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Centre issues revised consolidated FDI policy

Monday, 08 Apr 2013
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The Central government on 6 April 2013 issued a consolidated FDI policy, incorporating recent changes as in multi-brand and single-brand retailing, investment from Pakistan, etc.

 

The government is reviewing FDI policy comprehensively. The consolidated FDI policy is being put together since March 2010, to make it easy for investors.

 

In September 2012, the government made some changes, such as allowing up to 51 per cent FDI in multi-brand retailing, diluting sourcing norms for single-brand retailing and allowing up to 49 per cent FDI in Indian airlines by foreign carriers. All these have been incorporated in the latest policy. The changes also categorically said that FDI in multi-brand retailing was subject to state government permission. The policy also included changes in Asset Reconstruction Companies (ARCs), power exchanges, broadcasting and Non-Banking Financial Companies (NBFCs).

 

In 2013, the government had also raised the FDI cap to 74 per cent in various services of the broadcasting sector. The foreign investment ceiling in ARCs was also increased to 74 per cent from 49 per cent, a move aimed at bringing more foreign expertise in the segment. It has said the total shareholding of an individual foreign institutional investor in an ARC shall not exceed 10 per cent of the total paid-up capital. The government had also permitted foreign investment of up to 49 per cent in power trading exchanges.



Further, the policy has incorporated the changes made with regard to FDI from Pakistan. A Pak citizen or entity can now invest in the country under the government approval route.

 

The policy has also listed as many as eight mandatory conditions and one optional clause with regard to conversion of a company with FDI into a Limited Liability Partnerships one. The Reserve Bank of India had earlier said non-residents could make investment in an Indian company at the face value of shares or debentures, subject to compliance with the FDI scheme.


 

 
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