| Date : 24 Jan 2008 |
|RBI issues Draft Guidelines for NoC to open Offices or Undertaking Investment Abroad by NBFCs |
Reserve Bank of India (RBI) today posted on its website the draft Guidelines for
extending No Objection Certificate (NoC) for opening of branch/subsidiary/representative
office or undertaking investment abroad by Non Banking Finance Companies (NBFCs).
Reserve Bank evolved the draft
guidelines as it had been receiving requests from NBFCs for NoC to open branch/subsidiary/joint
venture abroad or to invest in foreign entities. The guidelines will be kept in
view while considering application for NoC.
adopt a consultative approach, the guidelines have been placed on the Reserve
Bank's website (www.rbi.org.in)
for study by a wider audience. Comments/suggestions may please be sent by e-mail
at the earliest but within 30 days of the publication of the guidelines for consideration
of the Reserve Bank.
Chief General Manager