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1.The Reserve Bank of India (RBI) on Tuesday relaxed several rules including foreign direct investment norms to boost start-up activity in the country.
2.To begin with, start-ups are allowed to receive foreign venture capital investment irrespective of the sector in which they operate. The new norms will enable transfer of shares from foreign venture capital investors to other residents or non-residents.
3.BI also said certain issues that are permissible under the existing regime shall be clarified like issue of shares without cash payment through sweat equity or against any legitimate payment owed by the company remittance of which does not require any permission under FEMA and collection of payments by start-up enterprises on behalf of their subsidiaries abroad.