A man counts currency notes in Mumbai, India. Reuters
Gulf Today Report
Taking into consideration growing investments by Indians in overseas property markets and other investments by Indian companies abroad, the Ministry of Finance in India has simplified rules to facilitate such processes.
The UAE is a major destination for such individual and corporate investments. Indians are in the top tier of investors in the property market in Dubai.
The simplified rules came into effect yesterday and have been published in the Gazette of India, according to WAM.
“In view of the evolving needs of businesses in India, in an increasingly integrated global market, there is need of Indian corporates to be part of the global value chain,” the Finance Ministry rationalised on the changes.
UAEs non-oil foreign trade tops Dhs1tr in first half: VP
Ford Motor to slash 3,000 jobs as it pivots to a software future
“The revised regulatory framework for overseas investment provides for simplification of the existing framework for overseas investment and has been aligned with the current business and economic dynamics. The Government of India in consultation with the Reserve Bank undertook a comprehensive exercise to simplify these regulations.”
In the context of soaring property investments by Indians in overseas markets such as the UAE, the Ministry clarified that “extant regulations pertaining to overseas investments and acquisition and transfer of immovable property outside India have been subsumed within these rules and regulations.”
The Gazette notification made it clear that various overseas investment-related transactions that earlier needed Indian government approval can now be transacted automatically and at will. The Ministry said the changes will “significantly enhance Ease of Doing Business” with India.