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Foreign Cos Face Another Retro Blow

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August 13: Less than 18 months after the government delivered the retrospective amendment shocker enabling it to tax the Vodafone transaction, comes another bigger hit for foreign-owned entities in India. The RBI has retrospectively changed the rules of the game for downstream investments. Legal experts fear that not only will this involve restructuring of corporate structures, but also the implicit threat of retrospective FEMA violations.