Companies need RBI nod to operate foreign currency accounts abroad

“An Indian party is required to obtain prior permission of the Reserve Bank to open, hold and maintain FCA in a foreign country for the purpose of overseas direct investments in that country...” the RBI said in a notification

The Reserve Bank of India said Indian companies would need to obtain its prior permission to open, hold and maintain foreign currency account (FCA) abroad for the purpose of overseas direct investments.

"An Indian party is required to obtain prior permission of the Reserve Bank to open, hold and maintain foreign currency account (FCA) in a foreign country for the purpose of overseas direct investments in that country..." the RBI said in a notification.

"The host country regulations stipulate that the investments into the country is required to be routed through a designated account," it said, adding that the FCA should be opened, held and maintained as per the regulation of the host country.

Last week, the RBI had relaxed various norms on overseas direct investments to offer more flexibility to the Indian companies as well as individuals.

It added that the remittances sent to the FCA by the Indian company should be utilised only for making overseas direct investment into the joint venture (JV) or wholly-owned subsidiaries (WOS) abroad.

"Any amount received in the account by way of dividend and or other entitlements from the subsidiary shall be repatriated to India within 30 days from the date of credit," it added.

The Indian company, it said, should submit the details of debits and credits in the FCA on yearly basis to the designated bank with a certificate from the statutory auditors, certifying that the FCA was maintained as per the host country laws and extant FEMA regulations as applicable.

"The FCA so opened shall also be closed immediately or within 30 days from the date of disinvestment from JV or WOS or cessation thereof," it added.

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Suven Life gets 4 patent approvals for neuro drug

The four product patents, two from China and two from Korea are valid through 2025 and 2027, Suven Life Sciences said in a filing to BSE

Drug firm Suven Life Sciences said it has received four product patents in China and Korea for its new chemical entities (NCEs), which could be used for treating various central nervous system disorders.

The four product patents, two from China and two from Korea are valid through 2025 and 2027, Suven Life Sciences said in a filing to BSE.

The company has received approval for molecules that could be used in the treatment of neurodegenerative disorders like Parkinson's, Alzheimer's and Schizophrenia, it added.

Products developed out of these molecules may be out-licensed at various phases of clinical development like Phase I or Phase II, the company said.

Suven CEO Venkat Jasti said the company's pipeline of molecules in CNS arena are being developed for cognitive disorders with high unmet medical need and an estimated $30 billion market potential globally.

With these new patents, the company has a total of five patents from China and seven patents from Korea, it added.

In the late afternoon, Suven Life Sciences was trading at around Rs14.91 per share on the Bombay Stock Exchange, 9.23% up from the previous close.

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HCL Infosystems launches operations in Qatar

With the launch, HCL Infosystems Middle East and Africa (MEA) aims at establishing a foothold to fully implement expansion plans in the region

HCL Infosystems has launched operations in Qatar through a strategic tie up with Dyarco International WLL, a leading business consultancy and subsidiary of Al Faisal Holdings in Qatar.

The company will offer a wide spectrum of ICT products that include computing, storage, networking, security, telecom, imaging and retail.
With the launch, HCL Infosystems Middle East and Africa (MEA) aims at establishing a foothold to fully implement expansion plans in the region.

One of India's top IT hardware, services and ICT system integration firms, the $2.6 billion HCL Infosystems is a one-stop-shop for all ICT requirements.
HCL has specialised expertise across verticals including telecom, BFSI, eGovernance and power.

HCL Infosystems MEA CEO Shivkumar Gopal said the Middle East is an extremely important market for the company, and Qatar is at the very centre of its growth.

"We are very pleased to launch our operations here. In Dyarco, we have found the right partners to establish a strong foothold in this market. By opening our Qatar office, we have now extended our arm in the region with complete resources to manage sales, services and operations locally," he was quoted by Gulf Times as saying.

Headquartered in Doha, Qatar, Dyarco International WLL provides services for establishing various businesses, both domestically and internationally.

"Our presence in Qatar represents a significant step for HCL Infosystems in our transformation strategy to accelerate growth in our targeted international markets offering a complete set of products, service and solutions," said Harsh Chitale, CEO and whole time director, HCL Infosystems Ltd.

"HCL Infosystems is now expanding its global footprint in the Middle East and African market with direct operations in Qatar to address the system integration, services and IT support requirements in these regions," he added.

In the late afternoon, HCL Infosystems was trading at around Rs46.25 per share on the Bombay Stock Exchange, 1.31% up from the previous close.

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