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Govt nod vital for mining activities for companies across border

Tuesday, 04 Aug 2020
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The Centre has clarified that any foreign direct investment (FDI) in commercial coal mining from an entity of a country that shares land border with India will be allowed only post- government approval. 
 
The Nominated Authority, Ministry of Coal, the government of India, had launched the ongoing auction process of coal mines for commercial coal mining in India in June 2020. 
 
The Foreign Direct Investment (FDI) Policy 2017 was amended vide the Press Note 4 of 2019, issued by the Central government to permit 100 percent FDI under automatic route in coal mining activities including associated processing infrastructure, for sale of coal, subject to the provisions of Coal Mines (Special Provisions) Act 2015 and the Mines and Minerals (Development and Regulation) Act 1957 as amended from time to time and other relevant Acts on the subject.
 
Accordingly, it was stated in the tender document that the Press Note 4 of 2019 issued by the Centre, amended FDI Policy 2017, to permit 100 percent FDI under automatic route in coal mining activities, including associated processing infrastructure subject to the Act and other Applicable Laws, for sale of coal. 
 
The Centre has further clarified that any FDI in the commercial coal mining is subject to Applicable Laws including the Press Note 3 of 2020 issued by the Central government according to which an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route. 
 
Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defence, space, atomic energy and sectors/activities prohibited for foreign investment. A corrigendum to the tender document has also been issued in this regard.

 

 
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