When overseas investment may be made by a registered trust or a society? State the eligibility criteria which must be satisfied before such overseas investment under Foreign Exchange Management Act, 1999.

Registered Trusts and Societies engaged in manufacturing/educational sector are allowed to make investment in the same sector(s) in a Joint Venture or Wholly Owned Subsidiary outside India, with the prior approval of the Reserve Bank. Eligibility criteria to be satisfied before such overseas investment under Foreign Exchange Management Act, 1999 is as follows: Eligibility Criteria for Trusts: The Trusts should be registered under the Indian Trust Act, 1882; The Trust deed permits the proposed investment overseas; The proposed investment should be approved by the trustee/s; Authorised Dealer Bank is satisfied that the Trust is KYC (Know Your Customer) compliant and is engaged in a bonafide activity; The Trust has been in existence at least for a period of three years; The Trust has not come under the adverse notice of any Regulatory/ Enforcement agency like the Directorate of Enforcement, CBI etc. Eligibility Criteria for Society: The Society should be registered under the Societies Registration Act, 1860; The Memorandum of Association and rules and regulations permit the Society to make the proposed investment which should also be approved by the governing body/council or a managing/executive committee; The AD Category-I bank is satisfied that the Society is KYC (Know Your Customer) compliant and is engaged in a bonafide activity; The Society has been in existence at least for a period of three years; The Society has not come under the adverse notice of any Regulatory/ Enforcement agency like the Directorate of Enforcement, CBI etc.