to furnish the NOC within 60 days of receiving an application, it may be presumed that they have no objection to the proposed transaction.

No overseas investment in certain business

No Indian resident will be permitted to make investments in foreign entities that are engaged in ;

  • real estate business, 
  • gambling in any form and 
  • dealing with financial products linked to the Indian Rupee without the RBI’s specific approval.

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