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May 04, 2026
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No prior nod for BRICS Bank investments: Govt
The government, while notifying rules affirming prior government approval for Foreign Direct Investment (FDI) from countries sharing land borders with India, has kept the New Development Bank (NDB) or BRICS Bank out of this regime.
The notification by Department of Economic Affairs (DEA) making changes to the Foreign Exchange Management (Non-Debt Instruments) Rules has said, a Multilateral Bank or Fund, of which India is a member, shall not be treated as an entity of a particular country nor shall any country be treated as the beneficial owner of the investments of such Bank or Fund in India.”
Multilateral Immunity
The NDB was founded by Brazil, Russia, India, China and South Africa and all members agreed to hold 20% each in that bank. While the BRICS has taken on other members, their entry in the NDB is awaited.
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