TMI BlogCorrigendum – Notification No. 362/2016-RB, dated February 15, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... (ia) Control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements. For the purpose of Limited Liability Partnership, control shall mean right to appoint majority of the designated partners, where such designated partners, with specific exclusions to others, have control over all the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C)(iv) a. The existing S. No. 6.1 of Annex B of Schedule 1 shall be substituted by the following: 6.1 6.1 Defence Industry subject to Industrial license under the Industries (Development Regulation) Act, 1951 49% Automatic route up to 49% Above 49% under Government route on case to 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% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpliance with the above condition. The requisite evidence should be filed with the RBI for the automatic route and SIA/FIPB for cases involving approval. e) In respect of proposals involving FDI beyond 51%, sourcing of 30% of the value of goods purchased, will 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted to sell its own branded products in any manner i.e. wholesale, retail, including through e-commerce platforms. iii. Indian manufacturer would be the investee company, which is the owner of the Indian brand and which manufactures in India, in terms of value, at least 70% of its products in house, and sources, at most 30% from Indian manufacturers. iv. Indian brands should be owned and controlled by resident Indian citizens and/or companies which are owned and controlled by resident Indian citizens. v. Government may relax sourcing norms for entities undertaking single brand retail trading of products having 'state-of-art' and 'cutting-edge' technology and where local sourcing is not possible. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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