Exit option for foreign investors; RBI eases FDI rules

Food processing industries received $2.14 billion, services $1.36 billion, pharmaceuticals $1.08 billion, automobile $784 million and construction development $699 million.

In a separate notification, the RBI said banks may include a close NRI relative as a joint holder in an individual resident's existing or new bank account on an “either or survivor” basis.

Such accounts will be treated as resident bank accounts for all purposes and all regulations applicable to a resident bank account will be applicable.

Cheques, instruments, remittances, cash, card or any other proceeds belonging to the NRI close relative will not be eligible for credit to this account, it said.

Such joint account holder facility may be extended to all types of resident accounts, including savings bank accounts, it added.