New FDI rules okayed for NRI money in Indian firms
BS Reporter / New Delhi Feb 11, 2009, 13:48 IST
Cabinet Committee of Economic Affairs (CCEA) today approved revised Foreign Direct Investment (FDI) guidelines for the calculation of total foreign investment (direct and indirect) in Indian companies.
The decision will cover the transfer of ownership or control of Indian companies in sectors with cap from resident Indian citizens to non resident entities.
According to the new guidelines all investments, directly by a non-resident entity into the Indian company would be counted as foreign investment. “The adoption of the guidelines will simplify, streamline and rationalise the method of calculation of Indirect foreign investment across sectors, Home Minister P Chidambram said.
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