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This circular clarifies that:
(a) All the financial commitments made on or before 14th August, 2013, in compliance with the earlier limit of 400% of the net worth of the Indian Party under the automatic route will continue to be allowed. As a result, such investments will not be subject to any unwinding or approval from the RBI.
(c) Limit of 400% of the net worth of the Indian Party will apply in case the financial commitments are funded by way of eligible ECB raised by the Indian Party as per the extant ECB guidelines.
Certain additional/consequential clarifications are also annexed to this circular.
