RBI vide A. P. (DIR Series) Circular No. 74 dated 30th June, 2011 specified the issue equity, preference shares under the government route of the foreign direct investment scheme for specified categories and payments shall be made directly by the foreign investor to the company. Payments made through third parties citing the absence of a bank account or similar such reasons will not be eligible for issuance of shares towards FDI.
RBI has issued the updated Master Circulars on 1st July, 2011. Full text of the Master Circulars can be checked on the website of Reserve Bank of India. Please Click here to view the list of Master Circulars in all categories issued by RBI.