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Review of the policy on foreign Direct Investment (FDI) in Construction Development Sector - Clarification on Press Note 10 of 2014 dated 03/12/2014

FEMA - Press Note - Dated:- 13-3-2015 - Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Press Note No. 4 (2015 Series) Sl. No. Issue Clarification/ Comment 1. Whether FDI can be brought if the m .....

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nt of the project. If such minimum capitalization was achieved, FDI can be brought in till the period of 10 years or the completion of the project, whichever is earlier. 2. Whether period of six months from the commencement of project means first app .....

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ust addendum/modification to the first approval. 3. Whether exit is permitted under automatic route after completion of three years without completion of project or trunk infrastructure? Exit is permitted with FIPB approval on case to case basis even .....

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roject if trunk infrastructure, which is clearly defined as development of roads, water supply, street lighting, drainage and sewerage, is developed first, the investor is automatically permitted to exit thereafter. 5. Whether the past investments ma .....

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6. Who will certify the completion of trunk infrastructure? A certificate from an architect registered with Council of Architecture certifying the completion of development of trunk infrastructure would be sufficient to prove that trunk infrastructu .....

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er. 8. Whether NR to NR transfer is under automatic route? Transfer of stake from one non-resident to another non-resident before completion of the project or before completion of trunk infrastructure is through the FIPB route. 9. Definition of Busin .....

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cels of land? FDI policy mandates exit on the completion of the project or completion of trunk infrastructure. If the unused land is part of the project and trunk infrastructure has not been developed, then exit can take place with prior approval of .....

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