RBI allows registered trusts, societies to invest abroad

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Posted: Jun 28, 2008 at 2344 hrs IST

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Mumbai: : To further liberalise the policy on overseas investments, the Reserve Bank of India has, in consultation with the government, decided to allow registered trusts and societies engaged in the manufacturing or educational sector to make investment in the same sector in a joint venture or wholly-owned subsidiary outside India with the prior approval of the regulator.

The RBI said the Trust should be registered under the Indian Trust Act, 1882 and the Trust deed should permit the proposed investment overseas. “The proposed investment should be approved by the trustees and the Authorised Dealer bank should be satisfied that the Trust is KYC compliant and is engaged in a bonafide activity,” it said.

In case of a society, it should be registered under the Societies Registration Act, 1860. The Memorandum of Association and regulations should permit the society to make the proposed investment.

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