FIPB may be asked to vet downstream projects.
Local traders are evaluating other options rather in FDI.
Even with a clear mandate, the Congress-led United Progressive Alliance government is unlikely to allow foreign direct investment in sensitive sectors such as retail and may like to revisit the recently issued norms that give companies elbow room in dealing with the FDI norms.
The government on Wednesday said provisions of Press Note 2 (2005 series), which allowed 100 per cent foreign direct investment in townships
The discrepancy was pointed out by the finance ministry in the light of changes in foreign direct investment norms, as specified in Press Note II issued earlier this year, while considering the company's proposal to raise Rs 708 crore (Rs 7.08 billion) through fully convertible warrants. Prior to the Press Note II, the FDI component in Kingfisher Airline was just 16.45 per cent.
The United Progressive Alliance government had opened the multi-brand retail sector for foreign investment and allowed up to 51 per cent foreign direct investment in the sector.
The government has asked industry to provide a list of Chinese suppliers that would like to shift some capacity to India provided they are willing to set up JVs with Indian companies.
An Enforcement Directorate (ED) investigation into alleged foreign exchange law violations by edtech major Byju's and its CEO and co-founder Raveendran Bjyu is in the final stages of completion following which a show cause notice could be served to them, official sources said Tuesday. The central probe agency had in April searched two business and one residential premises, including that of the registered company of Byju's -- Think & Learn Pvt. Ltd. -- under the provisions of the Foreign Exchange Management Act (FEMA).
Government has issued a formal notification for raising foreign direct investment limit in public sector refineries to 49 per cent. The FDI would require prior approval of Foreign Investment Promotion Board. The condition of compulsory divestment of up to 26 per cent by foreign companies commencing trading and marketing of petroleum products has been deleted. Government had allowed 100% FDI in actual trading and marketing of petroleum products, with 26% divestment condition.
$5 mn FDI must come in six months: Govt to construction firms.
The government has sought to put an end to the ambiguities in the implementation of Press Notes 2 and 4, which significantly relaxed foreign direct investment (FDI) guidelines, with the Commerce Ministry requesting the Reserve Bank of India (RBI) to make changes in the Foreign Exchange Management Act (FEMA) to operationalise the guidelines. The direction from the government follows a number of references and queries from investors.
The Bharatiya Janata Party on Sunday criticised Prime Minister Manmohan Singh's remarks that those who oppose Foreign Direct Investment in retail are "ignorant", saying it is not the Opposition which is ignorant, but the United Progressive Alliance government and the Congress Party.
The FDI announcements made by the government in multi-brand retail, single-brand retail, aviation sector and broadcast sector are expected to change the landscape of the respective industry.
The CBI registered an FIR against NewsClick and its founder Prabir Purkayastha for alleged violation of the Foreign Contribution (Regulation) Act and carried out searches at the office and residence of the portal's founder on Wednesday, officials said.
Eases regulatory hurdles for Bharti-MTN deal.
China's FDI growth saw ups and downs in the first 11 months of 2015.
The document consolidating all the aspects of foreign direct investment policy and framework will be released by commerce and industry minister Anand Sharma, an official said.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
Reserve Bank Governor Raghuram Rajan on Monday warned against compromising India's interest for the sake of attracting foreign investment and said the priority should be framing transparent policies as well as resolving contractual tax disputes quickly.
The new foreign direct investment guidelines may be revised with respect to the banking sector to avoid an adverse fallout for Indian banks with majority foreign equity.
Pointedly blaming Congress general secretary Rahul Gandhi for the United Progressive Alliance's government's nod to Foreign Direct Investment in retail, Uttar Pradesh Chief Minister Mayawati made it clear on Saturday that she would oppose the move tooth and nail."The Bahujan Samaj Party will launch a strong movement against the policy in case the UPA government manages to get the approval of Parliament," she declared.
The revised version of the FDI policy, which will be released on March 31, is expected to do away with Press Note 1, 2005, to bring in the above-mentioned change.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
Uttar Pradesh Chief Minister Akhilesh Yadav on Saturday made it loud and clear that he will not allow foreign direct investment in retail in any corner of the country's most populous state.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Delegates of all G20 countries, barring China, arrived in Srinagar on Monday for the third working group meeting on tourism -- a much-anticipated event for which authorities have made extensive security arrangements and spruced up the summer capital of Jammu and Kashmir.
India's trade with Nordic countries stands at over USD 5 billion (2020-21) and a cumulative FDI of over USD 3 billion (April 2000- March 2021).
Traders' body CAIT on Thursday urged the government to impose a ban on Amazon's e-commerce portal and its operations in India, accusing the global e-tailing giant of indulging in predatory pricing, deep discounting and inventory control. Addressing a press conference, CAIT secretary-general Praveen Khandelwal demanded an "immediate ban on Amazon's portal and its operations in India" and an investigation against the company in a time-bound manner. He also urged the government to probe the business practices of Amazon and Flipkart. However, responding to the allegations, both Amazon and Flipkart said they remain compliant with Indian laws.
CAIT had last month also filed a petition in National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's decision to approve the deal.
As a special gesture, Frederiksen received Modi at the airport. He arrived in Copenhagen from Germany.
The opposition leaders also accused the government of violating Constitutional norms by not inviting President Droupadi Murmu to the event.
The Enforcement Directorate (ED) on Monday conducted raids at over a dozen locations in Chhattisgarh including at premises linked to state Congress leaders as part of an ongoing probe into the alleged coal levy scam, officials said.
The new PN3 norms and lack of clarity on what constitutes beneficial ownership are the primary reasons for the decline in investments from China and Hong Kong.
The Union Cabinet on Wednesday approved revision in guidelines for providing direct to home (DTH) services in the country under which licenses would be issued for 20 years, Union minister Prakash Javadekar said. The Union Cabinet has also approved 100 per cent FDI in the DTH broadcasting services sector, Javadekar said, adding that while the commerce ministry had spoken of 100 per cent FDI in the DTH sector, the guidelines of the information and broadcasting ministry needed to be changed.
Palo Alto-based electric carmaker Tesla has initiated talks with the government on the modalities of setting up fully-owned retail outlets. The company needs to comply with the foreign direct investment (FDI) guidelines related to single-brand retail, including local sourcing norms, to sell directly in India. At least two other foreign majors - Apple and Ikea - were engaged in talks with the government long before the sourcing norms were eased under the single-brand retail route.
Last year in January at Amazon's flagship event Smbhav, Infosys Co-founder N R Narayana Murthy had to shorten his keynote speech from 20 minutes to about five because the event was delayed by 1.5 hours. "I will try to finish it in five minutes, because I am not used to delays," said Murthy, while addressing hundreds of micro, small and medium enterprises (MSMEs) about building businesses that last. In the audience was Amazon founder Jeff Bezos. Murthy referred to Bezos' prediction that the 21st century will be the Indian century. "That confidence enhances our enthusiasm," said Murthy. The relationship between Murthy and Bezos dates to 2014, when Prione, a 49:51 joint venture (JV) between Amazon and Murthy's venture capital company Catamaran, was formed.
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