Notification No. FEMA 310/2014-RB dated 12th June, 2014
Export of Goods and Services – Project Exports
This circular has: –
1. Done away with the requirement of obtaining approval of the Working Group in case of project exports and deferred service exports proposals for contracts exceeding US $ 100 Million. Henceforth, banks/Exim Bank will consider awarding post-award approvals without any monetary limit and permit subsequent changes in the terms of post award approval within the relevant FEMA guidelines/regulations.
2. R emoved the time limit of 30 days for submission of form DPX1/PEX-1/TCS-1 to the Approving Authority (AA) by the exporters. Exporters now have to submit the appropriate form to their banks for approval.
The revised Memorandum of Instructions on Project and Service Exports (PEM) is annexed to this circular.
A. P. (DIR Series) Circular No. 13 dated 23rd July, 2014 Foreign investment in India by SEBI registered long-term investors in Government dated Securities
Presently, FII, QFI and long term investors can invest up to US $ 30 billion in Government securities. Out of the above limit, a sub-limit of US $ 10 billion is available for investment by long term investors in Government dated securities.
This circular has, while maintaining the overall limit at US $ 30 billion, made the following changes: –
1. T he limit for investment by FII/QFI/FPI in Government dated securities has been increased by US $ 5 billion to US $ 25 billion.
2. T he limit for investment by long term investors in Government dated securities has been reduced from US $ 10 billion to US $ 5 billion.
FII/QFI/FPI will have to invest the said additional sum of US $ 5 billion in government bonds with a minimum residual maturity of three years. Also, all future investments against the limit vacated when the current investment by an FII/QFI/FPI runs off either through sale or redemption will have to be made in government bonds with a minimum residual maturity of three years. However, there will be no lock-in period and FII/QFI/FPI can freely sell the securities (including that are presently held with less than three years of residual maturity) to the domestic investors.
