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No FDI in lottery, gambling, betting

The government on Friday said foreign investment and foreign technical collaboration in lottery business, gambling and betting was prohibited.

"It is clarified that both foreign investment and foreign technology collaboration in any form are completely prohibited in these sectors," a notification said.

The clarification follows queries being received by the government from certain state governments, prospective investors, technology providers, franchise/trademark/brand name licensors and management consultants and others on whether foreign investment was permitted in the sector.

"As per existing policy, lottery business, gambling and betting are not open to foreign investment, which applies to FDI, FII portfolio investment, NRI/OCB investment, NRI/OCB investment on a non-repatriation basis and investment by foreign venture capital investors," it added.

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