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Government has removed ceiling of $100 million on overseas investments, allowing Indian companies to invest up to 100 per cent of their net worth either through an overseas joint venture or through a wholly owned subsidiary.

Further, government had decided to permit Indian corporates to undertaking agricultural activities abroad, whether directly or through overseas branches. This will enable Indian companies to take advantage of global opportunities and also to acquire technological and other skills for adoption in India.

Government has allowed citizens to freely remit up to $25,000 a year abroad. All these decisions are being seen as a step towards full convertibility of the rupee. Individuals would not be required to specify to any authority the purpose for which the remittance is being made.

Finance Minister has said that the guidelines for external commercial borrowings would be relaxed further. It is expected that proposals of up to $500 million could be put on the automatic route, as against $50 million at present.

All above decisions are being seen as a step towards full convertibility of the rupee.

.... Click for ECBs, External Commercial Borrowings

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