Aim: Monitoring of adherence of FEMA (Non-debt instruments) Rules, 2019 by body corporate incorporated in a country which shares land border with India
Result/Impact: In rule 25A, after sub-rule (3) has been inserted which specifies additional documents to be submitted with merger and amalgamation application with NCLT:
a. Declaration (Form CAA.16) specifying whether RBI prior approval was required for any body corporate under merger under the Foreign Exchange Management (Non-Debt Instruments) Rules, (applicable – if body corporate is incorporated in a country which shares land border with India)
b. Approval availed from RBI as per point a. above, as applicable.