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Here is a big move from India's central bank, Reserve Bank of India, which allows Indian companies go abroad and make investments. RBI has eased capital outflows for individuals and companies, paving way for a fuller capital account convertibility. Companies can now repay overseas loans of as much as $500 million ahead of maturity without RBI’s express permission, reports Business Standard, quoting RBI guidelines. The earlier limit was $400 million.
The ceiling on investments in overseas ventures has been raised to 400 per cent of their net worth from 300 per cent. Even partnership firms can do this.
Listed companies have now been allowed to make portfolio investments in any company abroad, with the removal of a stipulation that such investments could be made only in companies which have a 10 per cent reciprocal share holding in the Indian company. The limit for such portfolio investments has also been raised to 50 per cent of the net worth from 35 per cent now.
Mutual funds would now be allowed to invest overseas an aggregate of $5 billion against $4 billion hitherto and the ceiling on remittances resident individuals can make has been doubled to $200,000 from $100,000.
Here is the RBI statement.

In a snapshot
# Individuals can remit up to $200,000 against $100,000
# Companies allowed to invest overseas up to 400% of net worth overseas against 300% till now
# Partnership firms also allowed to invest overseas 400% of net worth
# Companies can make portfolio investments abroad upto 50% of net worth, up from earlier 35%
# The requirement of 10% reciprocal shareholding in listed Indian companies for overseas portfolio investment scrapped
# Companies can prepay ECBs up to $500 million against $400 million now without RBI permission
# Mutual funds allowed to invest an aggregate of $5 billion overseas against $4 billion now