No Overseas Direct Investment in Countries Identified as Non-Cooperative Countries and Territories

RBI has, by way of a notification dated January 2, 2017, amended the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 to restrict an Indian Party from making an investment in an entity set up or acquired abroad either directly or indirectly, in countries identified by the Financial Action Task Force as “non co-operative countries and territories” (or as notified by the RBI from time to time).