Monday August 21 2017

News Source: Global Disclosures

Focus: Foreign Investment

Type: General

Country: India




The proposal for abolition of the Foreign investment Promotion Board (FIPB) has been approved by the Government. Subsequent to the abolition of the FIPB, the work of granting government approval for foreign investment under the extant FDI Policy and FEMA Regulations, shall be entrusted to the concerned Administrative Ministries/Departments. The eleven notified sectors/activities requiring government approval with the concerned Administrative Ministry/ Department are listed below:

st. No Sector/Activity Administrative Ministry/Department
1. Mining Ministry of Mines
2. Defence Department of Defence Production, Ministry of Defence
2A. Cases relating to FDI in small arms Ministry of Home Affairs
3. Broadcasting Ministry of information and Broadcasting
4. Print Media Ministry of information and Broadcasting
5. Civil Aviation Ministry of Civil Aviation
6. Satellites Department of Space
7. Telecom Department of Telecommunications, Ministry of Communications
8. Private Security Agencies Ministry of Home Affairs
9. Trading (Single & multi brand and food products retail trading) Department of lndustrial Policy & Promotion, Ministry of Commerce & lndustry
10A. Financial Services not regulated by a regulator or where there is more than one regulator or in respect of which there is a doubt about the regulator (As per FDI Policy) Department of Economic Affairs, Ministry of Finance
10B. Banking (Public and Private) (as per FDI Policy) Department of Financial Services, Ministry of Finance
11. Pharmaceuticals Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers

FDI proposals by Non Resident lndians (NRl)/ Export Oriented Unit’s (EOU’s) requiring approval of the Government will be dealt with by DIPP and the DIPP will continue to be the administrative ministry for this purpose.

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