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Foreign Direct Investment (FDI) in India – Review of FDI policy –Sector Specific conditions- Insurance sector

FEMA - 94 - Dated:- 8-4-2015 - RBI/2014-15/545 A. P. (DIR Series) Circular No. 94 April 08, 2015 To All Authorised Dealer Category-I Banks Madam / Sir, Foreign Direct Investment (FDI) in India - Review of FDI policy -Sector Specific conditions- Insur .....

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tification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. In terms of Schedule 1 to the Notification ibid, 26% Foreign Direct Investment (FDI) is permitted under Automatic route in Insurance sector subject to conditions. 2. The .....

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ies) dated March 2, 2015. Also, a new activity viz. Other Insurance Intermediaries appointed under the provisions of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) has been included within the definition of Insurance . 3. Besid .....

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e and beyond 26 percent and up to 49 percent shall be with Government approval; Foreign investment in the sector is subject to compliance of the provisions of the Insurance Act, 1938 and the condition that companies bringing in FDI shall obtain neces .....

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s; Foreign portfolio investment in an Indian insurance company shall be governed by the provisions of Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 and provisions of the Securities Ex .....

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ment Act, 1999. Terms 'Control', 'Equity Share Capital', 'Foreign Direct Investment' (FDI), 'Foreign Investors', 'Foreign Portfolio Investment', 'Indian Insurance Company', 'Indian Company',  .....

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as provided in Notification No. G.S.R 115 (E), dated 19th February, 2015. 4. A copy of Press Note 3 (2015 Series) dated March 2, 2015. issued in this regard by DIPP, Ministry of Commerce & Industry, Government of India is appended. 5. Reserve Ban .....

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