Corrigendum to Press Note 7 (2008) - Consolidated Policy on Foreign Direct Investment

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..... f the Annex to the Press Note. Accordingly, this Corrigendum is issued. In the Annex to Press Note 7 (2008), Sl. No.25 under para II, the following substitution is made: For the existing provision 25. Non Banking Finance Companies i) Merchant Banking 100% Automatic Subject to: a. minimum capitalization norms for fund .....

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..... ther NBFC activities subject to the subsidiaries also complying with the applicable minimum capital inflow. e. compliance with the guidelines of the RBI. f. The minimum capitalization norms would apply would be applicable where the foreign holding in a NBFC(both direct and foreign holding in a NBFC(both direct and indirect) exceeds the limits indicated at (a) above g. The capital for .....

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..... xvi) Credit card Business Money changing xvii) business Micro credit xviii) Rural credit Read the revised provision as: 25. Non Banking Finance Companies i) Merchant Banking 100% Automatic Subject to: a. minimum capital .....

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..... undertaking other NBFC activities subject to the subsidiaries also complying with the applicable minimum capital inflow. e. compliance with the guidelines of the RBI. ii) Underwriting Portfolio Management Services iii) Investment Advisory Services iv) Financial Consultancy v) Stock Brokin .....

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