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The Central Government had permitted Foreign Direct Investment (FDI) in the equity capital of Asset Reconstruction Company (ARCs) upto 49% vide Press Release dated 08.11.2005. Further, on 09.11.2005, the Government permitted the Foreign Institutional Investors (FIIs) registered with the Securities and Exchange Board of India (SEBI) to invest in Security Receipts (SRs) issued by ARCs upto 49% of each tranche of scheme of SRs.
In terms of Regulation 6 (2) of the Notification ibid, “Notwithstanding anything contained in these Regulations, investment in Pakistan shall not be permitted.” It has now been decided that the overseas direct investment by Indian Parties in Pakistan shall henceforth be considered under the approval route under Regulation 9 of the Notification, ibid.
A person who is a citizen of Pakistan or an entity incorporated in Pakistan may, with the prior approval of the Foreign Investment Promotion Board of the Government of India, purchase shares and convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms and conditions specified in Schedule 1 of the Notification, ibid, provided further that notwithstanding anything contained in Schedule I of the Notification, ibid, the Indian company, receiving such foreign direct investment, is not engaged or shall not engage in sectors / activities pertaining to defence,spaceandatomicenergyand sectors/ activities prohibited for foreign investment.
What is FDI? – FDI refers to Foreign Direct Investment in `equity share or fully and mandatorily convertible preference shares or fully and mandatorily convertible debentures’ (FDI Instruments) of an Indian company by non resident entities.
RBI FAQs ON DOMESTIC DEPOSITS, DEPOSITS OF NON-RESIDENTS INDIANS (NRIs), ADVANCES, ADVANCES AGAINST SHARES AND DEBENTURES, DONATIONS, LOANS FOR PREMISES AND SERVICE CHARGES Department of Banking Operations and Development Central Office I. DOMESTIC DEPOSITS Q 1. Whether banks can accept interest free deposits? Ans. Banks cannot accept interest free deposits other than in current account. […]
Present Position – As per paragraph 3.1.1 of ‘Circular 1 of 2012 – Consolidated FDI Policy’, effective from 10-4-2012, investment from a citizen of Pakistan or an entity incorporated in Pakistan is not permitted. 2.0 Revised Position – The Government of India has reviewed the policy, as contained in paragraph 3.1.1 of the circular ibid and decided to permit a citizen of Pakistan or an entity incorporated in Pakistan to make investments in India, under the Government route, in sectors/activities other than defence, space and atomic energy.
A.P. (DIR Series) Circular No. 138 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 29, 2012 with the Government of the Republic of Zambia, making available to the latter, a Line of Credit (LOC) of USD 50 million (USD Fifty million) for financing eligible goods, services, machinery and equipments including consultancy services for the purpose of pre-fabricated health posts in the Republic of Zambia.
The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India has been updating/notifying the FDI policy through issue of Consolidated FDI Policy Circular. Accordingly, Government has notified the latest FDI policy changes vide FDI Policy Circular 1 of 2012 dated April 10, 2012 and the same is available at Government website www.dipp.gov.in. In order to bring uniformity in the sectoral classification position for FDI as notified under the Consolidated FDI Policy Circular with the FEMA Regulation, the revised position on Annex A and Annex B of Schedule 1 to Notification No. FEMA 20/2000-RB dated 3rd May 2000, has been suitably revised and is enclosed.
Rule 2 (1) (b) provides the qualification to be a Member. Needless to say, the same is in total accord with the Act. The first proviso to Rule 5 introduces part time Member. We have held that the said proviso, as far as it introduces the concept of part time Member, is contrary to the provision contained in the enabling Act. Section 46 of the Act nowhere envisages about the part time Members.
Government Securities: . Currently FIIs are allowed to invest US$5 billion in Government Securities that have residual maturity of over five years. It has now been modified to reduce the residual maturity to three years. 2. An additional window of US$5 billion would be available for FII investment in Government Securities subject to residual maturity of three years. 3. The above modifications would now make available to FIIs a total limit of US$10 billion subject to residual maturity of three years.
