The net outward foreign direct investment went up from $9.1 billion in 2017-18 to $12.6 billion in 2018-19 and moved further north to $13 billion in 2019-20.
Amending the Foreign Exchange Management Regulations, the RBI said that its prior permission would not be necessary where the company whose shares are being transferred is engaged in any financial service.
Establishments from Hong Kong and Macau will require prior approval of the Reserve Bank to set up business or related activities in India.
Rakesh Gangwal's holding is considered FDI even though the majority stake in Caelum is held by NRIs
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