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Corrigendum Notification No. 362/2016-RB dated February 15 2016

FEMA - G.S.R. 417(E) - Dated:- 12-4-2016 - RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) CORRIGENDUM Mumbai, the 12th April, 2016 G.S.R. 417(E).-In the Notification of Reserve Bank of India, Foreign Exchange Department No. FEMA. 362/2016-RB, dated February 15, 2016 bearing G.S.R.No.166 (E) and published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) (hereinafter referred as Gazette Notification) 2. In Paragraph 2(B) i. .....

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policies of Limited Liability Partnership. ii. (c) (v) shall be substituted by the following (v) It is clarified that Foreign investment shall include all types of foreign investments i.e. FDI, investment by FIIs, FPIs, QFIs, NRIs, ADRs, GDRs, Foreign Currency Convertible Bonds (FCCB) and fully, mandatorily & compulsorily convertible preference shares/debentures, regardless of whether the said investments have been made under Schedule 1, 2, 2A, 3, 6, 8, 9 and 10 of FEMA (Transfer or Issue o .....

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(ii) in paragraph 2, in sub-paragraph 4, after clause (iv), the following shall be added, namely: (v) by way of swap of shares, provided the company in which the investment is made is engaged in an automatic route sector, subject to the condition that irrespective of the amount, valuation of the shares involved in the swap arrangement will have to be made by a Merchant Banker registered with SEBI or an Investment Banker outside India registered with the appropriate regulatory authority in the h .....

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case basis, wherever it is likely to result in access to modern and 'state-ofart' technology in the country. b. The existing S. No.16.3 of Annex B of Schedule 1 shall be substituted by the following: 16.3 Single Brand product retail trading 100% Automatic up to 49% Government route beyond 49% 1) Foreign Investment in Single Brand product retail trading is aimed at attracting investments in production and marketing, improving the availability of such goods for the consumer, encouraging i .....

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' product-retail trading would cover only products which are branded during manufacturing. d) A non-resident entity or entities, whether owner of the brand or otherwise, shall be permitted to undertake 'single brand' product retail trading in the country for the specific brand, directly or through a legally tenable agreement with the brand owner for undertaking single brand product retail trading. The onus for ensuring compliance with this condition will rest with the Indian entity c .....

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ill be done from India, preferably from MSMEs, village and cottage industries, artisans and craftsmen, in all sectors. The quantum of domestic sourcing will be self-certified by the company, to be subsequently checked, by statutory auditors, from the duly certified accounts which the company will be required to maintain. This procurement requirement would have to be met annually from the commencement of the business i.e. opening of the first store. For the purpose of ascertaining the sourcing re .....

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ingle brand retail trading in India would be made to the Secretariat for Industrial Assistance (SIA) in the Department of Industrial Policy & Promotion. The applications would specifically indicate the product/product categories which are proposed to be sold under a 'Single Brand'. Any addition to the product/product categories to be sold under 'Single Brand' would require a fresh approval of the Government. In case of FDI up to 49 %, the list of products/product categories p .....

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