NEW DELHI, June 20:THE government has allowed corporates to freely invest up to $ 15 million raised through export earnings without taking permission from the Reserve Bank of India. At present, fast track clearances of up to $ 4 million are given for investment abroad. Under the liberalised overseas investment guidelines announced here today, corporates have also been permitted to invest abroad a maximum of 50 per cent of GDRs to be raised.

The twin moves, according to a press release, is to encourage corporates to globalise and also to move towards capital account convertibility.

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